BTC Breaking historic resistance

[hugeblack]

BooM: Bitcoin broke past the $10,000 psychological levels.

The price fell from $10,178.75 to $ 10,103.54 after breaking the historical resistance barrier at 10,000, but if the bulls take back control, we may see volatile day and a return to the levels of 11500 dollars.

The bad news:
Health support levels are $ 9,600 (4-hour SMA 10) and $ 9,200 (30-min SMA 50), Fibonacci 24.6% retracement level> Therefore, we are expected to return to these health levels, although I am optimistic about the continuation of the rise.

Source: Click here

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[bitbunnny]

Finally this has happened. I have to be honest and say that I didn't expect this, I tought price would need some more time.
However, the question is if this is going to last, will price stay over 10000$ and move forward or will it pull back soon? Somehow I think this pump will not be on long term and we might get back to around 9500$.

[Juggy777]

Finally this has happened. I have to be honest and say that I didn't expect this, I tought price would need some more time.
However, the question is if this is going to last, will price stay over 10000$ and move forward or will it pull back soon? Somehow I think this pump will not be on long term and we might get back to around 9500$.

@bitbunny I’ll second that as I too was expecting bitcoin prices to rebound in the long run, but never thought that it would rebound so so soon, and for this we need to thank Trump whose actions initiated this bitcoins bull rally.

Furthermore you’re correct as prices have already taken a hit on preev, and yea it may just rebound back to $9500 levels, but then again with all the chaos going on in USA I wouldn't be surprised, if we saw more bull rallies taking place like the one that we all just witnessed.

Within the last hour Bitcoin (BTC) price abruptly surged to $10,380 after spending the last month trading in a symmetrical triangle pattern. The move above the crucial $10K mark occurred as U.S. President Donald Trump mobilized local police and the National Guard to disperse masses of protestors on the White House grounds.

Source:

https://cointelegraph.com/news/bitcoin-price-surges-to-10-380-as-trump-threatens-military-crackdown

[pooya87]

i'm very curious since i can't see any panic buying take place even though this resistance was a major one and breaking it is indeed a big deal. maybe lack of such panic-y moves is due to the fact that big exchanges are having difficulty handling their traffic, for example Coinbase is down right now. so there isn't that many buys taking place.

what do we think about relationship between this rise and the past couple of days of riots in US?

[Taskford]

i'm very curious since i can't see any panic buying take place even though this resistance was a major one and breaking it is indeed a big deal. maybe lack of such panic-y moves is due to the fact that big exchanges are having difficulty handling their traffic, for example Coinbase is down right now. so there isn't that many buys taking place.

Maybe the current coinbase maintenance add up a little holding pressure the the people who store their assets their since they will be hype for seeing the price constantly rising and after their maintenance the users will decide to hold seeking for another rise and will think about the bull run came(I'm just guessing this).

what do we think about relationship between this rise and the past couple of days of riots in US?

What about the riots? Don't see any contribution for economic growth of bitcoins but maybe this will end up the economy of the great America since after covid this incident happens unto them.

[stompix]

Hihi, there was a little bear, author of :
A shorting paradise: next target is 5.5k
who posted here briefly but his message is now gone...

But at least I remembered why it's so bad to trust TA, even if you're a bear or bull or neutral, that's why I sincerely don't put any trust in any of those 4-hour SMA 10, 30-min SMA 50, Fibonacci ect. Bitcoin has always acted outside those, it's a different market, with different events than normal commodities or currencies which acts differently under the same conditions as others.

As for the rebound, it's pretty normal, we're still below pre-pandemic times and we're still waiting for some parts of the global economies to open again but it's the attitude of people towards it that has changed, the future is no longer looking like an apocalypse, the human race won't be extinct and as we did after all pandemics, wars, crisis, you name it, we will be back living our daily lives. And the same for the US protests, it happens all the time, eventually, people will get tired of protesting all day and night long, the momentum is gone, something new appears in the news and before you know it the streets are again empty.

Once the situation is back to normal around the world bitcoin will be again on its own, those are going to be interesting times .....or pretty boring years.

