Bitcoin Uptrend Broken

[Jawhead999]

Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.

It is important to note that this bearish price action may have invalidated the crypto’s midterm uptrend, due to it breaking below a key ascending trendline that had been formed over the past few weeks.

The break below this level could lead BTC to see a notable near-term decline, with analysts widely targeting a pullback towards the lower-$9,000 region.

The break below $10,000 came about in an incredibly sharp movement that happened over the span of five minutes, signaling that bears have now garnered some significant near-term strength.

Big Cheds, a popular crypto analyst, said in a recent tweet that he believes Bitcoin will continue dropping until it reached $9,600, which is where he anticipates it will find enough buying pressure to bounce.

Source : https://www.newsbtc.com/2020/02/15/heres-why-bitcoins-violent-selloff-may-have-invalidated-its-mid-term-uptrend/
             https://cointelegraph.com/news/uptrend-broken-bitcoin-tumbles-below-10k-as-greed-hits-6-month-high

[xvids]

I think we are now having a market correction.
The market has been pump for the past few days.
Would Big Cheds prediction be true?
Would we see it drop more before it bounce back again?

[abuya55]

This downtrend was expected. It's like the last chance to buy Bitcoin before it goes up again.

[pooya87]

Bitcoin bulls were surprised to wake up to a massive early-morning drop

what kind of gauge do you people use when talk about size of bitcoin movements that you come up with terms such as "massive"?!
3-4% is not even massive in other markets let alone in bitcoin where we see up to 10% fluctuations in any normal days.
something around 20% to 30% is considered large drops (or rises) and anything bigger in 40% to 50%+ is considered "massive".

It is important to note that this bearish price action

another confused term here! a drop is not equal to being "bearish" specially when it happens during a price rise in which case it is considered a correction.

Big Cheds, a popular crypto analyst, said in a recent tweet that he believes Bitcoin will continue dropping until it reached $9,600, which is where he anticipates it will find enough buying pressure to bounce.

in other words some newbie made an idiotic remark after the drop happened with a random price since there is no difference between $9700 and $9600 and going from one to the other is not called "continue to drop"!

[avikz]

It was really expected! The question was - when? From the past trends we have seen such kind of downtrends whenever the market goes up beyond expectation. Traders are just booking their profits so the supply increases suppressing the demand, which leads to such quick fall! And the trend also says, the bulls are usually back in picture quickly to reap the benefits. So, chill and watch!

[pakhitheboss]

I have no idea how did you you deduce the data to come to a pullback figure of 9k. I am  not sure what negative trend let to this conclusion. It would have been great if you had also attached the image of the analysis.

It is a short term market correction I think as after the fall the price of Bitcoin did go back to 10k and is now trading near that amount. There is a strong resistance at 10.4k level and there is a strong support at 9.8k level.

It is normal for the market to book some profit and that is what I assume is happening. I doubt the maket will go below 9.5k level. Therefore I clearly reject your theory.

[alani123]

This graph is a good indication that crypto has all huge correlation when it comes to prices among it's markets. Also, any priced in hype for the halving surely has weak support, so bullish analysis about a rallly starting this year now seems more unlikely also. Now there will be more profit taking below $10k so the resistance will increase also, making come backs harder.

[davis196]

There a was BTC price bubble that pumped the price during the last two weeks.Now,many traders who bought at 8K USD realized that the price won't break the 11K USD barrier,so they are selling at 10K and cashing out the profits.Let's see how much the price will drop in the next few days,before we conclude that the Bitcoin uptrend is broken.It's too early for such conclusions.+/-5% fluctuations are normal for the cryptocurrency markets.

[Baofeng]

This has been the trend in the last couple of weeks isn't it? Bitcoin will climb, then follow with a correction. The question is that we really don't know when the correction will happen. Perhaps the bulls was taken a surprised, but this is how the market flows.  -5% is what we are looking for here, so we are still within the range of a market price correction.

[Jating]

Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.

It is important to note that this bearish price action may have invalidated the crypto’s midterm uptrend, due to it breaking below a key ascending trendline that had been formed over the past few weeks.

The break below this level could lead BTC to see a notable near-term decline, with analysts widely targeting a pullback towards the lower-$9,000 region.

It's frustrated to wake up and see the price < $10k again. But then again, we can't really expect a parabolic rise, sooner or later we will see some corrections along the way.

The break below $10,000 came about in an incredibly sharp movement that happened over the span of five minutes, signaling that bears have now garnered some significant near-term strength.

Again, I won't consider this this that the bears have gain some strength, it just people selling, that its

Big Cheds, a popular crypto analyst, said in a recent tweet that he believes Bitcoin will continue dropping until it reached $9,600, which is where he anticipates it will find enough buying pressure to bounce.

