Bitcoin Weekly Update: Bulls Last Stand

[cryptoadvocate]

Bitcoin has seen a slow bleed since the massive pump driven by news out of China. $8,300 is the top of the daily mid range and looks to be Bitcoin's last bullish support level after losing the former range high and the 50 day moving average. Full article here:

https://www.cryptoadvocate.net/post/bitcoin-weekly-update-11-17-2019

[Kemarit]

It did lost that support already? The price is way below $8300 now so I'm expecting that the bulls last stand will be $8000. Obviously if this is broken, the bulls will no longer have the upper hand and it will be very difficult to defend as the support is slowly crumbling with the pressures from the bears. What do you think though, will that $8000 support hold in the next couple of hours?

[Wexnident]

What do you think though, will that $8000 support hold in the next couple of hours?

Maybe in the next few hours it could. But it's honestly difficult to believe in the bulls right now. BTC dropped down from 9k slowly to 8.5k, and then dropped after a day or two from 8.5k to right now. Bearish season right now, and honestly, it doesn't show any hopes of pulling itself back. Doesn't mean that it wouldn't move on from the current bearish season after the year though.

[Reid]

Is the pump really from China or is it just that too much FUD is being created?
I go that way. Too much FUD.

Look at this.
https://www.forbes.com/sites/billybambrough/2019/11/16/perhaps-google-will-kill-bitcoin-after-all/#3b8a71ee758f
I dont know if the writer is a bitcoin supporter or not because of this.

The bitcoin and cryptocurrency industry was spooked earlier this year by reports search giant Google had achieved so-called quantum supremacy, something that could potentially break bitcoin's cryptography (but likely won't).

I think he is the neutral space. It is just title to make it look more inviting.

[buwaytress]

Oh come on, now. No need for hyperbole at 8000! If Bitcoin were down on its knees and staving off the vultures at 1k, okay sure, I'd probably go along with that kind of sensationalist headline. But we're not even back to last month's low yet, and we're still way above 150% of this year's low.

And you saw from 8500 there hasn't been any notable resistance to now. There wasn't a stand to even mention, bulls are just too lazy to form a charge.

[LouVandetta]

It did lost that support already? The price is way below $8300 now so I'm expecting that the bulls last stand will be $8000. Obviously if this is broken, the bulls will no longer have the upper hand and it will be very difficult to defend as the support is slowly crumbling with the pressures from the bears. What do you think though, will that $8000 support hold in the next couple of hours?

The price is below $8100 now by only a couple days the price dropped quite deep, so our last hope is that $8000 mark. If it reaches that mark, I'm afraid we're going to see another bloody hell market. I do hope the support could hold a bit longer and bounce back up in the next few hours but it might be the opposite as well.

And is it really because of that news about google few hours ago?! And everywhere I see is red on markets.

[cryptoadvocate]

If Bitcoin doesn't get back above 8250ish by close today, think mid 7k's incoming

[NeuroticFish]

Buyers seem to love the ~8000 price, there's still a chance for better.
And I'm more afraid of what could happen tomorrow than tonight.

I'm still optimistic however that it's temporary and will not go much lower.

[beerlover]

I think China will have some more say in this before the halving happens, they can't just let bitcoin die like that and they can't afford it to go down neither right now. We have to things ahead of us, one is halving which should mathematically increase the price but we will yet to see that, the other is china getting into bitcoin after years of being against it.

Now, both of those things are quite the bull stuff that could increase the price of bitcoin but they are never in the charts, how could you put "china used to hate bitcoin but loves it" into any chart? That is just news that we have to deal with personally and can't see it on any chart but that doesn't mean it is not real and it won't affect the price. So, I assume there will be much better things going on soon.

[cryptoadvocate]

I think China will have some more say in this before the halving happens, they can't just let bitcoin die like that and they can't afford it to go down neither right now. We have to things ahead of us, one is halving which should mathematically increase the price but we will yet to see that, the other is china getting into bitcoin after years of being against it.

Now, both of those things are quite the bull stuff that could increase the price of bitcoin but they are never in the charts, how could you put "china used to hate bitcoin but loves it" into any chart? That is just news that we have to deal with personally and can't see it on any chart but that doesn't mean it is not real and it won't affect the price. So, I assume there will be much better things going on soon.

Why? Large miners benefit by smaller miners throwing in the towel and capitulating.  One man's misfortune is another's opportunity

[dunfida]

Is the pump really from China or is it just that too much FUD is being created?
I go that way. Too much FUD.

Look at this.
https://www.forbes.com/sites/billybambrough/2019/11/16/perhaps-google-will-kill-bitcoin-after-all/#3b8a71ee758f
I dont know if the writer is a bitcoin supporter or not because of this.

The bitcoin and cryptocurrency industry was spooked earlier this year by reports search giant Google had achieved so-called quantum supremacy, something that could potentially break bitcoin's cryptography (but likely won't).

I think he is the neutral space. It is just title to make it look more inviting.

Currently 8,080 usd price as of writing which its being trying to broke down this support for time being.We cant be sure if it would continue further or
we would see some bounce back.

