Bitcoin’s Rise Neutralizes Bearish Mood

[CryptoBry]

Bitcoin’s price bounce has shed some of the recent bearish pressure, but there’s still a way to go before a bullish reversal is confirmed. After hitting $8,314 on Sunday, the top cryptocurrency by market value is now trading around $8,200 on Bitstamp, representing a 3 percent gain on a 24-hour basis.

BTC was operating on slippery grounds last week with the Chaikin money flow index, used to gauge buying and selling pressure, reporting the strongest bearish bias in eight months. The downside, however, was restricted near $7,800 on Friday and prices bounced back above $8,000 over the weekend.

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I was actually nervous for the past two days as I was watching Bitcoin teetering towards the $7,000 level. Right now, Bitcoin just made a small bounce back reaching the $8300 zone with a possibility for the coin to hold on into the same range for the next few days. However, there remains the danger that it can get back to the fear level zone. In other words, Bitcoin is not out of the woods, yet.

Are you also one of the many hoping for a bullish rally ahead by Bitcoin? Would you recommend for others to enter Bitcoin right now?

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[ecnalubma]

Are you also one of the many hoping for a bullish rally ahead by Bitcoin? Would you recommend for others to enter Bitcoin right now?

Bitcoins movement this past few days is quiet predictable not so much intense in action, I'm also expecting a rally before the end of the year but I bet it will be a short one. Would still recommend it to others if they want a short trades and quick exits, even this short volatility good traders can still take advantage.

[pooya87]

i still don't believe there is such a thing as "bearish mood" and as i said in that other topic of yours it seems to me more like the same "scared mood" that we had a couple of months ago when price was stuck below $4k range and was't going above it. and similar to that time, with a rise to $8300 no mood in the market is going to change because people are ignoring it just the same way as they ignored the small recent drop.
the only thing that will change this "mood" (whatever it is called) is when price makes a major move and then it will change in a blinking of an eye to a big panic mode where they start a buying frenzy which would then shoot up the price.

[error08]

The lowest price was $7855 based on bitstamp, it doesn't even touch $7700 levels.
We know that $7800 was the support level more than a week and bitcoin seems to persist at $8000, consider to enter bullish phase when it breakout $8600 to $9000.
However, it may sluggish at this neutral level until the end of the month.

[The Sceptical Chymist]

it seems to me more like the same "scared mood" that we had a couple of months ago when price was stuck below $4k range and was't going above it.

I don't even know if the mood is scared so much as apathetic, though I'll agree with you that whatever this is, it feels much like other times when bitcoin has been stuck in a range.  I remember 2015-16 when bitcoin was stuck at around $400 for what seemed like forever.  That was brutal compared to where bitcoin is right now.

OP, I don't think bitcoin's tiny little pop has neutralized anything.  The rise wasn't really significant and we don't even know if it'll stick.  Bitcoin does this every time it's stuck--it oscillates up and down a few hundred dollars but never really goes anywhere until it finally does in dramatic fashion.  I've got my fingers crossed that when it finally does move, it'll be back toward $10k.

[NathanJB]

I was actually nervous for the past two days as I was watching Bitcoin teetering towards the $7,000 level. Right now, Bitcoin just made a small bounce back reaching the $8300 zone with a possibility for the coin to hold on into the same range for the next few days. However, there remains the danger that it can get back to the fear level zone. In other words, Bitcoin is not out of the woods, yet.

Are you also one of the many hoping for a bullish rally ahead by Bitcoin? Would you recommend for others to enter Bitcoin right now?

The best buying price starts at 7. And we might be back on that price level anytime from now. We are at a very uncertain point right now. We might have left the $7,000-$7,999 range already but still Bitcoin is not bullish to leave $8,000 far behind. It is basically not leaving the side of $7,000. Anyone can buy at the current price but that would mean HODLing for a much longer period if the price is falling down once more.

[Wexnident]

The best buying price starts at 7. And we might be back on that price level anytime from now. We are at a very uncertain point right now. We might have left the $7,000-$7,999 range already but still Bitcoin is not bullish to leave $8,000 far behind. It is basically not leaving the side of $7,000. Anyone can buy at the current price but that would mean HODLing for a much longer period if the price is falling down once more.

We can say that bitcoin has started moving sideways starting at 8,000$. Naturally, Just like you said, I don't believe that BTC would leave the 8,000ish price range soon and go past 9,000. On the other hand, I doubt it would go back to the 7,000 range or at the very least, stay in it. It may dip down a bit to 7,900$ but it shouldn't stay at that range for long. After a few weeks, I suppose BTC can now stabilize at 8,000$ and above, albeit for a short time only. As for a bullish push towards 9,000 or higher, That would still need to wait for a few more weeks imo or at the very least, I need to observe the possible events that may occur in the next few weeks.