Source : https://www.newsbtc.com/2020/02/15/heres-why-bitcoins-violent-selloff-may-have-invalidated-its-mid-term-uptrend/
             https://cointelegraph.com/news/uptrend-broken-bitcoin-tumbles-below-10k-as-greed-hits-6-month-high

[/quote]

You don't need to be a rocket scientist to see that an imminent drop is on the horizon.

[buwaytress]

I wouldn't be so quick to call any trend reversals now, although I wouldn't have been so quick to call the bull run when people were lining the streets to welcome the parabola last week either!

Pullbacks and retracements well to be expected and it is a weekend after all on the back of massive gains. We'll know more tomorrow, and I'm still expecting many more weeks below 10k but it won't change much when we're still above old resistances.

[Debonaire217]

I wouldn't be so quick to call any trend reversals now, although I wouldn't have been so quick to call the bull run when people were lining the streets to welcome the parabola last week either!

Maybe the market goes to be overbought too much, meaning to say that we're probably in a market correction state. In addition, we haven't seen a downtrend in the last two weeks, and it makes us generalized that market this week will probably go down further but will not escape the fact that we're still in a bullish state. And the assurance of having a good market is backed by the event that will happen in the midyear.

So far, the best thing to consider about our funds is to re enter the market at lower market price so we need to stay tuned and updated to the market price of bitcoin in this week.

[bitbunnny]

Nothing strange and nothing to worry about. Corrections are happening all the time and they need to be expected..It's an illusion to think that once when Bitcoin price is on upward trend it will stay that forever. That means that you forget about volatility.
But let's not make premature conclusions, next period will show us is this only short term slight correction or the price will go down further.

[serjent05]

I wonder why it is an issue now, we have seen far worse scenario than this one.  In a bull run, there is always a correction where the market records higher lows.  This is a pullback to give way to another massive rally of Bitcoin to make another higher high before another correction appears.  In 2017, there are several instances where we see this kind of price movement before it hits the ATH so I think this time is not different. 

[The Sceptical Chymist]

Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700

Did it get that low?  I must have been asleep, because I did see bitcoin dip but I don't recall seeing it below $9800--but whatever, it's on the edge of $10k again anyway.

But come on--this thread title is totally wrong.  Uptrends can have dips; they're not always in a straight line and anybody should know that if they've ever seen a chart of something that's trending upward.  I'd say that bitcoin rebounding very quickly is also evidence that we're still in that uptrend.  In fact, the speed at which it bounced back is indicative of how bullish the sentiment is right now.

[yazher]

It has been like this since last year's uptrend to $13,000+, remember?
This is just some normal event where the price will fall to less than $10k then will have a comeback again like last year.
Since we are now close to Bitcoin Halving, I don't see any reason for its price to get deeper again cause everyone was
expecting the price to rise higher than this and also investors are ready to ride the uptrend again. they're just waiting
for the right time to buy.

[Slow death]

Source : https://www.newsbtc.com/2020/02/15/heres-why-bitcoins-violent-selloff-may-have-invalidated-its-mid-term-uptrend/
             https://cointelegraph.com/news/uptrend-broken-bitcoin-tumbles-below-10k-as-greed-hits-6-month-high

I follow this news channel every day and what I see is something shocking. They constantly post news of strange forecasts. For example:

At 9 o'clock they can post that analyst X said that the price of bitcoin will fall a lot, but 10 minutes later they post news that analysts Z said that the price will rise a lot. Take this as an example:

Bitcoin on Verge of 1,000% Rally: Crazy Accurate Analyst Who Predicted $6,400 Bottom

[Wexnident]

Hmmm... If $9700 could be described as lows, then the $3k last year could've been described as hell no? or maybe even just that $7k this year. It's not a massive drop or what not, jeez. Literally, everyone acts the same whenever price drops by 1-3%.  A massive drop should at the very least be at 10% or so. That's actually small but considering the amount BTC is at right now, that could be described as massive. Back on topic, honestly, we've seen drops like this every week ever since the start of February (aka the start of BTC constantly rising up even with the constant downs during Mondays - Wednesdays). Just the past 2 weeks have shown a drop from $9.4k to $9.1k last Feb 3, and $10k to $9.7k last Feb 10. Idk what's up with Mondays but so far, it has always shown an up and down motion every week, so I suppose it isn't weird for BTC and other coins to go back up by the end of the week.

