"Bitcoin: Bearish Mood Strongest Since February"

[CryptoBry]

Bitcoin is facing strongest selling pressure since February and has potential to drop below recent lows near $7,750.

The top cryptocurrency by market value fell from $8,326 to $8,086 in the 60 minutes to 17:00 UTC on Tuesday, confirming a downside break of the recent trading range of $8,450–$8,250, as expected.

Since then, the cryptocurrency has stabilized around $8,100. Some observers are of the opinion that BTC has carved out a temporary bottom near $7,750 and the drop from levels above $8,300 could be a bear trap.

That argument is logical if we take into account the seller exhaustion signaled by a bullish divergence of the 14-day relative strength index – a widely used technical indicator – confirmed last week.

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What many expected the past few days is now happening with Bitcoin. The mood is now bearish and there is a chance that the dip can even go lower. Lacking any positive development that can push the price upwards, the bear is taking over. As i am writing this post, Bitcoin stands at $8,004.22 according to figures supplied by CMC.

However, as always, this can be an opportunity to get in but many are, of course, waiting on the side line figuring our where is the bottom of this movement is.

So take a good guess...where can we find the bottom of this dip before Bitcoin go back running towards the sky?

[error08]

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

[Slow death]

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

[leowonderful]

I could see $7700 being a potential bottom at this point in time as well, though I do find it more likely at this point in time that we could soon be breaking under that level and into the $6000s. MACD on the daily seems like it's starting to head back down from the green, with the Stoch RSI looking to start downwards as well, and in the shorter term it seems like we've only been in a bleedoff after the brief wick to $8700 several days ago. Nevertheless, I'm still personally dollar cost averaging into Bitcoin still and I plan on doing so for the forseeable future.

[figmentofmyass]

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale.

that's probably what the market needs before a significant recovery can occur---a good high volume panic selloff. just look at the v-bottoms we had in january 2015 or july 2017 or february 2018.

capitulations are great because they flush all the weak hands out of the market. everyone who wants to sell, sells. right now, lots of desperate holders are selling into every bounce to cut their losses. a strong move down will force them to sell.......to stronger hands. once that high volume exchange occurs, all that supply pushing the market down is gone.

so a flush to $6k might be just what the doctor ordered.

[Ferris419]

If Bitcoin goes for 7700 USD, then I would not call it a bearish season. But I am afraid that we can see a lower price than 7700-7000! Last year we saw a major drop in November, this year has the same chance. A bear market is not good for everyone, it breaks some people. Not everyone is a buyer, so, to protect the huge loss, some holders may convert in Fiat on time. This time is very confusing, anything can happen. But 2017 year did not come twice, I hope 2018 won't be too.

[figmentofmyass]

If Bitcoin goes for 7700 USD, then I would not call it a bearish season. But I am afraid that we can see a lower price than 7700-7000! Last year we saw a major drop in November, this year has the same chance.

it's funny, people were saying the opposite last year---that bitcoin usually goes up in q4 so it would do the same in 2018. my experience is that people tend towards recency bias, thinking "it happened last time so the same thing will happen this time".

i would keep an open mind and take a more statistics-minded approach. after all, since 2010 we've had 7 bullish novembers and 2 bearish ones.

[Oasisman]

Some prediction says, that Bitcoin is forming a death cross pattern similar to what happened before when Bitcoin dropped down around $3,000 mark. And we're gonna be expecting a bearish cycle until mid november.
A TA prediction that really makes sense, since the price has no sign of recovery after we hit the $8,600 mark and slowly falling down to this very moment.

[pooya87]

any fluctuations that are below 5% or in most cases below 10% even are not really worth discussing about and calling them "downtrend" or "uptrend" which is the case with "from $8,326 to $8,086 in the 60 minutes" mentioned here in OP.
the only thing that matters is when the price change is big or when it breaks some support or resistance levels. in this case when $8k itself was broken and price went below it, then it became important. and to be honest there is a lot of dump going on but it still doesn't look that strong to me and the "mood" is in my opinion mostly scared rather than being bullish or bearish. which is why the volume isn't that high and also why the price is NOT tanking even though there is a ton of dumping and price went below $8k it is still staying pretty close to it.

