Bitcoin has 2 important support lines, possible break to 6k area ?

[Chaintrader_1]

Hi guys,

I'm looking at 2 major support lines which I think will be very important for the immediate future for Bitcoin.
As well looking at a short position when we break it.

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

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[adroitful_one]

Hi guys,

I'm looking at 2 major support lines which I think will be very important for the immediate future for Bitcoin.
As well looking at a short position when we break it.

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

Looking at the 1 day chart, we seem to be hitting one of those support lines as we speak. If Bitcoin dips down below $8,000, then somewhere around $6500 is likely. The RSI on the 1 day chart also shows that it should be trending up a bit though. While I think it's probably going to trend upwards, I really have no idea what's going to happen if we dip down below $8,000. If I were looking to get into Bitcoin, right now would be just fine. Even if it does dip down a bit, it's going to trend back upward very soon.

[hugeblack]

I am inclined to the scenario, which expects the price to fall below $ 6,000 in the coming days. It may take several weeks but it is more likely.
The price has proved that it will remain at minimum resistance levels below the $ 8,000 barrier but does not seem to have enough momentum to reach $ 10,000 again. So unless there is any positive news or an inflow of institutional funds, we will not hold this barrier for long.

Let’s see BAKKT effect> 

[wywoc]

The first support I think is $ 7k6 and currently BTC is dumping to $ 8k level. If $ 7k6 is broken, $ 6k will be the next support level. But I still expect the growth of BTC in the short term to $ 9k.

[figmentofmyass]

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

respectable analysis. i appreciate the volume profile---there's a huge gap at $6000 (because we zoomed right through it on the way up). markets love to fill volume gaps, so that's an obvious target. we can also see there was major volume exchanged in the $5300 zone, making that the next obvious support level after $6k.

gotta say though........damn near every analyst is bearish right now. i'm beginning to wonder if everyone is piling on the wrong side of the market!

[Kemarit]

$8000 and $7750 are good support lines, but it didn't hold obviously we are going to test $6000 area again. We are again in the sideway pattern again, not a very good indication, plus volume is too low. One negative news will tip the market to the bearish mode again.

@hugeblack, the Bakkt effect has no where to be seen. , so it's a forgone conclusion now. It's already been 2 weeks if I'm not mistaken so I doubt that it can significantly affect the price in positive direction.

[ichai]

Bitcoin is at a difficult stage to judge. Because just one more sell-off in the night, its value will soon fall to $ 5k or even $ 4k. The support level will be broken if there is no pump in the coming days.
This is a sensitive time and people should avoid trading at this time. Waiting for a better signal to buy.

[BlackFor3st]

Hi guys,

I'm looking at 2 major support lines which I think will be very important for the immediate future for Bitcoin.
As well looking at a short position when we break it.

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

It's good to share some knowledge and input about the incoming increase or tip that can help the investors to decide wisely. But as what I saw to your post, there is a big possibility that you are only promoting your youtube channel to gain some views though I am not against with it but it will be better if you just summarize your video and put all the important details here.

Because knowing the possibilities of price increase will surely gain a lot of audience especially that you are talking about 5-10x in which for me, it will take like 8months-1year before we can hit it base on the current price of bitcoin right now.

[adroitful_one]

$8000 and $7750 are good support lines, but it didn't hold obviously we are going to test $6000 area again. We are again in the sideway pattern again, not a very good indication, plus volume is too low. One negative news will tip the market to the bearish mode again.

@hugeblack, the Bakkt effect has no where to be seen. , so it's a forgone conclusion now. It's already been 2 weeks if I'm not mistaken so I doubt that it can significantly affect the price in positive direction.

It's looking to me that the support is at $7875 on the 1 day chart. I'm still Bullish on it. Looking at the Bollinger bands, they're really getting pretty tight. When they get tight and there's not as much volatility, there's usually a little breakout. But, there's no guarantee on that. It's looking like that $7875 support line will be pretty key to the future of what's going to happen.

Edit: Like 10 minutes after I posted this, it broke the support line I was talking about.

[FanEagle]

I think that bitcoin is trying to gain more momentum right now to just break further barriers and I believe that within the next few weeks, bitcoin will climb above $9k, though it seems like it's going to break below $8k, but speculation wise, when people are seeing dip price for bitcoin is when bitcoin tends to gain more momentum as usual, so there is possibility of bitcoin climbing high now, and if we eventually dip below $8k  to $6k which I really do not see happening, it will still be a plus.

It will only make the market gather more momentum as it would be very easy for many people to purchase much at that price which will eventually make the price to balance up again. Hope is not lost yet, I know Technical Analysis speaks some answers, but we might just have some good news tomorrow that will reverse the effect of TA.

[Gozie51]

Bitcoin currently at $8213 has shown a good sign to that either indicate a completion of the retracement. The 8k support seem to be very strong and trying to give price a bounce to 8500. If we are able to see such price this week, we might have seen  goodbye to 8k this year.

[gabbie2010]

The support at $7800+ was strong thus the price couldn't retrace below it, I said earlier the candlesticks in 4 hour time frame had been showing some signs of exhaustion of the price a good indication that the bulls are ready to take over the market, presently the price had been pumping with a reasonable volatility I hope the bullish trend is sustained to at least $8500+ the next resistance before further price Action.