[AakZaki]

In my opinion the decline in the price of Bitcoin is not something bad, but this is part of the correction.
I say this part of the correction for several reasons that I see in my technical analysis among them:
The last resistance this month was at $11,300 and when the price of Bitcoin fell to $9700 it was not strong enough to break the previous resistance at $10,500.

And one more thing that I see in my technical analysis is the formation of the last Elliot Wave, before that happens the price of bitcoin must go down first before the Elliot Wave actually occurs.

[Febo]

It is important to note that this bearish price action may have invalidated the crypto’s midterm uptrend, due to it breaking below a key ascending trendline that had been formed over the past few weeks.

It is also important to note that if correction would not happened now it would happened latter. maybe tomorrow maybe next week or next month. Price of Bitcoin was increasing for straight 2 months. Why to be so greed and expect to be the same as last spring when it lasted for 5 months.

[Wysi]

This was expected as there needs to be a some sort of manipulation which needs to take place before halving in order for the whales to reinvest into Bitcoin and that's what is happening now but altcoin are worst hit as coins like TRX has faced approximately upto 25% dip, upcoming few weeks will be very crucial in deciding the next quarter of crypto market.

[palle11]

In the coming weeks, we should expect more steady climb to $12,000. The price have been steady and now this drop is for a little shake up and correction before a further bull run.

[criza]

I was surprised about the sudden dump on the price of Bitcoin because, I thought the start of the year claims the Bullish run in the value of Bitcoin altroughout the month of January- first weeks of February setting new high records for the year 2020. I wonder why there is a sudden fall in the price of it, maybe it is because, investors or users are selling early before the upcoming halving event.

[Latviand]

We are really seeing a slight downtrend upon the short term increase which happened recently. But I won't take it as something disappointing but another opportunity to invest while the market price is still low. Many people are anticipating for the huge increase in its price once halving occured and it might be the main thing which would make its market value bullish again to reach another all time high.

In the coming weeks, we should expect more steady climb to $12,000. The price have been steady and now this drop is for a little shake up and correction before a further bull run.

Hard to tell still whether it would be able to get pass $11,000 mark given that it have only achieved the $10k mark this year. The price could more likely stabilized at the $9,000 point before halving occur. And if it would fall for more, do not hesitate to invest because huge profit is on its way once true bullish run occur.

[ScamViruS]

The market has moved upward since the beginning of 2020. Everyone knew this would be the correction. We have all seen that as the market pump unexpectedly then we see a correction. This is the behavior of the market. After this correction, we will see a larger market going upwards. This correction has made me interested in buying more Bitcoin.

[bitbunnny]

I don't want to sound as a pesimist but that was expected. It wasn't realistic to expect that the price rise will continue without any interruptions. Some corrections were expected.
However, we have to say that in.general we had some positive trend from the begininig of this year that is visible on the market. And current correction also doesn't mean that the upwards trend will not continue again.

[Viscore]

Well it seems like the downtrend is already over.

For bitcoin rising consistently, it needs to be corrected, so far this year, this is the biggest correction we are witnessing now but it's okay since bitcoin had already have some significant rise in the first week, and I am pretty sure it will not end up to be bearish since the halving is still far away.

bitcoin needs to bounce back strong, and then the uptrend will again resume.

[Smitty Werben Man Jensen]

I think this bullish trend has not been tampered with, there is still hope, in Time Frame 3 hours, 4 hours and 1 day is still very Bulish for Bitcoin you do not have to worry, buy Bitcoin at the price now and sell at $9900 be the target first, and install SL at $9500 , if missed then we will see support in Time frame 4 hours there in $9300, I use the EMA 200

[Baoo]

Actually, the dump was expected and necessary in my opinion, it is true that this correction is still continued and It may last to few days or one week I would guess. Fortunately, Bitcoin's price is still in 9K during the period. Believe me, this is just the calm before the storm, it may be a good chance to buy some  crypto with a good potentials  in this little crisis like, Cardano, BCH, Bitcoin sv, Litecoin, EOS of the course the king Bitcoin. Good things always take a lot of time, be patient.

[Saint-loup]

I don't want to sound as a pesimist but that was expected. It wasn't realistic to expect that the price rise will continue without any interruptions. Some corrections were expected.
However, we have to say that in.general we had some positive trend from the begininig of this year that is visible on the market. And current correction also doesn't mean that the upwards trend will not continue again.

I agree with you except for the second part of your post, I don't see any reason for Bitcoin to grow till the moon now and many investors think the same IMO, so they take profits before it's too late. Only permabulls never take their profits and I don't think they're driving the market for this moment.

