Short term bullish run is now over, and it was most likely a failed rally

[Bossian]

A picture is worth a thousand words



Now, my advice: look at the price line since October 25 when the price was at 10.4k USD, the trend was never bullish. However it was very possible to make nice money (started several threads to recommend buying at 6.5kish in November and December).

Important price next: 8.5k, we go below and we see 7k most likely again.

Other important prices:
-6.4k: the obvious one, strong support for now but will it hold? I think it will not.
-10.5k: major resistance (stronger than 9.2k), breaking above 10.5k would mean a nice bullish run but very unlikely for this year.
-13.5K-14k: the price everyone is waiting for, if we break above we will see a new all time high (but not likely either for 2020 in my opinion).

In the short term, 7k is likely to be seen (again). Sadly no bullish indicator for 2020. Not yet.

[bassbity]

Bitcoin prices have dropped to  $8500 maybe there will not be bullish again? I do not have a technical analysis of this bitcoin because bitcoin is difficult to guess in the future price.
Will it be possible to return to $7000? even though you have failed the rally but it is only at the beginning of the year there is hope for the future to rally again and can see the movement in the market.

[worle1bm]

A picture is worth a thousand words


Now, my advice: look at the price line since October 25 when the price was at 10.4k USD, the trend was never bullish. However it was very possible to make nice money (started several threads to recommend buying at 6.5kish in November and December).

Important price next: 8.5k, we go below and we see 7k most likely again.

Sad but true image. 
Rally has broken and price may decline from here. But I don't agree with your $8.5K mark. It is evident from the chart that break point will be between $7800-8000. As far as price is above $8K, market may move sideways for next few days and may result in new rally if someone inject buy orders into the market.

[Yurkov]

It all began with a conflict between the US and Iran. At a time when the price of gold and oil began to increase, the price of Bitcoin also began to increase. So far the situation has calmed down, so the price also stopped rising and there was a correction yesterday. We have to wait a few more days to see that this is the end of growth. What you write is very likely, but we are still not sure if it was just a bulltrap ..

[Wexnident]

I guess so. BTC has tried to break through the $9k barrier multiple times now, and has yet to succeed, and is now met with resistance, falling off to $8.6k. I guess you could say that the Iran US war had some kind of influence here, and when the War was called off and everyone calmed down, FOMO sank in and continued to push BTC to a rally. I was expectant for the failed rally, just didn't think It'd take quite some time for it to happen. As for another run? I'm actually hopeful for it, but not this month. Probably mid-February or so? If BTC fails to breakthrough, I can only see a fall-off towards the $7k once again.

[kapalmabur]

It all began with a conflict between the US and Iran. At a time when the price of gold and oil began to increase, the price of Bitcoin also began to increase. So far the situation has calmed down, so the price also stopped rising and there was a correction yesterday. We have to wait a few more days to see that this is the end of growth. What you write is very likely, but we are still not sure if it was just a bulltrap ..

Hopefully the price of Bitcoin is only a correction and a rally after this, seeing the price of Bitcoin has great potential after halving, then it is not wrong for investors to enter here

[Shinpako09]

It's too early to say that just because we have a fall. Remember Chinese New Year is near, maybe they are selling to have some extra stuff. Also, fall is unavoidable even if we are in a good run because of traders. As you can see we have a strong support at $8.5k and seems maintaining on that price floor. If it was just a bull trap it could've cause a panic selling and by now we should be below $8k but look it's not. Don't expect a continous rally because the market is volatile.

[Tduty]

I don't think Bitcoin at 9100 USD was bullish run, bitcoin price just pumped well, that's it! As the Chinese new year coming, people are cashing out huge money, so Bitcoin price dumped a bit, which is normal! Though right now it is growing again! But maybe we will not see a high price for Bitcoin for the next couple of days, as the Chinese holidays stays a long times!

[CryptoBry]

It's too early to say that just because we have a fall. Remember Chinese New Year is near, maybe they are selling to have some extra stuff. Also, fall is unavoidable even if we are in a good run because of traders. As you can see we have a strong support at $8.5k and seems maintaining on that price floor. If it was just a bull trap it could've cause a panic selling and by now we should be below $8k but look it's not. Don't expect a continous rally because the market is volatile.

Let's see what can be after the Chinese New Year but I am more hopeful that soon maybe by next month or even March we can be breaking through the $10,000 zone. The coming halving should have been making some influence even these days but the market is not yet ready. The Middle East war factor has already been relegated so the market is looking for reasons for it to be bullish. All in all, Bitcoin is doing good and we are still in January.

[TitanGEL]

Placing support in a chart is subjective, you place a diagonal support that is considered as minor support. As long as the price trail at 100 MA, the market is still in uptrend and it is a good sign because there are willing buyers. There is a major support at $8400, if the price goes down below that area then it is a bad sign because the sellers are overwhelmed by buyers.

[Juggy777]

Now, my advice: look at the price line since October 25 when the price was at 10.4k USD, the trend was never bullish. However it was very possible to make nice money (started several threads to recommend buying at 6.5kish in November and December).

Important price next: 8.5k, we go below and we see 7k most likely again.

Other important prices:
-6.4k: the obvious one, strong support for now but will it hold? I think it will not.
-10.5k: major resistance (stronger than 9.2k), breaking above 10.5k would mean a nice bullish run but very unlikely for this year.
-13.5K-14k: the price everyone is waiting for, if we break above we will see a new all time high (but not likely either for 2020 in my opinion).

