Bitcoin Weekly Update: Bulls Last Stand

[Text]

Bitcoin price is $7,987.27 as of writing, bearish trend still consistent. I thought there would be a price increase because the next halving will take over next year plus the good news about china supporting blockchain technology. Then why these happenings are reversible? It's really hard to identify what would be the flow of the market, that's why investors afraid of it.

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[Wapfika]

Bitcoin price is $7,987.27 as of writing, bearish trend still consistent. I thought there would be a price increase because the next halving will take over next year plus the good news about china supporting blockchain technology. Then why these happenings are reversible? It's really hard to identify what would be the flow of the market, that's why investors afraid of it.

I think it's normal  for a correction , since there is no current news that might be the reason of the decline in price. These fomo means only a manipulation but if it keeps falling it will be really give a hard time to identify whether the halving will be a success to pump BTC. Im expecting since Monday that it will only fall to $7.9k hope it will not fall more.

[Genemind]

I don't see any reason to doubt about the current value and its changes because I see it as a normal thing. 8k is still normal since Bitcoin's volatility is always surprising. There are upcoming huge events in the world of crypto so I believe that Bitcoin's situation could still go better by the end of the year. The best thing to do during this market situation is just to hold continuously.

[Murat]

It's really sad to see the price is being increased again, Not really that the price is the only reason to see this situation but also there are also increased rate of the newcomer to this platform, I think this is only for some scammers who are the main culprit for this situation. I also believe that the Bitcoin price will rise very soon since we noticed at the end of every year The price of Bitcoin usually takes the lead, so it doesn't matter, it's only a matter of time. I had a belief that Bitcoin's price would get at the new milestone within this year, but still, it didn't happen, who knows what will happen in the coming time. Let's see.

[strunberg]

I don't see any reason to doubt about the current value and its changes because I see it as a normal thing. 8k is still normal since Bitcoin's volatility is always surprising. There are upcoming huge events in the world of crypto so I believe that Bitcoin's situation could still go better by the end of the year. The best thing to do during this market situation is just to hold continuously.

no one doubt next year be most waited event for bitcoin price especially and cryptocurrency commonly. The thing we could do if we have more money were add our bitcoin or altcoin amount. In case if bitcoin price increase again on next year we could doubled our profits. At this moment crypto community still waiting best moment and waiting good news that could drive bitcoin and altcoin price.

[slaman29]

Bitcoin price is $7,987.27 as of writing, bearish trend still consistent. I thought there would be a price increase because the next halving will take over next year plus the good news about china supporting blockchain technology. Then why these happenings are reversible? It's really hard to identify what would be the flow of the market, that's why investors afraid of it.

And yet for some reason Bitcoin simply doesn't want to give up so easily around 8k.

Halving isn't going to have desired effect anymore. People knew about since last year, so they got all the btc they wanted around $3k or even max at $5k.

Now you are experiencing what is called trying to dump as low as possible to buy back in at the dip.

[Dart18]

And then this one popped out.

Decide to trade  based on my charts above? Do me a favor and register at Bybit which is currently offering up to $60 bonus for new sign-ups and is proving itself to be the best margin exchange out there

I thought I am going to see a real technical analysis but yet it is just for referrals. 
Well, I did though $8k will be the bottom until now.
At $7.8k many people are trying to wonder what is happening and some are getting scared that this might be the end. 

[cryptoadvocate]

And then this one popped out.

Decide to trade  based on my charts above? Do me a favor and register at Bybit which is currently offering up to $60 bonus for new sign-ups and is proving itself to be the best margin exchange out there

I thought I am going to see a real technical analysis but yet it is just for referrals. 
Well, I did though $8k will be the bottom until now.
At $7.8k many people are trying to wonder what is happening and some are getting scared that this might be the end. 

People are so petty. I share an analysis at 8.5k that says outlook is grim and straight out bearish if 8200's are lost. Here we are today at 7700 and if you had followed analysis you'd be in a very profitable short or saved btc to buy cheaper. And you disregard that because theres one referral link on the page? God forbid I hand out accurate trading advice and 1/1000 people who reads it clicks a referral link and I make a few bucks.

[pawanjain]

As of writing this post the price is about $7500. The price has fell down from $9500 which is a straight decline of $2k.
The price should have increased at this stage since it's the end of the year and BTC price generally increases in the year end.
Besides that, the upcoming bitcoin halving would surely attract investors to invest in BTC.

[cryptoadvocate]

Direct quote from the article:

"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."

You're welcome

[Oilacris]

Direct quote from the article:

"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."

You're welcome

We are already on that level as of this writing.So what would be the possible next support if 7400 would be broken out?

If there would be no bounce back with these supports then for sure we would head down even more.We might see 5 digit price on next year.

[Kemarit]

Direct quote from the article:

"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."

