Downtrend still going... we need to see 9k to break it (at least temporarily)

[Bossian]

The trend is your friend.



If we see 9.2k that would be nice for a possible reversal but right now looks like just another failed rally. For now at least.

Will be interesting to see what happens if we see again the strongest support at 6.4. But for now no reason to be bullish yet.

Always the same thing since July, lower high, lower low, lower high, lower low...

[1713485937]

1713485937

[1713485937]

1713485937

[1713485937]

1713485937

[1713485937]

1713485937

[Raflesia]

Yes, it seems like the price of bitcoin has begun to fall. Maybe the rally won't continue. Is this possible just as an initial marker?
Bitcoin has already shown its progress yesterday in a few hours the price skyrocketed a bit and it was welcomed by investors because they thought this was the beginning of halving where prices are always high, but we are not sure if this will go down to 6k, and I think this will still survive in the current resistance.

[Captain Corporate]

 The resistance is at 9.2k anyway, so if we end up seeing that 9k and break it, that won't be temporary at all, it would be for good, it could still go down because we have gone over and gone down before but it would this time would be a bit different, at least we won't go down that quickly. We could use that time before we go down to build a good support, we may not use it that way but in the end that 9.2k level would change a lot of things. I really hope that price breaks that resistance, I got in a bit around those levels and breaking that would mean I will finally profit after months of waiting, I got in knowing in bitcoin you wait but I just want to get to a level where I feel more comfortable than this price currently.

[barota]

yes if bitcoin rise to 9000 usd that will be good for trend and the last will change to bullish. lets hope everyone will buy bitcoin again espicially who sell it at current level for panic stop and market stabilize at good prices

[Bossian]

It is a very basic chart, but that chart that I posted from my Bitstamp account could be accurate for the short term, means this rally to 8.4k was a failed rally.

Also means it is likely we will see 6.5k soonish.

Important price to break: 9k, but also 10.5k which has been a major resistance.

I will personally take my profit around 9k, as there is no reason (yet) to be bullish, no visible fact to believe 10.5k is achievable this year.

[1Referee]

It is a very basic chart, but that chart that I posted from my Bitstamp account could be accurate for the short term, means this rally to 8.4k was a failed rally.

Also means it is likely we will see 6.5k soonish.

Well, it's not a failed rally until we give back what we gained. In this case it's actually quite bullish to see the price pull back a bit because seeing the price go up like this is unhealthy. You want support to be built over a fair amount of time, which we haven't been able to do with such a rapid surge.

We are not far away from a bullish cross between the 21EMA and the 50EMA on the daily. Last time we were about to cross the price dumped hard preventing the cross from happening. I would consider this a failed rally if it happens again. Then my target would be very low $6000's.

Gold is pulling back too. It fell from $1611 to now $1550. Utter joke for Bitcoin, but for such a liquid and high market cap asset as Gold it's a big deal.

[bitcampaign]

if prices continue to last until tomorrow or the day after tomorrow, we can just continue the rally up to $ 9k, everyone looks at charts now to analyze that it doesn't seem to be under $ 7800, I'm not sure it will go below $ 7,000, nobody knows where bitcoin is going Furthermore, at least Bitcoin is able to get out of the price of $ 9,000 immediately to make sure the rally doesn't stop here

[Bossian]

It is a very basic chart, but that chart that I posted from my Bitstamp account could be accurate for the short term, means this rally to 8.4k was a failed rally.

Also means it is likely we will see 6.5k soonish.

Well, it's not a failed rally until we give back what we gained. In this case it's actually quite bullish to see the price pull back a bit because seeing the price go up like this is unhealthy. You want support to be built over a fair amount of time, which we haven't been able to do with such a rapid surge.

We are not far away from a bullish cross between the 21EMA and the 50EMA on the daily. Last time we were about to cross the price dumped hard preventing the cross from happening. I would consider this a failed rally if it happens again. Then my target would be very low $6000's.