[Stedsm]

We have already been talking about these things in a different thread where one of the worst predictions has been made by Tone Vays

I also thought that BTC, if risen like a star - will become a shooting star too as it has shown in each leg (as described in my comment in the link - check chart by exstasie). I believe this to be the final leg where we will probably see the cheapest BTC (for now) and then it'll finally explode to the new ATH levels (nobody knows where but possibly me - $25k) and then come back to $18250. I don't see any reason why I'd call it an uptrend broken as it was just a small, needed correction for us and it has already been recovered.

[Saint-loup]

We have already been talking about these things in a different thread where one of the worst predictions has been made by Tone Vays

I also thought that BTC, if risen like a star - will become a shooting star too as it has shown in each leg (as described in my comment in the link - check chart by exstasie). I believe this to be the final leg where we will probably see the cheapest BTC (for now) and then it'll finally explode to the new ATH levels (nobody knows where but possibly me - $25k) and then come back to $18250. I don't see any reason why I'd call it an uptrend broken as it was just a small, needed correction for us and it has already been recovered.

25k$ when? This year? It's a +150% growth as for now, why would bitcoin grow like that in the coming months while it is mostly flat since the beginning of 2018? I don't understand what it has positively changed for 2 years?

[GreatArkansas]

On the receng drop below $10,000. It was a pullback for me and Bitcoin just get those peopl who didn't able to buy before going above $12,000.
This stochastic rsi indicator is helpful to me, as I saw it yesterday and that's the time I was able to load more Bitcoins on my bags. And now we are again back at above $10,000. During uptrend of Bitcoin, lot of bears will get rekt for sure.

[palle11]

From the chat, I believe it is a correction time that we are seeing now and it is likely going to be shocking the way price will kick of.
This might be another good time for hodling.

[STT]

Its always a good time for hodl but the question is over what time period.    Of course this is the speculation or more active trading part of the forum or thats how I view it.   Ideally I want to sell the high, buy the low and overall be net involved in BTC but to capture both points is ideal as it allows me to increase the amount held per dollar.
    Uptrend broken is how I view it currently also but the dramatic fall is not occurring really, I see sharp sells but its not following through which means net difference of very little.   Hard to say its negative when it goes nowhere and many will speculate upwards not down while we wait for it to resolve.   



Looking for resistance here, roughly there is 3 peaks there.   To be bearish we dont make a higher peak and thats just short term but I keep trying to track its progress on multi time frames.  It is losing the Sunday gains now.

[imstillthebest]

From the chat, I believe it is a correction time that we are seeing now and it is likely going to be shocking the way price will kick of.
This might be another good time for hodling.

indeed its a correction no doubt  . that always happen after every recovery   . this isnt shocking anymore and its not also shocking to see the price sky rockets again because right now people start to accumulate more coins again  . they buy not because the value drop a bit but because they are aware that there are still upcoming events  that will up the price  .  this time is not a good time for hodling but its a good time for buying  but what are we gonna do once we are done buying  ? still hodling anyways 

[thisnewcoin]

The downtrend was expected for me and I am still thinking Bitcoin will come to under 9K USD anytime! Because the market needs correction! The growth happened in a couple of days, it seems the market is being stable at a good price, but for a big jump, the market needs to come down and correction it. I think after the halving when all hype will be gone, we may see a major dump!

[justdimin]

I guess when the price goes above 30%, it is kind of expected that there will be a correction, there are just way too many people who bought under these prices or around these prices and have been holding for a long time so I kind of understand why they would want to get rid of their bitcoins and sell for a while to finally take a breather.

Not everyone has too much patients or even have money to keep their coins forever, so it is understandable that some people will eventually sell but the people with deeper pockets will just watch them sell to market prices and drop the bitcoin price in total and buy cheaper when that stops, that way they are making a lot more profit.

It is basically the thousands of years old saying of "money attracts money" and you just make more profit if you can afford it.

[whyrqa]

I guess when the price goes above 30%, it is kind of expected that there will be a correction, there are just way too many people who bought under these prices or around these prices and have been holding for a long time so I kind of understand why they would want to get rid of their bitcoins and sell for a while to finally take a breather.

Not everyone has too much patients or even have money to keep their coins forever, so it is understandable that some people will eventually sell but the people with deeper pockets will just watch them sell to market prices and drop the bitcoin price in total and buy cheaper when that stops, that way they are making a lot more profit.

It is basically the thousands of years old saying of "money attracts money" and you just make more profit if you can afford it.

I very much hope that the cryptocurrency market will not suffer from those users who crave profit and when they wait for Bitcoin to grow to a certain price level, which can trigger an active sale.  I really would not want to observe such a situation.  Nevertheless, I have Great Expectations for a halving in May 2020, which by all indications should bring a bullish trend to the cryptocurrency market.