In the short term, 7k is likely to be seen (again). Sadly no bullish indicator for 2020. Not yet.

I don’t think so that this will be the last bull rally in the short term, in fact a correction was long overdue and now that the correction has been done we may see more bull rallies happening in the short term. Also not sure what do you mean by no bullish indicator for 2020, because everyone knows that the halving event is the biggest trigger for bitcoin related bull rallies in 2020.

Source: https://www.newsbtc.com/2020/01/20/bitcoin-halving-isnt-priced-in-based-on-this-indicator-which-means-price-will-react/

[$crypto$]

I don't think Bitcoin at 9100 USD was bullish run, bitcoin price just pumped well, that's it! As the Chinese new year coming, people are cashing out huge money, so Bitcoin price dumped a bit, which is normal! Though right now it is growing again! But maybe we will not see a high price for Bitcoin for the next couple of days, as the Chinese holidays stays a long times!

I don't think it will have much effect on the price of bitcoin because even though the new year has arrived and many people are selling it for other purposes and will not be shaken for bitcoin to go down again, now it has started to come back and this is certainly going to be bullish again, I just look forward to next few months to see the real movement or bullish.
Whether bitcoin will soon reach $ 10k within this month we need time about that.

[Apened]

From what i saw here we can say that it was already broken but i think that it is not enough to say that we are going down more deeply, It may only retrace and we can use other different tools or indicators to support this trend for another possibility of continuing it price to go up. My personal target would be 9400-9500 and to see what will happen to that pivotal resistance.

[mahilchii]

This chart lookalike a clear view on how the market might go down from now, it's really sad to see but this might be the reality who knows. People believe a lot on BTCs indication of pump everyday but now itseems like it may go down again, normally the day starts with a positive trend but unfortunately it ends on a negative way, let's hope everything happens only for good.

[bitgolden]

People being so pessimistic about bitcoin has always made me laugh, I mean sure go ahead and sell all your coins, go fully into fiat currency, I wouldn't mind, I would be glad that people like these get out of the market and people who actually believe in the prospect of bitcoin just stayed. Think about it, what is the other option? Being in fiat?

Fiat currency has been devaluing every single year, hell every single day, just 100 years ago you could have bought a house for 100 dollars, today you can buy a very expensive burger for it. The reason why bitcoin is more valuable than dollar is not the fact that there is less of it, the reason why bitcoin is more valuable is that bitcoin can't be corrupted like fiat. If you think bullish run is over, you are wrong, it is only starting.

[exstasie]

A picture is worth a thousand words

Context is everything. While I think such trend line breaks are important to note, they often only indicate short term consolidation before resumption of the previous trend. Here's a common example of the psychology at play around local trend line breaks:



I want to see a more pronounced failure before projecting $7K, $6.4K, and lower like you are.

[milewilda]

A picture is worth a thousand words


Now, my advice: look at the price line since October 25 when the price was at 10.4k USD, the trend was never bullish. However it was very possible to make nice money (started several threads to recommend buying at 6.5kish in November and December).

Important price next: 8.5k, we go below and we see 7k most likely again.

Sad but true image. 
Rally has broken and price may decline from here. But I don't agree with your $8.5K mark. It is evident from the chart that break point will be between $7800-8000. As far as price is above $8K, market may move sideways for next few days and may result in new rally if someone inject buy orders into the market.

We are actually tanking as of this moment and this is where waiting game begins yet the price had already started to go sideways once again and trying to figure it out on what would comes next?

Im not really fan on precisely following trend lines or indicators specially if theres a pattern on where the trend tends to break.Yes, we can presume but theres only two way either it would rally up
or would dump down.So for now, im preparing my stash for possible accumulation if ever it would crash.

[samcrypto]

Placing support in a chart is subjective, you place a diagonal support that is considered as minor support. As long as the price trail at 100 MA, the market is still in uptrend and it is a good sign because there are willing buyers. There is a major support at $8400, if the price goes down below that area then it is a bad sign because the sellers are overwhelmed by buyers.

We’re still up and bitcoin price didn’t stop from moving upward because right now bitcoin will test the resistance level again. The short term up trend is very critical and if bitcoin can’t break the wall then the lower support level will be hit again. No bullish sign yet but the trend is more likely to continue going up, let’s not lose hope at this early month of 2020.

[sunsilk]

I thought right now that we are supposed to see under $8,500 again because it's been $8,500+ but my speculation and expectation didn't go through. The price suddenly rose and managed to stand again to $8,700.

The reason why bitcoin is more valuable than dollar is not the fact that there is less of it, the reason why bitcoin is more valuable is that bitcoin can't be corrupted like fiat. If you think bullish run is over, you are wrong, it is only starting.

It's a fact that the limited supply of bitcoin is making it more valuable than any other currency. This is the reason why many are turning in to it and because of another fact that there are coins that are totally lost forever, this makes the supply even more precious as time goes by.

[Capt00]

I don't think so, yes we may be seeing a fall but it doesn't mean it is already a failed rally, it is normal for Bitcoin to experience a fall because that's how it is for years but we are waiting for the upcoming halving which may have a positive impact on the price. And I think, the price is strong resistance at $8500 mark as per the chart and if it will go down then it'll be within $8000-$8500.