Bitcoin is moving sideways for day, Where to from here?

[justdimin]

It is not really that easy to break support and resistance levels when the whole market is watching you. Obviously when things are boring and bitcoin has been at $7.2k for 4 months without going over $7.4k or going under $7k and it is incredibly boring and people leave, it is easier to break a resistance and go higher.

However when you have increased over 80% in the past 2 months and you have soooo much volume and liquidity that everyone and their grandma tries to trade bitcoin during this period, things will be harder since people will start to pull from opposite sides of the rope. It means it is "harder" but our path is still looking bull, look at the drop and recover happened yesterday, it was obvious that bitcoin is not ready to go down just yet and will work to keep going higher.

[TitanGEL]

It is not really that easy to break support and resistance levels when the whole market is watching you. Obviously when things are boring and bitcoin has been at $7.2k for 4 months without going over $7.4k or going under $7k and it is incredibly boring and people leave, it is easier to break a resistance and go higher.

However when you have increased over 80% in the past 2 months and you have soooo much volume and liquidity that everyone and their grandma tries to trade bitcoin during this period, things will be harder since people will start to pull from opposite sides of the rope. It means it is "harder" but our path is still looking bull, look at the drop and recover happened yesterday, it was obvious that bitcoin is not ready to go down just yet and will work to keep going higher.

There is now an established new support at $17,600 and I expect that it will be a major support wherein there will be huge demand in that area, the price seems pausing for a little bit but it doesn't mean that a crash will happen. The price is just gaining more power and demand before it able to have a solid momentum. I'm talking about triple digit gain and the price of the bitcoin can achieve it after it finally pierce $20,000.

I really do not think that the trend will be now a sideways because the demand is still high and the bullish side is still dominate the market wherein there is still greed. Do not be afraid especially when the emotion in the market is greed because there is a high chance that the price may become more expensive so be prepared in the best scenario that may happen and it is the reason why you should not create a plan to not miss the golden opportunities. 

[kapalmabur]

We all know bitcoin has been moving between 17000 and 19000 and it's not showing any drastic move to a bull or bear but with such large increase in price, it's hard to imagine that the price has settled to this high.
Indicators are also giving mixed results. Daily buying and selling are around 50% each. Moving average are still indicating a rise.
A correction is imminent, but do you believe, there's still a bull run to come before the correction? Or would bitcoin not achieve it's ATH this time.

I still believe the price of Bitcoin reached ATH this year, even though it was only $ 20k,
but that is very important for Bitcoin, the last 7 days the increase in Bitcoin has reached 10%,
when compared to altcoins, there is still very little increase.

[STT]

Sideways can be a price corrected by time rather then altered substantially in price more obviously.   Its a bit more boring but sideways can be surprisingly bullish, never short a dull market is one turn of phrase maybe a hundred or more years old.

So Im trying to guage weakness and momentum in price vs prior bullish action and regular rises we've seen most of this month.   Price action this morning was approaching a stall speed yet we've set off again upwards, the price has avoided any great test and resolved upwards.   The mood or phase to Bitcoin now is as strong as I've witnessed over the years and it would hurt to stand in the way of that yet risk remains still imo and its hard to call overall indefinitely.   Dont fight the trend, its up till proven otherwise



This simple take shows 4hr bars and 5 tests of a trend before resolving upwards, there was reason to doubt we could keep this particular pace. While we've gone sideways there's a fair argument we have been testing strength.  Its quite a subtle effect and many will dismiss the ideas, I go on my experience over years with crypto or any market and I like how neat performance can be like ripples on a beach there is a pattern to natural movement with every wave.

[wxa7115]

There is now an established new support at $17,600 and I expect that it will be a major support wherein there will be huge demand in that area, the price seems pausing for a little bit but it doesn't mean that a crash will happen. The price is just gaining more power and demand before it able to have a solid momentum. I'm talking about triple digit gain and the price of the bitcoin can achieve it after it finally pierce $20,000.

I really do not think that the trend will be now a sideways because the demand is still high and the bullish side is still dominate the market wherein there is still greed. Do not be afraid especially when the emotion in the market is greed because there is a high chance that the price may become more expensive so be prepared in the best scenario that may happen and it is the reason why you should not create a plan to not miss the golden opportunities.  

Currently we are seeing a major correction the price has gone down 12% today and it seems the tendency is for this continue for the rest of the day, we knew a correction was coming since a strong resistance was to be found near the ATH as people got worried that a crash was going to happen and they decided to sell before it occurred not realizing that their own actions are what is actually causing the correction.

But whatever the reason now a correction is taking place and I think that even if many do not like it this is healthy for the market as it was impossible to keep a positive trend like that forever.

[TravelMug]

Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

[samcrypto]

This will be the best scenario for me since the market is getting better and this is just a small correction as of today. We are about to hear many good news early next year, and that can boost the trend of Bitcoin which I think will end this year on its stronger price. We still have the chance, and the sideways trend can still be changed, this is not the end of the trend yet let's hope for that.

[matchi2011]

Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

Hard to conclude as all those ideas are possible to happen, another risky decision both if you are trader or investors who
wanted to place your entry nor with holders who are planning to cut some loss.

It's important to do deeper analysis, as if the first statements above hits the market and the very  reason of this downfall
eventually new investment will flow and the market will proceed much stronger.

[FinneysTrueVision]

A big correction was to be expected after how fast it had been rising in recent days. Institutional demand is still high so I don't expect it to go down much further. Altseason came and went because there was nothing their to sustain their momentum. Alts only benefited as a consequence of Bitcoin going up. BTC still has a lot going for it and I expect it to go back up and reach it's ATH in early 2021 or even late 2020.

[BuNga_cute]

Even though now the Bitcoin price is correcting, the support price at $ 17,200 is quite strong, so I predict the Bitcoin price will recover
in a few days. My advice is to use the present moment to buy Bitcoin, Moreover, the demand for Bitcoin has not decreased, There are
even several articles that I have read on the internet that say institutional interest in Bitcoin is still high. This means that the price of
Bitcoin at any time can be pumped much higher than the previous price.

[btc_angela]

Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

I'll prepare to see the price trading sideways, Why? so that at least everyone should not expect a massive spike on the price again. And then we have plenty of opportunity to buy the dip. The thing with a massive run is that when it goes down again, many are going to be REKT, specially those who buy at the top.

It seems though that the bleeding has stop, and the support is holding very nice at $17k.
So let's wait in the next 24-48 it everything has cool-off and expect the price to go on sideways.

[Gotumoot]

It has stop at $16.9K I think it is just getting ready before hitting a new ATH.
But I could be wrong about it the market does unpredicted moves so it is hard to know what would happen next.