TA shows potential bullish breakout - if history repeats

[Silberman]

Following the ups and downs from before shows a similar pattern where the next stage is a nice pump and a huge green candle.

If it does indeed repeat then buying now would be a rather profitable move

The similarities are striking so this is a very good find, but even then we must remember that the markets are full of patterns like this which could indicate that the price is about to do something only to do the complete opposite, as the circumstances in which both of those movements happened are very different, and right now with the new strain causing havoc around the markets I think it could be difficult to see such a sharp increase in the price.

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[RealMalatesta]

Following the ups and downs from before shows a similar pattern where the next stage is a nice pump and a huge green candle.

If it does indeed repeat then buying now would be a rather profitable move

It is highly expected something like this coming soon. I know that people are not sure which direction it will go, and I am not neither, but a "breakout" is exactly what I was suspecting. Not that I know it will go up, but I know that either down or up it would have a big movement. Whenever bitcoin gets stuck between the same prices and doesn't go up or down too much for weeks (we have been between 55k and 60k for a long time now) I know that it will definitely have a huge move. Now, I am not sure if it will be up, maybe it will be down and we will go under 50k, who knows? But this chart shows that there is a good chance the movement will be towards upwards.

[adaseb]

I think if it wasn’t for the Omnicron which is causing all these stock market sell offs and then Bitcoin following, we would of already broke the $60K. But whenever Bitcoin is starting to rally, traders are the SP500 go down more than 1% and they correlate the trades and start to sell Bitcoin.

For the last 4 days the ranges were tight. There is a CME gap at $54500 which has a good chance at filling first before we head back up to the $60K. No idea when that will be. So far the market is just chopping around.

[arufox]

The crypto market is in a bearish phase at the moment, where the price of bitcoin has continued to correct in the last few weeks due to fears of the Omicron variant of Covid-19 resulting in a massive sell-off. From a technical point of view, the possible downside for bitcoin could be more stable around the $56k level, although gains appear to be limited above $60k-$65k.

[Oceat]

The crypto market is in a bearish phase at the moment, where the price of bitcoin has continued to correct in the last few weeks due to fears of the Omicron variant of Covid-19 resulting in a massive sell-off. From a technical point of view, the possible downside for bitcoin could be more stable around the $56k level, although gains appear to be limited above $60k-$65k.

Once again I would say that Bitcoin and Covid is not correlated at all ever since from the start of lockdown. It is possible that most investors are now in a panic due to the FUD releasing left and right that's why they think it's time to dump but I think if Bitcoin reached the bottom below $50k then a possible bear is coming.

But the chart says it's just a temporary dump and looks like a bear trap to me to consider it a full time correction straight to bear run. So, I will consider this opportunity a good time to buy the dip and hodl until the market pumps back again. I'm sure most of them are waiting for the breaking of $70k resistance straight to $100k as they said.

[Fundamentals Of]

I cannot connect the dots between the news about the rising Omicron variant of corona virus and the falling of the price of Bitcoin. The discussion about the Omicron variant came a lot earlier than the price fall which just happened hours ago. The downward trajectory of the price of Bitcoin cannot be about the Omicron variant. In fact, the earlier news about the new COVID variant was much more negative than what we have now. The Omicron variant discussion was full of uncertainty earlier. Right now, it is almost a fact that it is mild and not really a big threat. So there must be other reasons for this price fall.

[adaseb]

I cannot connect the dots between the news about the rising Omicron variant of corona virus and the falling of the price of Bitcoin. The discussion about the Omicron variant came a lot earlier than the price fall which just happened hours ago. The downward trajectory of the price of Bitcoin cannot be about the Omicron variant. In fact, the earlier news about the new COVID variant was much more negative than what we have now. The Omicron variant discussion was full of uncertainty earlier. Right now, it is almost a fact that it is mild and not really a big threat. So there must be other reasons for this price fall.

It’s not only that. It’s mostly due to the fact that Bitcoin is a risk on asset and it currently has a strong correlation with the stock indices such as SP500.

Pull up TradingView and compare the two you will see how closely they mimic their moves. It’s because if crypto traders see the stock markets heading lower, they start to sell their cryptos.

This week is was full of bad news with new covid, tapering and rising rates and Biden having a cough, etc.

[Silberman]

I think if it wasn’t for the Omnicron which is causing all these stock market sell offs and then Bitcoin following, we would of already broke the $60K. But whenever Bitcoin is starting to rally, traders are the SP500 go down more than 1% and they correlate the trades and start to sell Bitcoin.

For the last 4 days the ranges were tight. There is a CME gap at $54500 which has a good chance at filling first before we head back up to the $60K. No idea when that will be. So far the market is just chopping around.

