Bounce Back is coming?

[Lasky366]

Previously breakout of the 12k$ Horizontal Support will at least lead to the retest of the Lower Boundary of an Ascending Channel, which happened. Locally it should be a bottom as we got the majority of Longs got liquidated during the last 2 days (look chart above).

Technically it's a also a good point to retest, we are at the Support Cluster [11.650$ Horizontal Support + Lower Boundary of an Ascending Channel]. Nevertheless we have two work with a confirmed retracement.

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[GreatArkansas]

If that trendline below will continue to act as a support of Bitcoin, a big possibility we can again see $12,000 or above.
Especially we are about again to see the monthly close candle for sure we can see huge volatility from here, either it will push again to $12,000 or a dump below $10,000.
Well, it's really difficult for now, that's why on current's price level of Bitcoin is not my trading zone as of the moment.

[bitbunnny]

If that trendline below will continue to act as a support of Bitcoin, a big possibility we can again see $12,000 or above.
Especially we are about again to see the monthly close candle for sure we can see huge volatility from here, either it will push again to $12,000 or a dump below $10,000.
Well, it's really difficult for now, that's why on current's price level of Bitcoin is not my trading zone as of the moment.

Every of possibilities said here are likely to happen and in this moment it's quite hard to say which one is more likely. Although it seems to me that some further corrections are possible. I also don't trade at the moment and I think it's quite wise decision. Anyway, some patience is needed except for this one who really want to risk big

[el kaka22]

What the last increase helped to make is that there is a small bottom right now, the price stays above $11.5k and we know that, when you never try you do not know where you drop, but after that first try above $12k that showed that we could fall but we do not fall too much, that way we could at least try again and we would know that what we would be doing, and that way people would be ready for a fall if it happens, obviously we will not try to increase the price just so it will drop, surely we will want to increase the price and keep going BUT if it falls at least we know the price will not go down under $11.5k most probably.

However one thing is for sure that the bounce back will come, after the last times increase we would definitely see a new increase and would know what to expect from it.

[Oasisman]

However one thing is for sure that the bounce back will come, after the last times increase we would definitely see a new increase and would know what to expect from it.

Sure,
Except from the chart showing some ascending channels, also people are speculating bullishly.
The current cycle might be the beginning of the peak of a 4 year Bitcoin cycle which most likely to make a bull run. The price might fall below $10,000 level, but will surely bounce back as there are a lot of investors who are trying to get in and watching attentively to find a good entry point.
This is like the post halving effect plus the economic downturn. Some said, Btc didn't increased, but it's the USD that's slowly falling. IMO, it could be both, Btc is rising while USD is falling.

[GreatArkansas]

(....)

Every of possibilities said here are likely to happen and in this moment it's quite hard to say which one is more likely. Although it seems to me that some further corrections are possible. I also don't trade at the moment and I think it's quite wise decision. Anyway, some patience is needed except for this one who really want to risk big

Yep, I think you made a wise decision there.
Trading on these price levels is like catching a falling knives. There are more better trade entries soon, patience is must.
The chart in the first post really said it all, and as of the moment, we are still creating more lower lows, and testing multiple supports.

[DevilSlayer]

(....)

Every of possibilities said here are likely to happen and in this moment it's quite hard to say which one is more likely. Although it seems to me that some further corrections are possible. I also don't trade at the moment and I think it's quite wise decision. Anyway, some patience is needed except for this one who really want to risk big

Yep, I think you made a wise decision there.
Trading on these price levels is like catching a falling knives. There are more better trade entries soon, patience is must.
The chart in the first post really said it all, and as of the moment, we are still creating more lower lows, and testing multiple supports.

Catching a falling knives is a term if you want to get a bounce or if you want to buy in the dip because you never know if it is the base or a new dip will appear. The breakdown happened to the bitcoin only indicating that the sellers manage to surpass the buyers. I thought that the price will hold but I'm wrong and it seems that the price is still resisting at the $12,000.

What happened to the bitcoin is a weakness for me because there is a role reversal should happen where the previous resistance wi become support but when the $12k  became support, it didn't hold the price and managed to breakdown. I have a position and I immediately cut it because for me the price can decrease more and for me to protect my capital in further losses.

