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

[justdimin]

I really do not understand how people could call a 20%+ increase a "failed rally" I mean we are seriously talking about going from $7k to $9k now, why would it be a failed rally when it rallied? Plus, it has been just 2 months since 2020 started and we are already outperforming top investment options in the world in bitcoin, there are other coins who increased even higher than bitcoin as well, how is this a bad thing, how could anyone try to make this sound like it is something bad?

If you do not like bitcoin or you want to get rich very quickly, go find something else, that type of person is not needed here and you are only hurting us, this is a project that suppose to save the world from the greedy and people who are greedy coming here is literally exact opposite of what bitcoin is about.

[STT]

Its not a failure for the buyers, anyone in the world wants to buy it for a lower price then it might be otherwise.     If we're stuck on pure price speculation or bias to owning and wanting to sell then thats on us but the entire market doesnt revolve around one mindset.    I'm glad thats true because it would fall apart if we only had one kind of person involved with BTC, lucky there any many more then we can name so theres a tug of war always to price direction.

The point about the chart on OP I was going to say is the trend was not simple, it was dual band with a higher rate and a lower rate which I think qualifies it as a channel and we rose further even after it declined in its rate of gain.    Eventually it broke all measures and set sideways for a while now down and we're almost back to OP price again around 8500 to 9000 band for the moment its 200DMA

[wheelz1200]

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.

I expect to see the high 7s again soon as well.  I dont think 2020 is the year.  We are going to see a lot of people trigger sells when they get a little over break even from their 2017 top buys.  A lot of rekdness to get over before we see I nice new run

[bbc.reporter]

There are many experts telling everyone that the corona virus and its effect on the global market was the cause bitcoin's dump. I reckon that it might be also these whales who were pumping for an ETF approval that did it.



The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix's bid for a bitcoin-based exchange-traded fund (ETF).

In a filing posted Wednesday, the securities regulator wrote the New York-based Wilshire Phoenix had not proven the bitcoin (BTC) market is sufficiently resistant to market manipulation. Wilshire, a newcomer to the financial services industry, first applied for the ETF last summer with NYSE Arca.

Read in full https://www.coindesk.com/sec-rejects-latest-bitcoin-etf-bid

[Tylev]

Now we are seeing the same picture that was a month ago, in January of this year. On February 19, the price of bitcoin rose more than ten thousand dollars, and today it fell to $ 8,717. It is unlikely to be called a failed rally again. This is a common manifestation of bitcoin price volatility. There will be many more such ups and downs in the price of bitcoin. I think that now there is a general tendency for the market to grow, however, price growth is constrained by throwing a lot of bitcoins on the cryptocurrency market for sale. Each howl has a situation with the need for cash, so people use the situation with the growth of the market. As a rule, this is a delay in price growth for several days.

[exstasie]

There are many experts telling everyone that the corona virus and its effect on the global market was the cause bitcoin's dump.

The BTCUSD market was already in a bearish correction, subject to downward pressure. The corona virus FUD and associated stock market selloff was the perfect excuse for a BTC selloff, which was probably coming anyway. It wasn't the cause but it could have helped trigger the dump. Markets have a way of panicking together.

I reckon that it might be also these whales who were pumping for an ETF approval that did it.

The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix's bid for a bitcoin-based exchange-traded fund (ETF).

Nobody trades on ETF news anymore. What is this, 2018?

[bbc.reporter]

@exstasie. It was the sheep traders that were trading on ETF news on 2018. I am talking about the wealthy people close to the Wilshire Phoenix investment group who might have begun buying bitcon as the day of the SEC's filing came closer.

[pixie85]

There are many experts telling everyone that the corona virus and its effect on the global market was the cause bitcoin's dump. I reckon that it might be also these whales who were pumping for an ETF approval that did it.



The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix's bid for a bitcoin-based exchange-traded fund (ETF).

In a filing posted Wednesday, the securities regulator wrote the New York-based Wilshire Phoenix had not proven the bitcoin (BTC) market is sufficiently resistant to market manipulation. Wilshire, a newcomer to the financial services industry, first applied for the ETF last summer with NYSE Arca.