I dont believe that kind of news for be the main reason why Bitcoins price is decreasing.People do really love to tie up things.

[bassbity]

Buyers seem to love the ~8000 price, there's still a chance for better.
And I'm more afraid of what could happen tomorrow than tonight.

I'm still optimistic however that it's temporary and will not go much lower.

Yes this will be temporary with the price of bitcoin not going too sharp, but I have backed up to buy the price of bitcoin at $ 7900 and it's the lowest price, there is also another news I don't care about that I'm looking forward to tonight a bit of an increase in bitcoin.

[Kemarit]

It did lost that support already? The price is way below $8300 now so I'm expecting that the bulls last stand will be $8000. Obviously if this is broken, the bulls will no longer have the upper hand and it will be very difficult to defend as the support is slowly crumbling with the pressures from the bears. What do you think though, will that $8000 support hold in the next couple of hours?

The price is below $8100 now by only a couple days the price dropped quite deep, so our last hope is that $8000 mark. If it reaches that mark, I'm afraid we're going to see another bloody hell market. I do hope the support could hold a bit longer and bounce back up in the next few hours but it might be the opposite as well.

And is it really because of that news about google few hours ago?! And everywhere I see is red on markets.

Still holding @$8000 which I expect to happened, but I wouldn't be surprised if we go lower than that approaching weekends. So no bounce back, but there is support at least at this point. There could be FUD as mentioned, but come to think of it, who are the people behind this spread of FUD's across social media sites or it is just pure coincidence? Or possibly that they're preparing to buy at $7500'ish and just waiting for the right time.

[Wexnident]

And you saw from 8500 there hasn't been any notable resistance to now. There wasn't a stand to even mention, bulls are just too lazy to form a charge.

Probably because they see no reason to form a charge. Only those day to day traders have it hard tbh, with most of the long term ones just chillin out. A lot of newbie traders are getting attacked by fear at this junction though, with what they'd expect a smooth slide upwards of BTC when it reached 10k last time.

As for those newbies or people attacked by fear, No need to really fear though. BTC still holding it above 8k, people still fighting for it to go up. And even if it went down, jeez, wait till the end of the year. If it went down the 6.4k support, then panic. But I'd still advise the same, just HODL, it'll pass sooner or later.

[hugeblack]

We still maintain the level of $ 8,000 which means that the outlook is still positive for the coming months, I don't know how long we will continue with these gains but we may not see $ 7000 soon.
The Christmas period and the end of the year are witnessing more positive so we may return to the $ 10,000 levels if the price can maintain these levels in the coming days.

[cryptoadvocate]

Anytime you get an ugly wick to the topside like that, decent chance lows get swept.

[Shasha80]

I am personally very surprised to see bitcoin price movements for this month, which has decreased. I hope this will not lasted
a long time, because it would be very dangerous if until bitcoin falls back below $ 8,000. Keeping in mind the current price
bitcoin $ 8100 is the last defense. The problem is in my opinion if until bitcoin drops to a price below $ 8000 it can a sign of
a bullish trend failed to materialize. And if the $ 8000 support price barrier is successfully broken bitcoin is likely to fall again to
the price of $ 7,000, i hope this should not happen.

[Jating]

I am personally very surprised to see bitcoin price movements for this month, which has decreased. I hope this will not lasted
a long time, because it would be very dangerous if until bitcoin falls back below $ 8,000. Keeping in mind the current price
bitcoin $ 8100 is the last defense. The problem is in my opinion if until bitcoin drops to a price below $ 8000 it can a sign of
a bullish trend failed to materialize. And if the $ 8000 support price barrier is successfully broken bitcoin is likely to fall again to
the price of $ 7,000, i hope this should not happen.

Sadly the price is nearing < $8k and the price continue to go down today, we are now in the bearish sentiments. Although we don't want to see it, we need to understand that it's possible to even see $6.4 in the coming months, so just prepared for the worst.

Maybe the spike from $7400-$9000 was due the China news supporting blockchain and then easing on bitcoin mining. But it was not sustainable, meaning it could be just a trap that's why the price was suddenly jump after that. And now that its over, we may go back to the $7k or even below.

[acdc]

This is what I call the market cycle, the bad news and the good news intertwined makes investors bewildered and prone to FOMO. The news of China supporting Bitcoin has been overblown by sharks and it is a trap for inexperienced investors. In my opinion, the price reduction is likely to last until the end of 2019, perhaps by 2020 the market can recover.

[watergold]

We still maintain the level of $ 8,000 which means that the outlook is still positive for the coming months, I don't know how long we will continue with these gains but we may not see $ 7000 soon.
The Christmas period and the end of the year are witnessing more positive so we may return to the $ 10,000 levels if the price can maintain these levels in the coming days.

I don't think bitcoin will go down to $ 7000 but bitcoin will last as it is now, I haven't found any analytical techniques from experts how about bitcoin going forward, but many investors are still waiting for hopes in the next month for bitcoin to return to $ 9500, new year and Christmas will be their moment because bitcoin is high again.