[Oasisman]

Somehow I think this pump will not be on long term and we might get back to around 9500$.

That will happen if a lot of people will sell at this level. Taking advantage of the opportunity to sell after breaking the resistance level, since there are usually a slight pull back everytime Bitcoin hits another level, thus buying back would never be a problem "IF" the price doesn't continue rising.
Anyway, I haven't heard yet about the news about this current rise.

[casperBGD]

Somehow I think this pump will not be on long term and we might get back to around 9500$.

That will happen if a lot of people will sell at this level. Taking advantage of the opportunity to sell after breaking the resistance level, since there are usually a slight pull back everytime Bitcoin hits another level, thus buying back would never be a problem "IF" the price doesn't continue rising.
Anyway, I haven't heard yet about the news about this current rise.

did not understand that, which news do you expect about this rise? you can read on several portals that BTC reached 10k, and it is now above it
do you expect news in standard media, that could cause inflow of new buyers in the network, or something else?

[FanEagle]

If the breaking of $10,000 levels would have happened last week or any time before that then we can expect an immediate pull back but it is already June and bitcoin has performed as expected so there cannot be a short term bull back until bulls get tired. I mean from here we can easily expect bulls to ride till $11,800 levels before seeing a short term correction. A short term correction will not sustain toward testing again $10,000 levels. Yes, $10k here after will act like biggest support levels in psychological way among traders.

The closing of May month was above $9500 levels which must be more important for the prices to sustain above $10,000 levels forever. I believe it is time to start experiencing the real consequences of recent halving. We can simply expect to test the new ATH by 2nd of January 2021 .

[Lucius]

what do we think about relationship between this rise and the past couple of days of riots in US?

Except for those few protesters who carried signs "Bitcoin will save us", I personally don’t see any connection between price growth and protests in the US. There have been protests before, due to the similar events, but they have not changed anything for the better. The government most likely played the strongest possible card, using gang violence to remove those legitimate peaceful protesters from the streets.


I would rather connect this growth with the news that has been circulating in the crypto media for several days now, and now it has very likely reached the mainstream media as well. The key word is Grayscale. If we are looking for a positive reason we definitely have it, of course with the fact that halving happened recently and that most of the world is slowly recovering from the effects of the pandemic.

[Pffrt]

It got back to $9400 sadly and seems $10k was a bull trap. I was also expecting a positive volatile move tonight but it got in wrong direction. The dump happened within very short time though.

[sunsilk]

The bad news:
Health support levels are $ 9,600 (4-hour SMA 10) and $ 9,200 (30-min SMA 50), Fibonacci 24.6% retracement level> Therefore, we are expected to return to these health levels, although I am optimistic about the continuation of the rise.

Speaking of bad news, it just happened but not $9200 yet it's close.

It got back to $9400 sadly and seems $10k was a bull trap. I was also expecting a positive volatile move tonight but it got in wrong direction. The dump happened within very short time though.

It's still healthy to see that it got back to $9400. That was a quick ride and I wasn't expecting that it would be followed by an immediate dump. Now, it's another interesting time to wait for the articles and news to have their say about the reason for that dump.

[Ziskinberg]

What's happening? Where are we heading now?

I am optimistic about the continuation of the rise.

I am too but shit happens, I wonder what price it will stop.

Currently researching the reason for the dump, there mus be a big reason why we dump this fast.

[carlfebz2]

What's happening? Where are we heading now?

I am optimistic about the continuation of the rise.

I am too but shit happens, I wonder what price it will stop.

Currently researching the reason for the dump, there mus be a big reason why we dump this fast.

Are these things do still surprise people ? Arent we get used to these things already? When i do see the price pumping earlier do wait up for that 10500 ceiling but due to some conservative profit taking then i do took to sell on 10400 which is the right spot. Im aint saying that we cant go further but my instincts do tell me that there would always be a correction anytime the price do suddenly moves up.

These things doesnt only happen rarely.So im wondering why people are still get shocked into this kind of scenario?

For hodlers then this wont be a problem and also these kind of circumstances are really good for active ones (just like me).Better to utilize movements than waiting up on what would
be the price on next hours,days or weeks.