[bassbity]

I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.

Will the lowest price happen to fall to $ 7700 I am still confused what is the lowest price bitcoin should I wait for $ 7500? I want to stock up on bitcoin at the right time maybe for the future I see bitcoin looking green in the market.

[exstasie]

Some prediction says, that Bitcoin is forming a death cross pattern similar to what happened before when Bitcoin dropped down around $3,000 mark.

There's no point planning on a death cross before it actually happens. The 50-day and 200-day MAs are set to intersect in a week or two. This has time to play out in either direction.

It's good to keep in mind though. Daily golden/death crosses are usually good performers in BTC, with a few exceptions. There were some false crosses in 2014 and 2015. Notably there was a death cross in September 2015, shortly before the long term bull market (which culminated in the 2017 bubble) began.

[slaman29]

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

It will be unpleasant for sure, but it will only be temporary. Can't enjoy the eggs if we don't break them wide open, right? If BTC drops back to 6k plus, I will be very excited for prospects of a full term recovery in early 2020 and upcoming towards halving event.

Because you bet people will be buying in again expecting at least return to 20k.

[Jating]

Isn't it that there are people people that even predicts that bitcoin will hit that level or below? So I'm not surprised by this news because we have members here who have predicted it as well.

I would agree that we don't want the price to go that low, after hitting $13k in June and now we are in the position that the price will significantly go as low as $6k-$7k. But we can't really stop that happening, but I believed that it could be a normal flow and let's look at the bright side and take the opportunity to accumulate again.

[iamsange]

If it will go lower, honestly i agree. But without analysis only because people will be happy if get bitcoin for lower price before halving. Usually circulation happen like that, dumped and then pumped with good events and then stable or maybe dumped again.

[CarnagexD]

The current price of bitcoin right now 8,053$ which is totally near to go down again in 7900$, As you can see we are now expecting the bear market simply because of the falling movement of bitcoin. Actually, I'm so happy in the last few days because of the price peak at the price of 8800$ something I know it might be the sign for another bull run for this last quarter but later on, the price of bitcoin start to fall down again and that time I'm worried because I know there is a very low chance that there will another bull run.

[BigBoy89]

If Bitcoin keeps it around $7,750 will be great.

Lately, at Bitmex, I'm watching moves like steady - steady - drop of $200-$300 - steady - drop of... repeat. And I'm worried because there aren't any significant news to trigger those drops.
I already transferred 30% of my BTC into alts and TUSD.

[Duzter]

Over the month of February the market was bearish, from April the trend changed. Then onwards there is more growth than decline in the market. Altcoins were the one that hasn't grown good along with bitcoin. This is expected to take place by 2020. Over the past few weeks there is not much of growth, and the same has made people describe the ongoing move to be bearish. Hopefully this will change as good growth is to happen over the falling months.

[cryptoknightt]

I think this is because of the influence of halving bitcoin which has begun to be seen when it will happen, imagine if you can buy coins before the price becomes very expensive then you can get a lot of profits and investors have begun to understand that so many have already bought bitcoin without realizing it by many people.

[BrewMaster]

charts do not back up what you are claiming in your title.
there is fear and some bearish mood but it is not even close to the fear and bearish mood that existed in the beginning of this year. you are basically claiming that right now that we are after a 200% rise and the big reversal after the ATL and everything has changed we are still in a situation like in February when the price was still at the bottom and the reversal had not happened yet and we were after a 85% drop!

i literary see nothing in common in the two time frames!

[BartS]

My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again

A drop to 4000 is unrealistic, that is very close to the previous bottom and as you say when we consider the halving is coming it is almost impossible the market will be so bearish, I think we could see bitcoin going towards 6000 during the next months and in the worst case scenario we could see 5000 but nothing lower than that, with that in mind if you are looking to buy bitcoin at the best possible price it could be a good idea to wait since it is almost a certainty the price will go down during the next weeks.