Now BTC Price will drop or up?

[Lasky366]

 
BTC/USD Technical Analysis

Over the past week, the BTC Price has been stabilizing between 9.5K-9K. If it breaks 9.5K then it can retest 9.8K-10K. Both 9.2K and 8.5K are the Important Level.9.2K, BTC will be dumped at 8.5K if that break. 8.5K is the key level which can take correction to BTC 7.6K - 6.2K if broken

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[jackg]

I still fell like we should see another retest of 10-10.5k before any potential fall comes into play but I'm not entirely sure... We could see a drop further to 8.8k and then back up to this zone and just consolidate for a while too...

[pooya87]

actually price has been stable between $9k and $10k and it has been going up and down in this range, sometimes it is closer to one side more than the other but the range remains the same. and that makes $9k and $10k the important support and resistance levels instead of the prices you mentioned which is why many are looking for these levels to be broken to make a move then.

by the way you should never look at bitcoin price versus Tether. always look at it in USD or any other real fiat currencies (EUR, JPY, CNY,...). your chart is using Tether which is a shady and high risk altcoin.

[Coin_trader]

actually price has been stable between $9k and $10k and it has been going up and down in this range, sometimes it is closer to one side more than the other but the range remains the same. and that makes $9k and $10k the important support and resistance levels instead of the prices you mentioned which is why many are looking for these levels to be broken to make a move then.

by the way you should never look at bitcoin price versus Tether. always look at it in USD or any other real fiat currencies (EUR, JPY, CNY,...). your chart is using Tether which is a shady and high risk altcoin.

It's somehow very close to USD since USDT is wag pegged to USDT. I believe + or - 0.5% to 1% difference which is negligible when analysing a chart with a Daily Time frame and so on. I agree with you that BTC is still in the indecision stage which is ranging from 9k to 10k but if we can see the trading volume, the buying power is decreasing overtime and its a bad sign that it might broke the support soon which I hope that I'm wrong.

[Oasisman]

BTC/USD Technical Analysis

Over the past week, the BTC Price has been stabilizing between 9.5K-9K. If it breaks 9.5K then it can retest 9.8K-10K. Both 9.2K and 8.5K are the Important Level.9.2K, BTC will be dumped at 8.5K if that break. 8.5K is the key level which can take correction to BTC 7.6K - 6.2K if broken

Do we have any relevant events that could pull Bitcoin down when it hits the support level of $8,5k? Or these are purely based on the chart pattern movements?

It has been a few weeks since Bitcoin remains at the region of $9,000 - $10,000 level, and It doesn't show any  obvious indicators that it will fall down below the support level again. Once it touches the edge of $9,000, it usually bounces back to a couple of hundred dollars again in 24 to 48 hrs.
There might be something that is really hindering the Bitcoin price to go beyond $10,000 level.

[coinfinger]

I still fell like we should see another retest of 10-10.5k before any potential fall comes into play but I'm not entirely sure... We could see a drop further to 8.8k and then back up to this zone and just consolidate for a while too...

I am just seeing the opposite of it. We may see another pull back up to $8800 levels before trying to break the long holding resistance levels around $10,500. In short term market may remain under bear's control but as usual bulls may take over the control at any time because after halving bulls are still not coming into action to ensure momentary benefits to bitcoin mining.

At the same time, the chances to climb up from the current levels is seeming too low due to pandemic reasons. Exchanges are not showing significant improvements when bitcoin prices hit its bottom of range bound. So, it seems bulls are waiting for the prices to test support levels around $8800 levels before making it rally toward the biggest physiological barrier around $10,000 to $10,500 levels.

[GreatArkansas]

For me, that support around $9,000 is the minor support we need to hold right now.
Breaking below on that $9,000 area could be a minor bearish for me, like dropping below $8,000 or $7,000 (0.618 or 0.5 on your Fibonacci, worst is on $6,000 areas which 0.382 level).
The price action of Bitcoin still neutral these days, I am calmer for these price actions of Bitcoin compare to some flash dumps or flash pumps.

[justdimin]

Interestingly bitcoin neither breaks down under $9.3k levels but it is not going above neither, it got stock between $9.3k and $9.4k levels and not moving anywhere, I do not really know the reason why bitcoin would get stuck and not move because normally it is a very volatile currency that goes up and down frantically and you can't even catch it, I remember days when I don't know the price of bitcoin from one minute to another and have to keep checking it constantly to be in the know, nowadays I could not check it for a week and know what the price is because it is not moving at all.

There must be a reason and an explanation of why bitcoin would normally move that way but these days it felt like staying still is a better option, why it didn't do it before and why it is doing it now?

[judaspriest]

it is very difficult to predict in the current situation, the price of bitcoin is still stable,
it may go down at $ 9,000 then go back up to $ 9500, let's see

[okala]

The really next move is going to be a big one. I am foreseeing a positive price movements and that in turn is going to push bitcoin above $10,000 but it might not last long there.

[adaseb]

BTC price right now is largely correlated with the stock market. Entire last week both the indicies and BTC traded in a narrow range. Basically people are waiting for it to either break up or down.