[jakelyson]

I was actually nervous for the past two days as I was watching Bitcoin teetering towards the $7,000 level. Right now, Bitcoin just made a small bounce back reaching the $8300 zone with a possibility for the coin to hold on into the same range for the next few days. However, there remains the danger that it can get back to the fear level zone. In other words, Bitcoin is not out of the woods, yet.

Are you also one of the many hoping for a bullish rally ahead by Bitcoin? Would you recommend for others to enter Bitcoin right now?

When it comes to bitcoin, a few percentages of fluctuations in price are normal. The current movement does not indicate a bullish rally. We are still in the accumulation stage. And though it is a good time to buy, I will not recommend it to others. I do not want to be on the other end of the blame when things go south.

[tomahawk9]

And just two days after this article was published, we're down to 7500, classic Bitcoin move, crushing down any type of hope the media spreads about a shift in market sentiment 

Bearish mood was neutralized? More like it's coming back in full force unless we go back to 8k soon, IMO.

I was actually nervous for the past two days as I was watching Bitcoin teetering towards the $7,000 level.

I wonder how you're feeling right now. I just witnessed a $400 drop live and it was stressful :/

[1Referee]

Bearish mood was neutralized? More like it's coming back in full force unless we go back to 8k soon, IMO.

Bearish mood coming back implies that it was gone for a while, but it has been here for weeks already. It's just so that people didn't see it, or perhaps they didn't want to see it because they are heavily invested and only want to read bullish predictions. I think the latter makes more sense with how combative people are to any neutral or slightly bearish short term forecast.

I hope for people that they don't chicken out once again, because this is the time for people to pull out their fiat bags and start scooping up satoshis.

[YuginKadoya]

On Mickeywith's prediction, I guess he did say that it will drop up to $7700 US but we are in $7500 USD now I guess you don't need to be worry because base on his prediction the price will eventually make it up back to the $9900 USD level, so I don't think we need to worry about this, and strong indicator that the price of bitcoin will be steady for a bit but I guess next year we would surely neutralize the bearish mood and enters another all-time high and it is possible because of the impending halving.

[darkangel11]

And just two days after this article was published, we're down to 7500, classic Bitcoin move, crushing down any type of hope the media spreads about a shift in market sentiment 

Bearish mood was neutralized? More like it's coming back in full force unless we go back to 8k soon, IMO.

I was actually nervous for the past two days as I was watching Bitcoin teetering towards the $7,000 level.

I wonder how you're feeling right now. I just witnessed a $400 drop live and it was stressful :/

Why would something like that be stressful? You know what you're getting into, don't you? I got into bitcoin for the long term. Hourly candles don't even appear on my charts. A drop that lasts an hour or two is nothing in the life of Bitcoin and is not a real move. By real I mean that people really participate in it not only one or 2 whales, a few bots, and some stop loss triggers. A bearish move that drags on for months is something to watch for. A single dump that takes us 5% down is artificial and will not matter in a month or two.

[Darooghe]

And just two days after this article was published, we're down to 7500, classic Bitcoin move, crushing down any type of hope the media spreads about a shift in market sentiment  

When the price went from $4,000 to $9,000, we started cautiously saying it would probably correct. then we celebrated since the correction didn't happen immediately. now it corrected and they freak out. If we broke $20,000 without a gigantic correction, then I would legitimately fear a bubble. this complete wipes all my concerns of a bubble. this makes 2020 more promising, now we are poised instead for another X% gain over 2020. Bitcoin could very well break $30,000 to $50,000 next year.

In my opinion, it crashed because it had to. because it went parabolic, and everyone and their grandmother bought it without knowing what they were getting into. i am completely chill but enjoying all the panic.

[Quidat]

And just two days after this article was published, we're down to 7500, classic Bitcoin move, crushing down any type of hope the media spreads about a shift in market sentiment  

When the price went from $4,000 to $9,000, we started cautiously saying it would probably correct. then we celebrated since the correction didn't happen immediately. now it corrected and they freak out. If we broke $20,000 without a gigantic correction, then I would legitimately fear a bubble. this complete wipes all my concerns of a bubble. this makes 2020 more promising, now we are poised instead for another X% gain over 2020. Bitcoin could very well break $30,000 to $50,000 next year.