There is little doubt in my mind that the new strain of the virus is affecting the markets and most likely we are going to keep seeing this for a few months until we can more clearly understand what are the real effects this strain is having around the world, now while this may seem like bad news at the same time it is going to give us months to buy more bitcoin, which is great as a great deal of the people did not had any money left as they have been buying bitcoin during all year, and this could make the upcoming bull run even stronger.

[XCANA]

I do hope that op is seeing what is happening to Bitcoin price and that not at all time history do repeat it self in the crypto currency space. Whoever it still expecting any serious upward direction of Bitcoin before the end of this December may wait in vain because people will soon Start conversation of Bitcoin to cash just for Christmas purchase of goods.

[sana54210]

I think history may not repeat this time as we are almost close to year end and yet bitcoin even becomes more bearish. So let's just say that this year is totally different from year 2017. Although we can still witness new ATH for bitcoin but it maybe by next year already. But we should not resort to regretting this time as bitcoin has still the highest value when it comes to crypto. Instead, make this as a good opportunity to fill your bags of affordable coins. And as much as possible, maximize bitcoin as it will always be the most profitable investment as it is.

December part could be different, after all not every December has been a big increase and I am sure that this year could be a down year, look at what we have been doing this December so far just as an example. However, if we look at the history as "after every huge fall, eventually there was an ATH bull run" and then I am pretty sure that it will happen this time around as well and history will repeat itself in that regard.

I am not saying that it has to be in December though, maybe it will be April, maybe June, I do not know how long it will be this time around, 2018 took nearly over a year before we got a good news so I could understand if this took a bit long, yet it looks like even December is possible as well because latest drop during may was recovered on October so it may take a little or it may take a lot longer than that.

[Slow death]

I am impressed when the price drops a lot, analysts seem to say that the price will drop a lot, when the price rises a lot, analysts appear to say that the price will rise a lot. in case of today's news:

One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst

are the same people who were predicting $100,000 for this year

[Silberman]

I think history may not repeat this time as we are almost close to year end and yet bitcoin even becomes more bearish. So let's just say that this year is totally different from year 2017. Although we can still witness new ATH for bitcoin but it maybe by next year already. But we should not resort to regretting this time as bitcoin has still the highest value when it comes to crypto. Instead, make this as a good opportunity to fill your bags of affordable coins. And as much as possible, maximize bitcoin as it will always be the most profitable investment as it is.

December part could be different, after all not every December has been a big increase and I am sure that this year could be a down year, look at what we have been doing this December so far just as an example. However, if we look at the history as "after every huge fall, eventually there was an ATH bull run" and then I am pretty sure that it will happen this time around as well and history will repeat itself in that regard.

I am not saying that it has to be in December though, maybe it will be April, maybe June, I do not know how long it will be this time around, 2018 took nearly over a year before we got a good news so I could understand if this took a bit long, yet it looks like even December is possible as well because latest drop during may was recovered on October so it may take a little or it may take a lot longer than that.

What happens is that with governments printing so much money all over the world and generating inflation and uncertainty in the minds of their citizens this is creating a different environment than what we saw back then during the previous bull run of 2017, there is not really any rush for investors to try to come to the market and make money quickly, because if governments keep printing money, and there is no reason to think this is going to change, then they can take their time to enter this market as I think the bull run this time around will be slower but it will last longer too.

[Coin_trader]

I am impressed when the price drops a lot, analysts seem to say that the price will drop a lot, when the price rises a lot, analysts appear to say that the price will rise a lot. in case of today's news:

One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst

are the same people who were predicting $100,000 for this year

It's normal because of the price trend. If there's a confirmed price, The price usually keeps going to that direction unless there's a reversal, Predicting the reversal point is very hard especially if the known support or resistance is broken since the only way to have a reversal is to reach the point that no one is selling or buying (indecision). So normally TA analyst predict worst case scenario during the start of a major sell off or buy pressure.

Only newbie TA analyst will post a bullish chart on a bearish market or vice versa since no one can counter the trend. Those TA that showing an exaggerated TA is just assuming a worst case scenario which is possible if no one trust already the coin.

[Kemarit]

I am impressed when the price drops a lot, analysts seem to say that the price will drop a lot, when the price rises a lot, analysts appear to say that the price will rise a lot. in case of today's news:

One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst

are the same people who were predicting $100,000 for this year

It's because Bitcoin has a history of recovering from a huge market correction and even bounce higher that it once had. So we fall at $66,000 and maybe we can bounce back at $68,000-$70,000.

But we have to wait for it, everything here is timing, and if there is a good news then the market can really achieved that run. However, the $100,000 prediction is not going to happen this year. In that scenario, we should be like in the $90,000 by now so that in the next couple of weeks, 6 digits can be achieved by it's wasn't meant to happen this year.

