What happens to BITCOIN next ?

[Wysi]

first I will appreciate you, because in my opinion this is an extraordinary analysis for a beginner. honestly I am not too interested in this problem, there have been many people who have made this kind of analysis but only some of them have proven to be true. I am very sure if bitcoin has a very bright future, that is the reason I remain in this forum.

Even I have seen similar analyses in the past and most of the users tend to believe in such an analysis wherein everything is clearly explained. Just by looking at the bitcoin trend from the past few days it's heading in the right direction but it will not take a long time for any change. Let's spread positivity about bitcoin as there is a good number of FUDs spread across the forum.

[STT]

We open the working week at resistance, I'd expect movement from there if main markets enter after the weekend and prior holidays.



Above 2 day and 8 day averages, I dont think its especially in the clear till past the 50 day average.    Seems to me we have a journey ahead over many weeks and its not likely to break out right now but we do have positive momentum for some days now and that can always snowball into more.

[exstasie]

RESIST 1 = $ 81xx
RESIST 2 = $ 93xx

SUPPORT 1 = $ 64xx
SUPPORT 2 = $44xx

as a trader I have not tried how to use the Fibonacci indicator, usually I only use the RSI and MACD indicators no more, but as a trader I understand because not all have the same way of thinking and always have a different point of view in analyzing, I see buying support in $ 5500 isn't sure it's at $ 44xx

It's good to look for confluence between Fibonacci levels and horizontal support/resistance. In the $5,500 area we have both pivot support from last April and the 0.786 level.

Next, I would look at the $4,300 area because we have pivot resistance from December 2018 and this past February, plus the 0.886 level.

If we hit the $4,000s again I'll be pretty pessimistic though. Retracing virtually all of the 2019's gains will look pretty bearish.

[crzy]

Analysis works and every trader must done this thing before trading. The market looks like pumping now and will never touch the support 2 because its time to go up now. If we are able to break the first resistance then it will continue beyond $10k again which is good for us. I do use my own analysis every time i trade, rely on yourself first.

[jossiel]

It's actually a good read when someone shares his analysis about the market but like they say, it's still unpredictable but I have seen predictions and analysis that became real so I'm open to such analysis because I'm not good at it.

I am very sure if bitcoin has a very bright future, that is the reason I remain in this forum.

Many have stayed to the forum for how many years because we're all thinking the same although we're still on the early days of it, we can actually see the great future that's on its shoulder. You should go and back read some historical posts of the forum, how much was the price and discussions like this they have before.

[takingthis4]

We open the working week at resistance, I'd expect movement from there if main markets enter after the weekend and prior holidays.



Above 2 day and 8 day averages, I dont think its especially in the clear till past the 50 day average.    Seems to me we have a journey ahead over many weeks and its not likely to break out right now but we do have positive momentum for some days now and that can always snowball into more.

well it literally broke out today, however, we have a massive cme gap in price right not of around 200 dollars. Historically all of these gaps get filled so there's a good chance that this week is going to be some steady downwards price action again until we reach the bottom of the gap at around 7250, after that next week maybe moon if we don't break lower than the 7100 support.

[kapalmabur]

Analysis works and every trader must done this thing before trading. The market looks like pumping now and will never touch the support 2 because its time to go up now. If we are able to break the first resistance then it will continue beyond $10k again which is good for us. I do use my own analysis every time i trade, rely on yourself first.

remember this is the end of the year, maybe some people will withdraw bitcoin from their assets to accumulate for a year,
maybe if you want to buy it better to wait for the right time this is very risky

[1Referee]

maybe if you want to buy it better to wait for the right time this is very risky

That's quite funny. I'm pretty sure that you haven't been warning people in a similar fashion for buying at levels close to the $14,000 peak this year.

Technically speaking, there is far less risk involved buying today than there was buying at any level above $10,000. Everything you do in this market is risky, but one is better off buying into a ~50% dip from the high than buying into an obvious fomo market.

The bull run that we have had this year was very small compared to the ones in the past, so the market has to shake out fewer weak hands. On top of that, it's extremely difficult to get more bearish with the block halving coming up.

[karanggatak]

analyzing the graph and seeing the state of the bitcoin market really needs to be done before investing in bitcoin. but the existence of technical analysis does not mean we can predict the price of bitcoin correctly. bitcoin prices are very volatile, not easy to predict, it can change drastically at any time. and in my opinion bitcoin will start to increase in March 2020.

[adaseb]

I think we are basically Long term bullish, short term bearish. I do however think we will hit $8K before we head back down to test the $5000 area. Why? I think that we will retrace at least 50% from the $10.3K top to the $6600 bottom and try and create a headfake. Because right now too many people are bearish and it would be difficult to hit $5000 if there are no longs left to liquidate.

So we might hit $8500 or so, create a huge short squeeze and at the same time start trapping some longs, and those trapped longs will be liquidated to take us below the $6600 and eventually maybe to $5500 which is the 200 WMA and from there we will consolidate around the halving and then hopefully we will reach $10K-$15K sometime in late 2020 or early 2021.

I would like a new ATH but you need to be realistic and look at the weekly charts, the $13.8K top we got this year was a failed lower higher and not looking good. As long as we dont go lower than $5000 then all is good.

[sisule]

Basically always on new year bitcoin have lower price and hard to raise with higher price, wait one month later after new year and bitcoin slowly get back to higher price although have halving event, now only take controlling with bitcoin price at day by day have new way to make bitcoin back to higher price or not, or bitcoin keep with lower price.

[exstasie]

So we might hit $8500 or so, create a huge short squeeze and at the same time start trapping some longs, and those trapped longs will be liquidated to take us below the $6600

Definitely plausible. I agree that sentiment is too bearish and warrants a short squeeze.

We have horizontal resistance, the descending trend line from June, and the 20-week MA all in the $8,500 area. So that's a pretty smart area to sell (even if the bottom is in).

I would like a new ATH but you need to be realistic and look at the weekly charts, the $13.8K top we got this year was a failed lower higher and not looking good. As long as we dont go lower than $5000 then all is good.

What's the importance of $5,000?