In my opinion, it crashed because it had to. because it went parabolic, and everyone and their grandmother bought it without knowing what they were getting into. i am completely chill but enjoying all the panic.

Breaking 30k-50k isnt really that realistic to consider out since we arent even touching or breaking up the previous ATH.
I do really prefer on  having these kind of corrections rather than seeing a sharp increase of price.This wont really be a plain
way on reaching new heights and as ive always been saying in the past that this time would be a hell of a bumpy ride.
I wasnt even expecting that the price dipped down on $7300 but i didnt actually panic though because ive seen all the
possible price corrections for the worst since i do know bitcoin market.

[figmentofmyass]

so much for neutralizing the bearish mood---bears just crashed the price below $7700!



how low will we go? $7k? lower?! that bounce off $7300 doesn't look like a bottom to me.....

[skarais]

~Skip
how low will we go? $7k? lower?! that bounce off $7300 doesn't look like a bottom to me.....

Before and after halving the price of bitcoin will still go down, this is proven based on the data. Today, in fact, bitcoin is falling fast and I think this is only temporary. The market will recover this week, I don't think the price will drop below $7,000. Actually this is surprising, but the last few days bitcoin looks stable and in my opinion this is a sign of falling prices, in reality prices are down on Friday quickly. But I think the price will recover soon.

[Theb]

I cannot even call it a "price bounce" especially when Bitcoin was literally just hovering around that price area. If you look at Bitcoin's tradingview chart now (on to any exchange) you will see that it has formed what trader's call an "Evening Star" pattern which is a popular three candle pattern to signify a bearish reversal, the second or middle candle signifies the highest prices among the three candles which in this case has reached 8,350$ the last candle only confirms the bearish reversal. Hopefully this candle will be invalidated with a quick bounce up but that is just wishful thinking and what we can do now is prepare and observe for the next movement.

[fabiorem]

so much for neutralizing the bearish mood---bears just crashed the price below $7700!



how low will we go? $7k? lower?! that bounce off $7300 doesn't look like a bottom to me.....

$6k, possibly $5k.
This kind of article is for fools. Nobody really believes that a rise of only 3% will neutralize bearish mood. This is just the bears taking profits for the next leg down.

To neutralize the bearish mood, price need to go to $9.9k and stay there for at least a month, forcing its way into the $10k area.

The bearish mood was started by BAKKT, who many thought it was a good thing. So much for "legitimacy".
Now the market will bleed. The more Wall Street sharks in the market, the more leverage and bearishness we will see.

Thats why trade wars and global crysis are needed. People need to protect themselves against the nation-states and its central banks. Bitcoin was created to fulfill this role. When the shit hits the fan, the price will go up. For now, we will have to tolerate the market bleeding and the haters celebrating.

[Pearls Before Swine]

I cannot even call it a "price bounce" especially when Bitcoin was literally just hovering around that price area.

No, it wasn't a bounce at all.  Maybe a very small one, but it wasn't meaningful.  What *is* meaningful is bitcoin performing a little plummet in the past 24 hours, and what a difference a day makes, right?

So much for neutralizing the bearish mood.  Let us clink glasses together and make a toast to the bottom, which I'm hoping bitcoin has reached.  I am realistic about what could happen but I'm also trying to be as optimistic as I can be in the face of a serious bearish mood.  Very gloomy with a chance of failure.

$6k, possibly $5k.

Well why stop there?  It is the easiest thing in the world to predict that bitcoin will hit those prices when it dropped a few hundred bucks in such a short period of time.  I prefer to think that the bloodbath is coming to an end. 

[fabiorem]

I cannot even call it a "price bounce" especially when Bitcoin was literally just hovering around that price area.

No, it wasn't a bounce at all.  Maybe a very small one, but it wasn't meaningful.  What *is* meaningful is bitcoin performing a little plummet in the past 24 hours, and what a difference a day makes, right?

So much for neutralizing the bearish mood.  Let us clink glasses together and make a toast to the bottom, which I'm hoping bitcoin has reached.  I am realistic about what could happen but I'm also trying to be as optimistic as I can be in the face of a serious bearish mood.  Very gloomy with a chance of failure.

$6k, possibly $5k.

Well why stop there?  It is the easiest thing in the world to predict that bitcoin will hit those prices when it dropped a few hundred bucks in such a short period of time.  I prefer to think that the bloodbath is coming to an end. 

Dont get me wrong, I also want it to end.
But I dont want surprises, and for now, we are having one surprise after the other.