You're welcome

We are now entering $6900 range, so we are now in a new lows and I don't think that it will hold up until we touch $6400. So anything goes from this point, there's so much FUD about the Binance raid in China. They already denied it but as I have said in other thread, the damage has been done so we might see $6000-$6400, just like year. I know that we don't like to see the price in that position late this year. But I'm still optimistic that this is the last great bump along the round prior the halving and I'm expecting that we will have a good bounce start of next year.

[Baofeng]

Direct quote from the article:

"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."

You're welcome

We are already on that level as of this writing.So what would be the possible next support if 7400 would be broken out?

If there would be no bounce back with these supports then for sure we would head down even more.We might see 5 digit price on next year.

The good news is that the price didn't go as low as $6.4 but a quick bounce back around $7200-$7300 had already happened. I think people bought @$6900 when they realized that the Binance office being shutdown in Shanghai was a total fake news. So this is interesting as how the price will move in the next 24 hours. I do hope that it will stay above $7k at least and see that speculators and traders settling down this weekend because of the massive FUD and fake news that's been going around in the last couple of days.

[Cherylstar86]

I don't see any reason to doubt about the current value and its changes because I see it as a normal thing. 8k is still normal since Bitcoin's volatility is always surprising. There are upcoming huge events in the world of crypto so I believe that Bitcoin's situation could still go better by the end of the year. The best thing to do during this market situation is just to hold continuously.

no one doubt next year be most waited event for bitcoin price especially and cryptocurrency commonly. The thing we could do if we have more money were add our bitcoin or altcoin amount. In case if bitcoin price increase again on next year we could doubled our profits. At this moment crypto community still waiting best moment and waiting good news that could drive bitcoin and altcoin price.

There are only two situation that may happen next year. First is the tremendous bull run but it doesn't mean the same as 2017 last quarter but for sure it's gonna be a huge bull run. Second, the unexpected red flags of different coins that may occur but it can recover. On my own thoughts, the two situation have advantages and disadvantages but in the end it will still depend of the user how to deal the possible good things may happen.

[cryptoadvocate]

Will have another market update posted tonight, stay tuned

[cryptoadvocate]

Latest market update can be found here:

https://www.cryptoadvocate.net/post/bitcoin-weekly-update-11-24-2019

[yanto@1977]

This is end of the year, many people switch their bitcoin asset into currency and start again in January 2020. No more speculations, just wait until next year and start again with MACD indicator to know where market will goes. I can't replace open order because half fund already stuck, so I'll wait until below $8k to start again.

[Kemarit]

Latest market update can be found here:

https://www.cryptoadvocate.net/post/bitcoin-weekly-update-11-24-2019

I read your article:

Support: Some support in around $6,400 but main support lies $5,850-6,100

Resistance: $7,600-7,800 should be a major obstacle now

Yes, pretty much this is what we are going to expect, we haven't yet reach $6400, but I'm sure if we touch them in the next couple of days, I wouldn't be surprised to go at low as $5800.

The pump fueled by Chinese speculation definitely threw this fractal off, but if you can erase that from your memory there is still a chance this pattern holds up.

Well prior to the China pump we have been hovering around $7400, but I guess it's inevitable, the price is going on a sideway pattern anyways. So let's see if this downward trend will continue or we're going to see some bounce back again to $7200-$7400.

[posi]

Support: Some support in around $6,400 but main support lies $5,850-6,100

Resistance: $7,600-7,800 should be a major obstacle now

Yes, pretty much this is what we are going to expect, we haven't yet reach $6400, but I'm sure if we touch them in the next couple of days, I wouldn't be surprised to go at low as $5800.

The dump trend is expected since have always been the market situation but with what showing on the graph the market is still resisting to dump trend which the reason we're yet to reach the $6400 price range and I dont expect it to dump to the $5800 range until it Dec 1st to 27th.

[Kemarit]

Support: Some support in around $6,400 but main support lies $5,850-6,100

Resistance: $7,600-7,800 should be a major obstacle now

Yes, pretty much this is what we are going to expect, we haven't yet reach $6400, but I'm sure if we touch them in the next couple of days, I wouldn't be surprised to go at low as $5800.

The dump trend is expected since have always been the market situation but with what showing on the graph the market is still resisting to dump trend which the reason we're yet to reach the $6400 price range and I dont expect it to dump to the $5800 range until it Dec 1st to 27th.

Well at least we have seen some support at the $7000 levels and didn't go as low after $6400. But it is still not over yet, I think the bears has control of the market. But it will be interesting how are we going if we touch $7600. The price today has a good spike almost 10% as per cmc, going to $7300++.

So if the OP is right, there could be resistance after that $7600, so it's going to be interesting in the next coming days as we are hitting the end of the month and I do hope that December will be a total breathe of fresh air.