Bitcoin broke 10K wall and Downtrend line

[Coin_trader]

Bitcoin is showing life after the recent closed price above 10k mark. The price goes along with a good support line and expecting to have a good growth. There will be some correction but still minimal. Expecting a good support will form around 9900 mark. Does anyone here have still open long/short positions?

PS: I'm currently using mobile version so sorry for not a clear graph:



I believe this price rally will continue for long run unless there will be another COVID-19 like scenario happened again.

[jackg]

I think we'll see a problem when the stimulus checks and furlough stops coming through and may see a large retrace then when people try to pull out their saving...

I thought 9900-9800 was a logical retracement too but now we've broken them quite dramatically, we may either see a retracement back up and some stability in those regions or we'll drift to 8800-9400 from here...

I was short last night and I'm short again now... I was getting trolled last night since the move to around 15 hours to come through and I was hoping to watch the move...

[sujonali1819]

Yes, it broken the 10k wall and unfortunately did not take much time to go back again to 9400$. Generally what I expected before 10200 to 9400$ dump that Btc will make some correction slowly and keep the price over 9800. But it did not happened. And this is really very unfortunate.

So I am guessing now the price will remain below 10k again for some days. Even it can go below 9k before cross again 10k$ Imo.

[Stedsm]

That was a clean bull trap and you can see how easily it free-fell around 8% from its high it reached. I'm holding tight in USDT and I believe I'll have some leveraged shorts (not more than 5x) per trade. Don't long currently as the charts have some shaking surprises that may come any time and get you liquidated.

[Becky666]

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this  short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year 

[stomachgrowls]

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this  short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year  

This isnt something new yet price spikes like these arent really that surprising anymore.If there are significant increase of price in a short duration then expect that there would be a crash or correction in next hours.

A big green candle would really have that exchange of big red one. Manipulation? Possible and its always been like this on each time we do see the market do rise up in a fast phase in a short time.

Good thing for those people who sell off in 10k - 10.400.. When taking up position on the market, dont ever tend to put yourself in the feeling of FOMO.

[deisik]

Expecting a good support will form around 9900 mark

Alas, it didn't happen

Which basically tells us there are lots of open marginal positions waiting to be squeezed and liquidated. If history teaches us something, it is that it doesn't teach anyone anything. So don't be surprised if we will see a squeeze-rinse-repeat scenario executed by BitMEX in the coming days. But probably the crash won't be as strong because some may in fact have learned a few things in the aftermath of the March 12 crash

[JeromeTash]

Does anyone here have still open long/short positions?

Luckily i closed my long positions yesterday and took some profit. The correction that took place earlier on today was expected though i thought it wouldn't touch 9300 in a short time. Absolutely gutted for not shorting after taking profit last night.

I know most people who opened up positions at the 10000 - 10200 level with high leverages must have been swept off clean with that correction

[davinchi]

When I checked earlier today bitcoin was trading above $10100 levels but just now I checked and found the shocking downfall as right now bitcoin is trading below $9500 levels. Not sure who are all heavily dumping around $10k levels and that too constantly. Who are those whales who still not believing into the new ATH as early as possible. The only consoling thing bitcoin did in last 2 days is, it finished off May month with $9500+ levels which will definitely boost moving average kind of technical analysis to the positive side.

Unlike last 3 to 5 attempts, today bitcoin remained stronger above the $10k levels. I believe $10k will be no more a bigger resistance barrier as bitcoin markets got through it more fluently. The current sudden dip must be a very good opportunity but unfortunately I am left with nothing to buy more.

[Bttzed03]

I was probably one of first readers of this post yesterday. I thought the support at $9,900 was too high but decided to withheld on posting my opinion because I have no TA to back it up. The principle was, if there's no major catalyst that causes bitcoin to pump then it's most likely a trap set by "whales". It went up too fast, I expected it to come down hard.

[Becky666]

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this  short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year  

<snip>
A big green candle would really have that exchange of big red one. Manipulation? Possible and its always been like this on each time we do see the market do rise up in a fast phase in a short time.
<snip>

How long should we keep on seeing some sect of individuals called "whales" manipulating the entire market?. Its unfortunate that I don't belong to this sect because I need the profits they too wants. The recent happenings were caused by these sect and people actually lost their profits to them no matter how we paints it that others makes profits. Hacking the cryptocurrency market by this whales will always bring this scenarios back.

[Dart18]

Target reached?
Did we just see a big dump because the orders are at $10k sell point?
I didn't even get a glimpse of the 10k price.
Did it even took 24 hours before it change back to $9.5k?

[Becky666]

Target reached?

Maybe yes, the whales just needed some profits and they have it, so, it was reached promptly.

Did we just see a big dump because the orders are at $10k sell point?

Wrong mate: the price of Bitcoin was pumped to $10400 and not just $10000 at dot. The retraction of Bitcoin price was as a result of sell orders above the $10k.

I didn't even get a glimpse of the 10k price.

