Bitcoin Weekly Update: Bearish retest in play?

[cryptoadvocate]

As always, sharing my latest weekly update on Bitcoin price action. This week we got a bounce from the mid-$6,000's but unless something changes this looks to be a bearish retest, not a bullish reversal.

Full analysis here: https://www.cryptoadvocate.net/post/bitcoin-weekly-update-12-01-2019

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[joniboini]

You made a lot of threads about trading. Why not make one thread and update it regularly? Especially if you just want to share your links every time you made a new one.

[rose9696]

As always, sharing my latest weekly update on Bitcoin price action. This week we got a bounce from the mid-$6,000's but unless something changes this looks to be a bearish retest, not a bullish reversal.

Full analysis here: https://www.cryptoadvocate.net/post/bitcoin-weekly-update-12-01-2019

Yes, I often read a lot of charts especially for bitcoin. I think it is moving quite confusing when it has passed the cross support area and appeared a nice pinbar down but then it increased again. This surprised me and I think the price action model does not belong to the crypto market. I think it can only apply well to the forex market. do you think so ?

[piebeyb]

what do you mean by a bearish retest? try to see in the next few days, if it lasts above $ 7,000 until next week, then you will see the price of bitcoin increase in a few weeks, but if it's under $ 7000 will happen otherwise what you think, hopefully I'm not mistaken 

[Sadlife]

Price is holding on its previous support and trading sideways and that is $7300 price range if it manage to hold despite the volatility plus CME futures gap, bitcoin only needs a good start next week then we could see a price reversal but if it doesn't then the bullish predictions for this year might not come true.

[Wind_FURY]

OP, what is bearish if you zoom out to maximum? "Bearish" is only a matter of what time frame you're on. Right?

[el kaka22]

I hope there is no bear retests because we already saw under 7k in the past week or so and that was lowest we have seen in months, probably since last April, I do not want to get into 2020 with a huge bottom, I want to get into 2020 with a great bottom level for 2020 that could be used as a lift off stage.

I can't just say what would make bitcoin go up and how we could stop the bleeding we have right now but for the past 6 or so months have been struggling hard with the prices staying anything above 10k, it always came down hard after any bull run so I am not entirely sure if I want a big bull run neither, I just want the price to be at a healthy higher level but also stay there as well and as everyone around here I don't know how we could possibly ever manage that.

[panganib999]

With how the price has actually stagnated, I'd say its close to a bearish retest instead of a reversal. Sure, it bounced back from 6.5k to 7.2k in a matter of hours but then it stagnated. It didn't show any bullish push after that and instead is actually moving sideways downward. Just now, price is at 7.3k, when it was 7.5k the last few days. I'd say the bears are finding the perfect time to pull back the price once again, and are just testing the waters right now to see if bulls are able to fight back.

[Wind_FURY]

I hope there is no bear retests because we already saw under 7k in the past week or so and that was lowest we have seen in months, probably since last April, I do not want to get into 2020 with a huge bottom, I want to get into 2020 with a great bottom level for 2020 that could be used as a lift off stage.

Actually, it would be a good opportunity to enter 2020 with a "huge bottom". Especially that it's the year before the halving?

[1Referee]

I can't just say what would make bitcoin go up and how we could stop the bleeding we have right now but for the past 6 or so months have been struggling hard with the prices staying anything above 10k

It all comes down to the technicals. Thus far we have seen the market make textbook bearmarket moves, and this could continue for much longer than people expect.

What we have to do is stop making lower highs and lower lows. We can technically go back up to touch $10,000 flat and still not change anything because that would just be another lower high. If you're really critical, it's possible to consider even the $14,000 top of this year's bull run a lower high in a much longer lasting (nastier) bear market.

The same applies to Gold btw. It has followed Bitcoin quite accurately even though there is a few month lag between the assets. Bitcoin leads and Gold follows.

[buwaytress]

Think the bounce might happen at 6800 or 6900 rather than from 6k, though. For one, I was surprised by the slowness at which the price has declined. Thought sellers would take advantage of profittaking in Asian markets but that hasn't happened. Suggests to me either fatigue (in which case strength won't return til January) or just a wariness of end-of-year bear trap. Note I'm not taking any technical side to this, purely sentiment and psychology.