[Lasky366]

Previously breakout of the 12k$ Horizontal Support will at least lead to the retest of the Lower Boundary of an Ascending Channel, which happened. Locally it should be a bottom as we got the majority of Longs got liquidated during the last 2 days (look chart above).

Technically it's a also a good point to retest, we are at the Support Cluster [11.650$ Horizontal Support + Lower Boundary of an Ascending Channel]. Nevertheless we have two work with a confirmed retracement.

$BTC provided a bounce as expected, which brought me +17.3% profit using x10 leverage. Still holding the part of the Scalping Position as we might get the retest of 12k$ once again.

Margin position can be taken on either breakout of 12k$ Resistance Zone or on the breakout of the 11.650$ Support Zone.

[Coin_trader]

$BTC provided a bounce as expected, which brought me +17.3% profit using x10 leverage. Still holding the part of the Scalping Position as we might get the retest of 12k$ once again.

Margin position can be taken on either breakout of 12k$ Resistance Zone or on the breakout of the 11.650$ Support Zone.[

BTC is currently sitting at 11,400$, Is your position already liquidated? I hope your position is safe. That 11,650 is not a strong support and using a x10 leverage is very risky for a downtrend. It's odd to see a chart that use 48hrs time frame which is too late to react IMHO. You put your ascending trend line in a very conservative position too. If you are doing a x10 leverage next time, Make sure that you will wait for confirmation before you enter a very risky position or else you might used smaller leverage.

And also try to use Moving Average to determine support and resistance. Include disclaimer too on your chart. Is this your first time?

[Fundamentals Of]

The $11,600 support zone has been shattered. We have fallen below it although it proved to be not a free fall up to $11,000. This area right now is going to be a test whether it will start to break $12,000 again or fall down to $11,000 in the next day or two.

The movements in the past weeks or even months appeared to be very juicy for scalping.

[TravelMug]

What the last increase helped to make is that there is a small bottom right now, the price stays above $11.5k and we know that, when you never try you do not know where you drop, but after that first try above $12k that showed that we could fall but we do not fall too much, that way we could at least try again and we would know that what we would be doing, and that way people would be ready for a fall if it happens, obviously we will not try to increase the price just so it will drop, surely we will want to increase the price and keep going BUT if it falls at least we know the price will not go down under $11.5k most probably.

It's currently on the ~$11.5 range, but I haven't seen it go below that, but I wouldn't be surprised though. It's good to see bitcoin entering another correction phase.

However one thing is for sure that the bounce back will come, after the last times increase we would definitely see a new increase and would know what to expect from it.

Obviously, above $12k is still the resistance, we have several attempts and successful, however, it seems that it can't maintained that level. But there's nothing to worry about, we are still in the bullish sentiments. Might see some resistance here and there, but in the long term, it will bounce from last retracement.

[onecall123]

Yeah if you are holding for long term, it’s better not to look at it much cause it can hurt specially you're week fellow! Don't be the person who buys high and sells low. So just hold whatever you bought it will bounce back.

[sunsilk]

The market sentiment right now is expecting the bull run so I would say it's possible and with the recent trends, bitcoin is going up. I think there will be a significant change by the end of 2021.

For 2021, there will be an expected turning of events. Compare to the past years that we had since 2018, most of those years weren't that great for bitcoin. And for this year, just after the halving, we had enough reaction from bitcoin and it had increased although it wasn't expected to be that quick.

Don't get used to the pricing of $12,000. We're just there for a few days and this time, it has to go down for a bit and get to its support. Like those patterns that we've seen as bitcoin crossed to $11,000. We're only seeing a repetitive sequence as for sure there will be a bounce back.

[peterpanda]

As price is not stable for crypto currency like bitcoin. It can be up or down any time. But yes we can predict and conscious about it to protect our money from loses.

[minairia3]

The $11,600 support zone has been shattered. We have fallen below it although it proved to be not a free fall up to $11,000. This area right now is going to be a test whether it will start to break $12,000 again or fall down to $11,000 in the next day or two.