Read in full https://www.coindesk.com/sec-rejects-latest-bitcoin-etf-bid

Sure...

The "experts" and their "deadly" virus that managed to kill 60 people outside China in a timespan of a month while many times more die of cancer and other things every day.

Only smart people know and understand the reality of this virus. If you're already sick or senile and contract it you'll probably die but not because of the virus but because you cannot handle high fever and stress. Any other type of flu would have the same effect on you.

Bitcoin crashes every 2-3 months and it doesn't need a stupid reason for it. 

[bbc.reporter]

@pixie85. Your thinking about the effects of the corona virus might be underestimated and limited. I reckon that you should read more news on what the wider effects are on the economy around the world.

Asia is beginning to feel the negative effects. Italy and Spain might be the next countries.



Coronavirus is drying up the supply chains of Southeast Asia’s factories

Even as China pushes factories to reopen, the ripple effects of Covid-19 have already proved inescapable for manufacturers outside the country. Particularly hard hit is Southeast Asia, where industries that depend on China for raw materials are being hobbled as their supplies dry up.

In Cambodia, the government today warned about 200 factories making mostly clothing will probably have to slow or cease production entirely due to a lack of raw materials. China—the world’s biggest textile exporter—provides more than 60% of the materials feeding Cambodia’s garment and textile factories, according to the country’s association of garment manufacturers. Prime Minister Hun Sen has publicly urged the Chinese ambassador to send more materials by ship and plane so the industry won’t have to shut down.

Vietnam is facing similar situations in its garment industry and beyond, with China being a major supplier of steel and components for electronics. “Car, electronics and phone manufacturers are experiencing difficulty in acquiring supplies and materials due to disruptions from the virus,” an agency representing Vietnam’s manufacturing sector told Reuters. Phone maker Samsung, which manufactures in Vietnam, is among the companies facing a serious production slowdown. Even the furniture industry, which gets component parts from China, is under duress.

Read in full https://qz.com/1809436/coronavirus-is-hobbling-factories-in-cambodia-vietnam-myanmar/

[criza]

We couldn't really ignore every possibilities concerning on what might happen in the future. This could be the case as the price of Bitcoin will continue to decrease this month of March. But also, as the dump would continue to be the standing of Bitcoin on the market, this could also mean to be just a correction before the actual Bull run. Especially, when the people is expecting the halving event that would figuratively slice the supply of Bitcoin in half that would greatly impact the future of the coin as its supply gradually decreases overtime from the current rewarding. In addition, possible support for Bitcoin might come as its price decreases in the present which makes it a good investment for the future.

[TheAndy500]

Bitcoin history at the moment will halving always decreased by almost 30%, likely if my prediction is correct, then Bitcoin will drop in this March, could have Bitcoin dropped at $7800 before halving, and the Altcoin season will take over

I also predict that the price will go down before halving. I think March will be red in the charts. In my opinion, it is quite likely that the price will drop even to $5k by the end of March. Then it will be a good start for stabilization and maybe the beginning of the alt season.

[FanEagle]

Now, I am a bullish person when it comes down to bitcoin prices and I do understand people who are calling for a bear run and all that but I have to say one thing to them. If you think bitcoin going down before or during the halving historically and the price will go down, is that also equal to bitcoin going down after months later as well?

I mean if you think historical stuff will repeat itself, bitcoin drops in price couple weeks before and it will also continue like that for a while yet after couple of months it starts to go up and in a year it will peak to a new all time high, if you think historical data is correct and will repeat itself you either believe bitcoin will go up as well as going down or you believe none of that, there is no way to think one will happen and other won't.

[rdluffy]

It's funny to speculate about BTC, but it´s all good images and some theories trying to make sense
We don´t know exactly what´s going to happen with the prices, a bull run can start today for example and achieve 15k USD, and BTC can goes to zero too, so it´s only speculation with these candles etc
I believe we are not going down to 7k again, a lot of people want to hold their BTC because of the halving

[okala]

In as much as I believe strongly in the trend line, I disagree with most of the views that bitcoin is going down. The road leading to the next halving look unpredictable except the economic laws of demand and supply that has never failed in any economic situation. Bitcoin has been surprising many of us from the beginning and it is going to do that again.