BTC Price might drop now?!

[Lasky366]

BTC_update. BTC now-9397                             Let's have a quick description of the above setup.

1) First, we have the higher low which we mentioned in previous update
2) Prices are now trading below EMA10 and we have decreasing trading volume , going lower and lower.
3) A recent rejection of prices while they tried to move and close above EMA10.
4) We are seeing long wicks pointing down.

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[sunsilk]

It could but as we see, it's going the other way. I'm also reading some TAs that's saying the same thing but as usual, bitcoin is hard to be read so for holders like me I don't usually look to the short term. There might be an incoming dip within a few weeks but this was expected right after immediate the halving but it seems nothing has happened except it's holding on to $9300.

I'm firmly holding and visioning the long term.

[Harriti]

After the strong growth of Bitcoin, I believe it will soon collapse again. The price of BTC is sideway to wait for more fries to buy bitcoin, then they will kick down the price of bitcoin again. Bitcoin halving is usually like that, we should set a lower buy price for bitcoin and wait. Buying BTC now is a pretty risky decision.

[Nazmul012]

We have noticed that, unfortunately the price of bitcoin drop after halving. When pump was expected but not happened (maybe it's going to show effect slowly). But it's quite tought to predict about bitcoin price. But more possibilities to drop from current price

[adaseb]

Don't know how you can do any trading with a chart like that, its impossible to see the candles properly.  Regarding your analysis the decreasing volume doesn't always mean anything. Sometimes it means a reversal will come and sometimes it doesn't. Look at the daily and what happened when we engulfed the 8K area a few weeks back. People were saying that its going into resistance and volume is trending down and they shorted the $8K area and got wiped out pretty bad.

Right now as long as $8700 or so holds then I am pretty sure we might get a $10K retest and maybe break the $10.5K price which was the resistance made by the Xi pump and the high of Feb 2020 before all the coronavirus mess started which made all the markets around the world reverse into bear market territory. Right now its not the time to be bearish.

[cheater detector]

Your chart is messy in my opinion, I can't see what analysis you said above. Regarding about bitcoin price, we can't predict what will happen, mostly what we hope and predict is going wrong only. It's why many trader is lost his money than get profit

[exstasie]

Regarding your analysis the decreasing volume doesn't always mean anything. Sometimes it means a reversal will come and sometimes it doesn't.

Rising on declining volume and OBV divergences are usually seen as bear flag behavior, but BTC is more unpredictable than most assets in this department. Something to do with its lack of liquidity and tendency towards FOMO and panic.

Right now as long as $8700 or so holds then I am pretty sure we might get a $10K retest and maybe break the $10.5K price which was the resistance made by the Xi pump and the high of Feb 2020 before all the coronavirus mess started which made all the markets around the world reverse into bear market territory. Right now its not the time to be bearish.

It's a fine time to be on the sidelines, unless you're long from much lower. Potential is building for a big move in either direction. Bulls seem very confident, which makes me cautious. The daily and 4-hour price action is admittedly bullish, but until $10.5K is broken, I'm not convinced.

I've been here (long term downtrend, right below huge technical resistance) many times before, and it's a dangerous time to be bullish too.

[michellee]

It could be happening because bitcoin will always adjust the price to the lower price after reaching a higher price. That will happen many times, but we don't know how deep the price will be down. But the price will be back to the high price again after the correction is finished, and that can reach another higher price. We need to analyze more to find a good time to enter the market so we can take the benefits of the market.

[salamat700]

It could but as we see, it's going the other way. I'm also reading some TAs that's saying the same thing but as usual, bitcoin is hard to be read so for holders like me I don't usually look to the short term. There might be an incoming dip within a few weeks but this was expected right after immediate the halving but it seems nothing has happened except it's holding on to $9300. I'm firmly holding and visioning the long term.

I have the same feeling here. I think that in the next few weeks we are going to be seeing the effects of the self-fulfilling prophecies as the market is expecting that there can be some dips post-halving. On the same vein, people are expecting that towards 2021, Bitcoin can be accelerating greatly. Bitcoin remains a very elusive type of beast, and we don't really know what can be. So we might as well sit back, relax and just enjoy the ride.

[btc78]

BTC_update. BTC now-9397                             Let's have a quick description of the above setup.

1) First, we have the higher low which we mentioned in previous update
2) Prices are now trading below EMA10 and we have decreasing trading volume , going lower and lower.
3) A recent rejection of prices while they tried to move and close above EMA10.
4) We are seeing long wicks pointing down.

How many post like this will need to create before people finally understand that speculation is the reason why market keeps on falling because too many false thread that let others to misinterpret .

It could be happening because bitcoin will always adjust the price to the lower price after reaching a higher price. That will happen many times, but we don't know how deep the price will be down. But the price will be back to the high price again after the correction is finished, and that can reach another higher price. We need to analyze more to find a good time to enter the market so we can take the benefits of the market.

That is how can we determine about the health of the market and this also the reason why we are investing here right?

[Jating]

Don't know how you can do any trading with a chart like that, its impossible to see the candles properly.  Regarding your analysis the decreasing volume doesn't always mean anything. Sometimes it means a reversal will come and sometimes it doesn't. Look at the daily and what happened when we engulfed the 8K area a few weeks back. People were saying that its going into resistance and volume is trending down and they shorted the $8K area and got wiped out pretty bad.