This correlation will  last until most likely the pandemic is over. So if SP500 crashes to new lows so will BTC most likely. Hence why all the traders now are waiting for the futures to open so they can determine the next direction.

[exstasie]

by the way you should never look at bitcoin price versus Tether. always look at it in USD or any other real fiat currencies (EUR, JPY, CNY,...). your chart is using Tether which is a shady and high risk altcoin.

As long as arbitrage keeps the markets in line it doesn't affect the charts. USDT has been trading at $0.99-1.01 for a very, very long time. Given that, what specifically is the problem with charting USDT pairs?

If the "high risk shadiness" of Tether hits and USDT holders get screwed, can't cash out, etc. it will be reflected in market prices, just like it was on Mt. Gox in 2014 or Wex.nz in 2018. Cross that bridge when we get to it, not sooner.

Hence why all the traders now are waiting for the futures to open so they can determine the next direction.

20 minutes until the weekly open! I'm very curious to see where futures open after Friday's nasty close.

[arwin100]

The really next move is going to be a big one. I am foreseeing a positive price movements and that in turn is going to push bitcoin above $10,000 but it might not last long there.

Its kinda early to tell but I also feel that coming, but unfortunately we will not get any stability for that numbers since we are still at bad situation, so maybe best for us not to do a long trade since we might gonna caught up or miss those fast opportunity brought by volatility and best for us to react the way on how the market moves today.

[adaseb]

So just as predicted. The stock market futures went live and started to dump and so did BTC. Then an hour later it started to pump and so did Bitcoin. Now both are riding very slowly. But they reversed at pretty much the same time.

Hence why predicting btc short term is difficult because it's considered a risk on asset and performs as one unless they decouple sometime in the next few months.

So btc will break $10.5k only when sp500 breaks the high of the last month. Which most likely won't happen.

[pooya87]

The stock market futures went live and started to dump and so did BTC. Then an hour later it started to pump and so did Bitcoin.

everything should be to scale, you can't compare different classes with each other. a pencil being 20 cm is considered long, a human being 10 cm is not "long" (tall) because it is in a different scale.
bitcoin moving 0.5% to 2% is considered stable. stock market moving 2% can be considered volatile. bitcoin moving 20% to 30% is volatile but normal, stock market moving 20% to 30% is super crazy!
you can say bitcoin price "dumped and pumped" when all it did was to go down ~1% and back up ~1% while still in the same range as previous months going through exactly the same rises and falls!

[maxreish]

I still fell like we should see another retest of 10-10.5k before any potential fall comes into play but I'm not entirely sure... We could see a drop further to 8.8k and then back up to this zone and just consolidate for a while too...

Yep, possibly. Since some predictions said bitcoin will gonna fall again down to $7k but since it was at it's steady level  at $9200- $9600 it's either will touch up $10k again. Let's see how does bitcoin will be move, I think these upcoming days seems interesting for the btc market. Either it will rebound and retest or the either way around. Some btc enthusiast also said there is hidden divergence on the chart.

You can check it here to see the chart.
https://cryptopotato.com/bitcoin-price-analysis-decision-time-facing-now-huge-resistance-area-hidden-divergence/

[OrangeII]

I'm still pretty sure that the price of bitcoin will reach $ 10k in the near future. however, looking at the chart, I became a little pessimistic. it's just that, considering that the current conditions are really quite good, then I believe that the price of bitcoin will rise in the near future. Well, it's just possible that the price will go down.

[Lasky366]

 
BTC/USD Technical Analysis

Over the past week, the BTC Price has been stabilizing between 9.5K-9K. If it breaks 9.5K then it can retest 9.8K-10K. Both 9.2K and 8.5K are the Important Level.9.2K, BTC will be dumped at 8.5K if that break. 8.5K is the key level which can take correction to BTC 7.6K - 6.2K if broken

9.4k imporatant level. We will see upward rally after this breakout .Then it can retest 9.8k again. Let's see.

[maenauaras]

we have three support levels:

*$9,100 - Pivot Poitn 1-week Support 1

*$9,300 - 38.2% Fibo retracement daily.

*$8,950 - 61.8% Fibo retracement monthly.

Price Break all these levels to reach about 9400 dollars, and therefore the important level is to break 9700 dollars so that the price can rise above 10,000 dollars.

$ 9400 are levels to ensure that the price will not fall below that level.

It is strong to rise above 10000

[FanEagle]

the important level is to break 9700 dollars so that the price can rise above 10,000 dollars.

$ 9400 are levels to ensure that the price will not fall below that level.

It is strong to rise above 10000

It seems bitcoin got all the power to test $10,000 but keeps failing to break the resistance levels around $15,000 and this way it is a range bonding between $8900 to $10,400. Due to lack of new investors, we still got stuck under $10,000 levels even after halving. We need to blame pandemic triggered economic slow down for impacting new people from showing interest on bitcoin adoption/trading.

By seeing gold is performing well at the same time, we can be confident about bitcoin to bounce back at any time regardless of whatever technical analysis says about. I'm sure about institutional funds to treat bitcoin into the same category of gold on these pandemic times. But, it must be already happening but in less numbers compared to what we had by the times of 2016/2017.