Next time you should be more vigilante when pump again.

Did it even took 24 hours before it change back to $9.5k?

Probably yes if we're to count from the initial movement circle.

[Coin_trader]

Bitcoin just prove again that: the right time will come for the proper uptrend of it price and not this  short-term rise. Last night, I thought to sell some of my investment portfolios but wasn't sure of the lost long in the rise, I made close to $400 with some of my portfolio. But still, a friend who wasn't given into my advise wake this morning and was surprised watched the market downtrended in a very short possible time. That's was a bulltrap which I saw from the whalealert strategies but got me some Crookes on the table. Greediness won't allow many traders to have the winners cup this year  

<snip>
A big green candle would really have that exchange of big red one. Manipulation? Possible and its always been like this on each time we do see the market do rise up in a fast phase in a short time.
<snip>

How long should we keep on seeing some sect of individuals called "whales" manipulating the entire market?. Its unfortunate that I don't belong to this sect because I need the profits they too wants. The recent happenings were caused by these sect and people actually lost their profits to them no matter how we paints it that others makes profits. Hacking the cryptocurrency market by this whales will always bring this scenarios back.

This is just my opinion but I believe exchange with leverage are behind this move. If we study the graph in technical analysis view, The price movement was really uptrend then sudden dump happen after a big pump. It is somehow shaking those long and short positions with x10 above leverage. In the past, Some leverage doing this scheme and they really have tons of profit for doing this. Leverage nowadays was vey dangerous since most of exchange are not regulated.

I believe doing x5 and above are very risky so to traders out there. Don't get greedy and stick to low key trading. I'm glad I didn't open any position at that point.

[maydna]

According to Poloniex, bitcoin price finally hit $9,600, but it is not stay for a long time because, after that, the price was down and back to $9,500. But I see there is a chance for the price to break every higher price, and it will back to $10k soon, but we need to be patient. But we don't know how long the price will stay at a price now because it seems, the price still hard to break every high price. The battle at the market still happens, and we will see how much the price will be in a few hours later.

If you want to buy again, I think you need to use some order buy price so you can buy back if the price is down for more, but if the price can increase higher, then you can make a profit.

[beerlover]

I wish it broke the downtrend line, its down once again. Unfortunately bitcoin took a big hit because of all the people who thought it was going up. That is the thing about the futures nowadays, when people all think its going up they take a position that way and the people who know they could make tens of millions of dollars profit from it just take advantage of the situation and drop it.

When you are set out to make tens of millions of dollars worth of profit, selling some bitcoins cheap doesn't sound all that bad because you are leveraged out of your mind to make tens of times higher profit than the lose you just made by selling. That is what happened most probably, I do not have a proof but the long futures liquidated but that is enough proof for me to believe it.

[posi]

According to Poloniex, bitcoin price finally hit $9,600, but it is not stay for a long time because, after that, the price was down and back to $9,500. But I see there is a chance for the price to break every higher price, and it will back to $10k soon, but we need to be patient. But we don't know how long the price will stay at a price now because it seems, the price still hard to break every high price. The battle at the market still happens, and we will see how much the price will be in a few hours later.

If you want to buy again, I think you need to use some order buy price so you can buy back if the price is down for more, but if the price can increase higher, then you can make a profit.

I believe that now is that the price of the market have downtrend in the perfect time to buy/invest in BTC/ETH which are the most utility coin we have in the market because the recent downtrend seems to be the effort arbitrage traders which is the reason why the market make a quick come back(uptrend).

[chaser15]

As expected, after breaching a $10,000, expect that the trend will stop there.

But I wouldn't call it a downtrend. The reason why it broke down is that the majority set up a position around $10,000 level that triggers the sale.

And sitting currently at $9,500, it means the resistance is strong and lots of buys happen around $9,000.

Soon this $10,000 will be the new bottom.

[deisik]

And sitting currently at $9,500, it means the resistance is strong and lots of buys happen around $9,000

Sorry for interrupting your reflections on the recent Bitcoin price dynamic

But the sad truth may be that it has nothing to do with either support or resistance levels that probably exist only in our mind's eye (read, they are no more than a figment of our imagination). So the harsh truth is likely that the price can be 1k dollars higher and it can be 1k dollars lower as easily tomorrow simply because some big fish wanted to buy or sell a handful of bitcoins. The fact that the price sits reluctantly around 9,500 is telling -- there exists neither support nor resistance at this price tag, or around it (say, at the brackets of the 9-10k range). If anything, 5-15k price range seems more plausible to me

[Kelvinid]

I was happy to see that we are breaking the wall already buy having that short change it truly makes me upset. It may be because I was overthinking for $15k but it seems to be impossible seeing this situation. That $500 fallback isn't a normal scenario for me at this time and that it makes me think how tricky we are today. And we might be surprised if one day that bitcoin price we drop to $8k or even more.

What we have seen this time is something to know how whale's participation will make a huge change in the market.