Its started to go above 11600 again. I think it will be a long time to stay on that zone. Testing 12k stability has been seen for at least 2weeks but always having a volatile movemenr downward. I dont want to spoil it but maybe this is the last time we can see btc at this level, btc resistance still strong in spite of heavy casualty last night.

Yeah if you are holding for long term, it’s better not to look at it much cause it can hurt specially you're week fellow! Don't be the person who buys high and sells low. So just hold whatever you bought it will bounce back.

For long term investors this is nothing cause you simply hold what you bought but for trader rsi, and even ma data are important cause it will help showing the direction path of the market. Not totally acurrate but still it helps.

[KnightElite]

The $11,600 support zone has been shattered. We have fallen below it although it proved to be not a free fall up to $11,000. This area right now is going to be a test whether it will start to break $12,000 again or fall down to $11,000 in the next day or two.

Its started to go above 11600 again. I think it will be a long time to stay on that zone. Testing 12k stability has been seen for at least 2weeks but always having a volatile movemenr downward. I dont want to spoil it but maybe this is the last time we can see btc at this level, btc resistance still strong in spite of heavy casualty last night.

Yeah if you are holding for long term, it’s better not to look at it much cause it can hurt specially you're week fellow! Don't be the person who buys high and sells low. So just hold whatever you bought it will bounce back.

For long term investors this is nothing cause you simply hold what you bought but for trader rsi, and even ma data are important cause it will help showing the direction path of the market. Not totally acurrate but still it helps.

By using a intraday chart which is 1 hour and 4 hour chart, you can see that the price is resisting at $11600 which means that there are demands there. For those momentum traders or what they called breakout traders, the good entry point is when the price managed to pierce through the current resistance at $11,600. The good thing is the price is now in the resistance level but we are not yet sure if there will be a breakout that will happen or maybe it will bounce in the resistance and create another lower lows.

In my own observation, the price will create another swing low and it will consolidate again before it price manage to break the $11,600 and create a short term momentum. For those swing traders, there are setups that can be used especially in the current move of the bitcoin.

[bitgolden]

We can't call all the little movements bounce back or correction or whatever, bitcoin itself has a huge spread compared to other stuff and I understand people like to name them but I have been around for almost a decade now and I can tell you that small increases and decreases do not need to be named, they are daily movements of bitcoin and because it is such a volatile thing there is really no reason to make it look like it is something much more important than it is.

For example, I think bitcoin would be $11.9k or $11.5k and I would call it what it is, daily movements, but if it moves from $11.5k to $11.9k some people call it a bounce back or a bullish run, just because it went up doesn't mean we need to call it anything, just call it daily movement and that's it.

[Baofeng]

$11500 support holds this time, as we have somewhat bounce back to $11600 as of now. I don't expect any movement in the next 24 hours except maintain that levels. The next movement will come on Monday again, so I'm seeing $11,800 but not to quick to get back to $12k as this is the position where everyone is looking for a sell off and instant profit.

[Finestream]

Yeah if you are holding for long term, it’s better not to look at it much cause it can hurt specially you're week fellow! Don't be the person who buys high and sells low. So just hold whatever you bought it will bounce back.

OP is not making an analysis for long term, it's for short term.

Actually if we invest for long term, we should not be looking on this kind of analysis from time to time because the main reason why we invested bitcoin for long term is because we believe on its potential. What we only set is the target price to sell and take profit, but OP's analysis is different, it's for short term which state the market situation now and it's possible short term movement.

Bounce back is always done by bitcoin, in fact this year we bounce back from the huge dump and we currently achieve the high this year, not the ATH yet.

[Johnyz]

As price is not stable for crypto currency like bitcoin. It can be up or down any time. But yes we can predict and conscious about it to protect our money from loses.

From trading a short term profit I stopped doing that it's time consuming and the market is very unpredictable, just when you thought things are moving nicely you wake to see there's a dip even though you are confident that the buy support shows strength when you left it.

Plus the stress of monitoring the market for your short term goal, and this is also why I stopped day trading. Bitcoin failed to hold on a $12k position and that’s why we saw a little correction but if bitcoin keeps on failing them we will touch again the $9k in time, so stay focus and know when to cut losses and take profit.