Gold is pulling back too. It fell from $1611 to now $1550. Utter joke for Bitcoin, but for such a liquid and high market cap asset as Gold it's a big deal.

Didn't know that about gold as I don't follow much but I am aware the price is usually slow to move (both upwards and downwards). What do you think caused the move? The Iranian news or something else?

"We are not far away from a bullish cross between the 21EMA and the 50EMA on the daily"
Indeed but I am not convinced about that, I think we will get rejected.

[rdluffy]

I hope the 8k USD levels keep strong for some days, it's important to keep the optmism in this new year
Then we can hit the 9k, 12k and even 15 k levels thinking about the halving

But it's important to hold the price first, I'm tired of this 7k 

[asus09]

Nest moment have  Chine new year where can give bad thing for bitcoin back with lower price, how ever next day will continue for bitcoin down trend and we must stay for bitcoin back to lower price. Hope bitcoin back above $9000 is possible maybe after Chinese new year and give way for bitcoin have higher price again after many investor buy back.

[STT]

Well, it's not a failed rally until we give back what we gained.

Yep thats fair, you are both correct some.     Gold is quite bullish but its a decade long stride to consider that market.   If we did fail in some way not just retract from a downtrend line then 5555 or similar is reasonable.
Drawn with crayons there is no certain pricing, I think every nation or exchange has some blurring on the prices as BTC is not actually fixed dollars or anything.   Dollar itself is not uniform in its availability worldwide so why would price be.   BTC is its own currency, dissimilar to anything else unlike FIAT where every central bank deliberately has its hands in their neighbours pockets.
   Failure isnt pulling back I wouldnt judge it that way, on weekly bar its green and 7650 is year average.  Its also above 50 day which has capped it for a while.   If its not holding 7439 then 50 day is near there and 6700 is target downside.  Reason I think it could go further down then present is volume up then down were quite equal looks like, however this day is not yet done so 7439 challenge may decide it

[exstasie]

Well, it's not a failed rally until we give back what we gained. In this case it's actually quite bullish to see the price pull back a bit because seeing the price go up like this is unhealthy.

We have fully retraced the last leg of the rally. So the market gave that back. The downside momentum is pretty strong. If it falls much further at this pace, the chart will look like an Eiffel Tower.

Sideways pullbacks are more reliably bullish. This is a tossup. A sign of life from the bulls would be nice. The 4-hour is heavily oversold.

[Bossian]

Again very close to the resistance.

Overall we are in a very critical moment as you can see this resistance has been tested several times, and the support at 6.4k is still holding.
Crucial times ahead.

[thecodebear]

It is a very basic chart, but that chart that I posted from my Bitstamp account could be accurate for the short term, means this rally to 8.4k was a failed rally.

Also means it is likely we will see 6.5k soonish.

Well, it's not a failed rally until we give back what we gained. In this case it's actually quite bullish to see the price pull back a bit because seeing the price go up like this is unhealthy. You want support to be built over a fair amount of time, which we haven't been able to do with such a rapid surge.

We are not far away from a bullish cross between the 21EMA and the 50EMA on the daily. Last time we were about to cross the price dumped hard preventing the cross from happening. I would consider this a failed rally if it happens again. Then my target would be very low $6000's.

Gold is pulling back too. It fell from $1611 to now $1550. Utter joke for Bitcoin, but for such a liquid and high market cap asset as Gold it's a big deal.

Yeah exactly what this guy said.
OP posted its a failed rally...as the rally was still going on.
It may end up being a failed rally or it may not, we don't know yet, posting mid-rally and saying its not above a certain number yet so price is gonna tank is useless. Price right now is still holding around 8000 which means rally is still going. Rally looks fine so far, only time will tell whether it goes up or down from here.

[Hallmader]

Although the price of Bitcoin is in red, I can see a reversal right now. We are turning green hours from now most likely. This will be another attempt hopefully to break the $9,000 and leave the downtrend pattern. The resistance on sight is a mere $8,100. It can easily be broken and continue to move toward $9,000.