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.