[Maslate]

What's happening? Where are we heading now?

I am optimistic about the continuation of the rise.

I am too but shit happens, I wonder what price it will stop.

Currently researching the reason for the dump, there mus be a big reason why we dump this fast.

Are these things do still surprise people ? Arent we get used to these things already? When i do see the price pumping earlier do wait up for that 10500 ceiling but due to some conservative profit taking then i do took to sell on 10400 which is the right spot. Im aint saying that we cant go further but my instincts do tell me that there would always be a correction anytime the price do suddenly moves up.

These things doesnt only happen rarely.So im wondering why people are still get shocked into this kind of scenario?

For hodlers then this wont be a problem and also these kind of circumstances are really good for active ones (just like me).Better to utilize movements than waiting up on what would
be the price on next hours,days or weeks.

It's also normal that we overreact everytime there's a significant price movement of bitcoin.
Of course I've seen this before already, but we have been waiting for years for bitcoin to be finally bullish, but now, it seems like the hope was already gone especially bitcoin will continue the downtrend. I guess I will just sleep soon and not gonna be affected with what is happening now, it seems the market has been manipulated again. oh my... whales .. whales ... whales.

[justdimin]

$10K has always been something of a barrier in peoples minds. We are not really out of the gutter just yet, bitcoin reaching above $10k never really meant anything as long as it didn't stayed there. Historically speaking each and every time bitcoin passed over $10k, it also dropped under it as well, we have never stayed above $10k before.

It means we could basically be at an another fall very soon as well. Maybe it will reach $12k before that, maybe it will be $15k, who knows how high we will get but right now we know that it always went under it eventually and I am afraid of that. I have bought bitcoin for a while during this pandemic and have a good base, I am not going to continue buying right now but I am not going to sell neither, I am going to wait and see what happens.

[Febo]

BooM: Bitcoin broke past the $10,000 psychological levels.

How many times Bitcoin broke $10000 in last year?  What happened with historic resistance in those times?

[DoublerHunter]

What's happening? Where are we heading now?

I am optimistic about the continuation of the rise.

I am too but shit happens, I wonder what price it will stop.

Currently researching the reason for the dump, there mus be a big reason why we dump this fast.

^ This is what comes up in my mind upon checking the price before the dump happens. I know that usually after sudden pump or resistance there will be an opposite side on it and now it looks like dragging down too fast in just a couple of minutes. I did not surprise by this I had already doubted that the price may go down. Nevertheless, from time to time it will pump again and we really don't know what will happen next. All I can say is hold as much as you can. Strong hands will always have the benefit if bull run comes.

[ScamViruS]

Again Bitcoin could not break this resistance. Suddenly dumped in a very bad way. I don’t know what’s actually going on, how many times this year Bitcoin has tried to break resistance but failed again and again. Now is the time for those who trade leverage to be rekt. Everyone is waiting for this resistance to be broken and their expectations are not always met. I don't think there will be a big bull market for Bitcoin now. This requires time and bitcoin will be ready slowly.

[hugeblack]

The bad news happened quickly, and the price returned as if it hadn't gone up above $ 10,000. It looks like it's from trading bots or some potential profit-taking.

The price is now struggling in a 4-hour (SMA). 200 SMA seems to be good support and resistance area.

Depending on trading volumes, I can expect three possible scenarios:

 - Support level around 9260.00: (highlighted in Brown) There were three more occasions on this chart as the 9K level was used retroactively. Therefore, if the increase does not occur to more than $ 9,600, we may witness further declines.

 - Support level around 8450.00: (highlighted in Red) A scenario is unlikely, but if the decline continues, we may return to that level.

 - Support level around 7645.00: (highlighted in Blue) The same level when the price fell last March. Then it became an area to bounce back in price after several days.

 * I still bet on the upside as the trend remains with you until bulls find support zones to enter again.
 * Trading volumes seem high and the market is ideal for a new wave of gains.

Predicting this volatility will be very difficult, but let's say we will get $ 9,700 in the coming hours.