[Ararbermas]

Following the ups and downs from before shows a similar pattern where the next stage is a nice pump and a huge green candle.

If it does indeed repeat then buying now would be a rather profitable move

actually patterns in the market always repeat everyday, but of course market isn't perfect so sometimes there's an errors that can cause traders loses and you know its normal, and what i see on that image the first pattern is a head and shoulder, but faild so it goes down, and the second pattern after respecting the current support for how many times it creates adouble tap  pattern then skyrocketed after consolidation, and the last part yeah it's a double tap again.. But for me in my view it's very unpredictable if it will skyrocketed as well because as you can see there's a strong resistance where the price always bouncing back, if i were you mate try to use small time, maybe there's another pattern on that last part, because for me it looks there's an head and shoulders in it and you know what will happen if it succeed.

[Fundamentals Of]

I am impressed when the price drops a lot, analysts seem to say that the price will drop a lot, when the price rises a lot, analysts appear to say that the price will rise a lot. in case of today's news:

One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst

are the same people who were predicting $100,000 for this year

We all know that the business of Bitcoin price prediction is a funny and uncertain game. Everybody could give his out-of-nowhere prediction. Others could provide technical analysis as a back up for their own set of predictions. There are also fundamental reasons for others to predict. There are also those who are making predictions out of different bases like stock to flow, floor, on-chain, etc. But all these predictions have one thing in common and that is uncertainty. They're all nothing but guesses.

[traderethereum]

After reaching $51k, the price can not continue the rise and back to $50k level price so it will become more difficult to predict what will happen to bitcoin this week.
But we need to still optimist that bitcoin will increase at the right time and we already see the chance to buy more bitcoin at this price or wait for the next lower price.
You should be careful to decide and always analyze by looking at the timeframe, the order buys and sell, the chart, the line of the trend and other things to know if it is a good time to buy right now or you need to wait for a while.

[darkangelosme]

Following the ups and downs from before shows a similar pattern where the next stage is a nice pump and a huge green candle.

If it does indeed repeat then buying now would be a rather profitable move

Don't rely on charts to much dude it failed me many times, that's why i only use my instinct of when is the time to buy and when is the time to sell and just follow the rules of buy when low and sell when high that's it, cause i believe that trading is the game of waiting.

[arufox]

The crypto market is in a bearish phase at the moment, where the price of bitcoin has continued to correct in the last few weeks due to fears of the Omicron variant of Covid-19 resulting in a massive sell-off. From a technical point of view, the possible downside for bitcoin could be more stable around the $56k level, although gains appear to be limited above $60k-$65k.

Once again I would say that Bitcoin and Covid is not correlated at all ever since from the start of lockdown. It is possible that most investors are now in a panic due to the FUD releasing left and right that's why they think it's time to dump but I think if Bitcoin reached the bottom below $50k then a possible bear is coming.

But the chart says it's just a temporary dump and looks like a bear trap to me to consider it a full time correction straight to bear run. So, I will consider this opportunity a good time to buy the dip and hodl until the market pumps back again. I'm sure most of them are waiting for the breaking of $70k resistance straight to $100k as they said.

Right. I agree with you that the current bitcoin price correction is actually still normal and reasonable despite the negative FED news. I think the current bitcoin price correction is an inevitable part of the market, but it can still be used to buy dips and holds.

[Kasabus]

The crypto market is in a bearish phase at the moment, where the price of bitcoin has continued to correct in the last few weeks due to fears of the Omicron variant of Covid-19 resulting in a massive sell-off. From a technical point of view, the possible downside for bitcoin could be more stable around the $56k level, although gains appear to be limited above $60k-$65k.

Once again I would say that Bitcoin and Covid is not correlated at all ever since from the start of lockdown. It is possible that most investors are now in a panic due to the FUD releasing left and right that's why they think it's time to dump but I think if Bitcoin reached the bottom below $50k then a possible bear is coming.

But the chart says it's just a temporary dump and looks like a bear trap to me to consider it a full time correction straight to bear run. So, I will consider this opportunity a good time to buy the dip and hodl until the market pumps back again. I'm sure most of them are waiting for the breaking of $70k resistance straight to $100k as they said.

Right. I agree with you that the current bitcoin price correction is actually still normal and reasonable despite the negative FED news. I think the current bitcoin price correction is an inevitable part of the market, but it can still be used to buy dips and holds.

Yes. Although the market seems to be bearish, but i think we are not there yet and just an inevitable price correction is what we have right now. Back to the chart, there are always chances that history might repeat itself and bitcoin will still end up reaching a new ATH before december ends. But on the other hand, it might be quite late this year as we are now close to year end but still bitcoin has always been ranging below $50k, and not even sure when will it moves up considering that bitcoin is so much unpredictable this time.