Yeah, most of the time volume can be view as a confirmation or rejection. So it has it's merit, but we all know that bitcoin is very different market, could trade sideways and then have a breakout in the next couple of minutes.

Right now as long as $8700 or so holds then I am pretty sure we might get a $10K retest and maybe break the $10.5K price which was the resistance made by the Xi pump and the high of Feb 2020 before all the coronavirus mess started which made all the markets around the world reverse into bear market territory. Right now its not the time to be bearish.

I guess we are still somewhat in the post-halving bullish trend. We went as low as $9300 but it seems the price bounce back very quick. Conversely, right now it's not the time to be shorting BTC.

[lunnatic]

it doesn't matter if the price of Bitcoin goes down, we have started the Bullish Season, if you trade on the Spot maybe you don't need to worry, but for futures trading it's very important for you see

[Tahid12]

Might be but Verily posiible to increase slowly as a Consequence of halving. Btc still standing upto $9800, a very good position. No major impact of corona is noticed. So verily posiible to pump soon and holding btc is better Choice

[sana54210]

Looking at the current price we have bitcoin moving upwards not downwards, this is another one of those days when "bitcoin does what we do not expect" type of movements, sometimes you expect bitcoin to do one thing because something happens, and everyone watching bitcoin to go to that direction, and even some small timers start moving that direction, then bitcoin does exactly opposite of what people think it will do.

I have an idea why that happens, I think that happens because of whales because whales see people expecting one thing and they realize that is exactly the time they could make a solo move without other people contributing and that is why they make big trades opposite direction whenever you expect a move, to stay solo and be the only ones that profit.

[pixie85]

it doesn't matter if the price of Bitcoin goes down, we have started the Bullish Season, if you trade on the Spot maybe you don't need to worry, but for futures trading it's very important for you see

Bitcoin is really standing strong.

I'd say we're going up from the low in March and had a nice bullish breakout in April followed by a small crash that was stopped when traders were saing that it's the end of this pre-halving bullish phase.

We did not come back like a dead cat bounce. It looked more like the strong demand brought us back where we were suposed to be which is above 9000 dollars.

I doin't get why OP is looking at 4h. Most people look at 1d and that's still looking good.

[culuuton]

A great opportunity to buy again so I’m ok with a small drop with bitcoin since I know the future is still good because of the halving that we made this year, its just a matter of time. There’s a lot of good prediction in the next 3 years and I’m thinking about acquiring more bitcoin every month so i can be more prepared for this. Bitcoin movement is unpredictable honestly, its our faith to hold, buy or to sell early

Bitcoin is very unpredictable in the next few years but it is always the best investment. The crisis of other markets doesn't seem to affect it, the uptrend is still dominating. You are having a wise accumulation every month, which is very good for the future.

[Dr.Osh]

This is still a prediction, however, after this prediction was made, the price of bitcoin has strengthened and is approaching $ 10k. in fact, if many people use bitcoin, and mining is slow, then the market will be the main place to get bitcoin. just thinking about this, I feel that the price of bitcoin will increase. Well, I agree that what we see is a vision of long-term development. if there is a decline in the near future, then I speculate that there will be a big recovery after that.

[arwin100]

A great opportunity to buy again so I’m ok with a small drop with bitcoin since I know the future is still good because of the halving that we made this year, its just a matter of time. There’s a lot of good prediction in the next 3 years and I’m thinking about acquiring more bitcoin every month so i can be more prepared for this. Bitcoin movement is unpredictable honestly, its our faith to hold, buy or to sell early

Bitcoin is very unpredictable in the next few years but it is always the best investment. The crisis of other markets doesn't seem to affect it, the uptrend is still dominating. You are having a wise accumulation every month, which is very good for the future.

Ever since then the volatility works like a magic and this is how great bitcoin is but what I love the most about it compare to stock is the volatility is fast and if you know what to do you can provably earn with it on faster way, and since the upper trend is dominating right now we should act wisely on it, But you are wrong for thinking that the crisis doesn't affect the market since actually if there's no bad incident like that happen provably we will see the bitcoins raging faster.

[Oasisman]

It could be, the decrease of trading volume will be the most noticeable when talking about the possible drop. People are still following the halving trend wherein in a span of 6 or so months after the halving the price tends to slow down a bit before it will initiate a good run.
Nevertheless, the chart is showing some strong signs of the possible Bitcoin drop. It will be a good thing for those who wish to have a good buy.

[Botnake]

It could be, the decrease of trading volume will be the most noticeable when talking about the possible drop. People are still following the halving trend wherein in a span of 6 or so months after the halving the price tends to slow down a bit before it will initiate a good run.
Nevertheless, the chart is showing some strong signs of the possible Bitcoin drop. It will be a good thing for those who wish to have a good buy.

Excuse me, do you have data on how much is the trading volume prior to the halving?

I did not monitor the trading volume actually as they could rise and fall anytime, but look at the price of Bitcoin now, if it will dump, it should dump right after the halving schedule, but then again it stays close to $10,000, so I hope this time around people will LONG BITCOIN.