[teosanru]

Hi guys,

I'm looking at 2 major support lines which I think will be very important for the immediate future for Bitcoin.
As well looking at a short position when we break it.

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

Well the scenario is a bit changed now. I expected the pretty same but the weekly candle wasn't that bullish and couldn't even break the 7700 support this week. This has ignited some bullish momentum and the histogram has begun to tick on the positive side therefore MACD crossover is about to happen on daily chart which shows some more bullish movement. RSI is divergent after the low we hit yesterday. Also reaching into the sideways  zone we can see one leg upto 9000 for BTC also don't forget that still 7800 support is pretty important breaking it would mean straight to your analysis.

[1Referee]

Hope is not lost yet, I know Technical Analysis speaks some answers, but we might just have some good news tomorrow that will reverse the effect of TA.

What news are you expecting to make the price go up? Bakkt is already live. ETF's have been rejected and the Vaneck ETF proposal is withdrawn. I can't think of anything of realistic nature that will be able to increase the price. Bitcoin has to go up on its own with only a potential pre block halving rally in the pipeline.

This is where short them speculators aka gamblers will be seperated from the actual holders. I don't mind seeing one more brutal shakeout to cleanse the market thoroughly. Bitcoin has been kinda tame this year as far as crashes go. It's somewhat unusual after such a mad increase in just a matter of months. Perhaps that the worst price action has yet to strike upon us. If not, then that's even better. I rather see the price go up than down.

[figmentofmyass]

Hope is not lost yet, I know Technical Analysis speaks some answers, but we might just have some good news tomorrow that will reverse the effect of TA.

What news are you expecting to make the price go up? Bakkt is already live. ETF's have been rejected and the Vaneck ETF proposal is withdrawn. I can't think of anything of realistic nature that will be able to increase the price.

how about some good old tether FUD? https://www.coindesk.com/crypto-traders-lawsuit-claims-bitfinex-tether-cost-market-over-1-trillion

remember in april 2017 when bitfinex/tether announced they lost their banking capabilities, and their prices developed a huge premium over the market? we rode that FUD right into the next bubble!

we actually had a nice $500 pump after the suit was filed, but since there's not much bitfinex premium i'm assuming it's unrelated.

[jmigdlc99]

What news are you expecting to make the price go up? Bakkt is already live. ETF's have been rejected and the Vaneck ETF proposal is withdrawn. I can't think of anything of realistic nature that will be able to increase the price. Bitcoin has to go up on its own with only a potential pre block halving rally in the pipeline.

Well there is this news about a fed policy shift towards developing a national crypto currency for the US:
https://www.coindesk.com/us-congressmen-ask-fed-to-consider-developing-national-digital-currency

Although i agree that bitcoin has to go up on it's own. Many investors seem to favor stability as an important factor when deciding to invest on bitcoin so while i'd love to see bitcoin suddenly soar to new highs, i'm also worried about the backlash it may bring.

[d3nz]

Hi guys,

I'm looking at 2 major support lines which I think will be very important for the immediate future for Bitcoin.
As well looking at a short position when we break it.

Check the analysis at : https://youtu.be/k_vwzCvJcJc

In the video from 2 days ago, there is a swing trade with possibilities to increase your BTC holdings by 5-10X be sure to check it out!

As long as it will be stable at its current price then there is a high possibility it will go up trend. And, i think that $8k support will definitely break and its gonna go down more and mostlikely fall to another support.

Let's see what will happen before this end of month and hoping it will we see a new bullrun signal.

[Kemarit]

Look, support lines are everywhere, even on 3200, but we are at 8600, what are the chances to drop to 6000? They exist, but let's talk about it when bts drops below 7000.
Now it is better to talk about 8800 resistant zone and possible rise to 9600 and 10400. Now I see higher chances for it rather than 6 k breakout

I understand but you have to understand where the OP is coming from. He posted this like 4 or 5 days ago when the price is at a breaking point, but it seems that we have a good bounce after that and the price is moving to the $8500-$8600 levels again. So now the whole scenario has chance as well, support right now seems to stand at $8000 and resistant around $8800-$9000 as you have said. So again, landscape changes when the price move, so we might see that $6000 will be unlikely at this point.

[leowonderful]

We've already made a potential triple bottom from looking at the 1D timeframe with a few wicks down into the $7750 region and an ensuing bounce afterwards, but I could still see a drop to the $6ks in the next few weeks and months if the bearish momentum continues and we end up with a large upwards wick before today's close, though I personally don't think that's going to happen. Sentiment does appear to be extremely bearish in most places, though, which is making me reconsider any sort of leveraged short or any trade for that matter. I'll probably just hold my coins for now.

[rodel caling]

We've already made a potential triple bottom from looking at the 1D timeframe with a few wicks down into the $7750 region and an ensuing bounce afterwards, but I could still see a drop to the $6ks in the next few weeks and months if the bearish momentum continues and we end up with a large upwards wick before today's close, though I personally don't think that's going to happen. Sentiment does appear to be extremely bearish in most places, though, which is making me reconsider any sort of leveraged short or any trade for that matter. I'll probably just hold my coins for now.

Not pasoble to drop down the price of bitcoin at 6000$ or more than. But of course this scenario of price drops isn't an new to all bitcoin ethusiasm we that no one can control their price at narket cap, all we need to do is put minds drops price is an opportunity to buy bitcoin to keep it fro the future price bullrun.