Bitcoin price bouncing from 200 Week MA

[coolcoinz]

Again we broke thru the 20WMA. However it’s still the beginning of the week and we can still close above the 200WMA. However even if that happens I don’t think it’s due to the weekly average holding support.

Like Fibonacci or Elliot waves, these types of indicators don’t work well when there is a fundamental event like today with the binance news. Maybe if it wasn’t for this news we would be at $27k but instead are in for a lot of regulatory uncertainty.

Events like that where we break it to the downside and dont follow through later (fakeouts) are common in bitcoin and don't really matter.
I can give you 2 good examples of such move. One was the silk road crash, when the news broke out that the site was seized and its owner arrested, the other one was the famous covid crash. Both times it did not change the long term trend.

IMO daily price doesn't matter at all and it's pointless to keep watching it.

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[GeorgeJohn]

If I look at the movement of the value of bitcoin today on the chart, bitcoin can increase by 29k$ to 30k$, we will know that tomorrow. Because of the graph, only two things can happen, either the value decreases or increases.

In the image of the graph, traders seem to be able to see if Bitcoin's price value is going up. But when there is a recession in the US because of inflation, that's where a recession can actually occur. If that's the case, you can drop 23-25l$ to be fully priced.

one thing about bitcoin is that the price is not regular or constant in the market you can see a price of Bitcoin to be at range of 20K and tomorrow you will see the price of Bitcoin to be 40K or below 20K, so I believe that Bitcoin price is not constant and they can never be constant it only increases due to demand and supply, if the demand is higher than the supply it is very obvious a
It can be constant,  and it's  understandable that if the price of market of Bitcoin Accelerate higher  that means demand is high, but if it is the supply, that's automatically higher than demands,  the price of bitcoin will stablize or decrease.

[yhiaali3]

The price still maintains the “200WMA” so far as support, which is a good thing.
Also, despite the drop that occurred yesterday due to the huge negative news in the market about Binance and Coinbase, Bitcoin quickly returned to its position above 27k$, and this is a great positive sign.

What I want to say is that what happened today and yesterday gives us two important lessons. First, all analyzes can change due to a sudden event, and the second indicates the strength of Bitcoin. It was expected that Bitcoin would fall more than that as a result of the big negative news, but it surprised everyone and returned quickly.

[tygeade]

Really hard to make a position at this moment. Price move sideways as usual but I guess a more volatile one. Price would reach $28k then fall $27-26.6k. Also with speculations of market price reaching $20k to fill the CME gap. Gigen that there are many speculations which revolves around this industry, I think it would be much better to wait until a more visible trend line appears before maaking a long position. But since the price is on sideways, it is quite good for scalp trades; jist manage the risk of how prices move at this moment. One thing I have observed as well are altcoins reaching their highest price since March and April on the current year. But I doubt things would be consistent; it is more of a bull trap.

All these bad news making it go under 26k doesn't phase me at all, it just doesn't mean anything on the long term. I get that it looks like it goes against the direction it should be going but that doesn't mean that it will not recover.

Yes, it has gone down a bit and that's upsetting to a lot of people who wanted to see it do well but that doesn't change the fact that we are going to end up with a good return, we WILL come back with even a better return, I do not know when that will happen, will it be this month or next month or maybe by the end of the year, I have no idea when that will happen but I know that it will happen and that is why I am not worried about these falls. There is nothing wrong with bitcoin, it's the market that's overreacting to every small thing.

[phantailaptopbl]

Really hard to make a position at this moment. Price move sideways as usual but I guess a more volatile one. Price would reach $28k then fall $27-26.6k. Also with speculations of market price reaching $20k to fill the CME gap. Gigen that there are many speculations which revolves around this industry, I think it would be much better to wait until a more visible trend line appears before maaking a long position. But since the price is on sideways, it is quite good for scalp trades; jist manage the risk of how prices move at this moment. One thing I have observed as well are altcoins reaching their highest price since March and April on the current year. But I doubt things would be consistent; it is more of a bull trap.

All these bad news making it go under 26k doesn't phase me at all, it just doesn't mean anything on the long term. I get that it looks like it goes against the direction it should be going but that doesn't mean that it will not recover.

Yes, it has gone down a bit and that's upsetting to a lot of people who wanted to see it do well but that doesn't change the fact that we are going to end up with a good return, we WILL come back with even a better return, I do not know when that will happen, will it be this month or next month or maybe by the end of the year, I have no idea when that will happen but I know that it will happen and that is why I am not worried about these falls. There is nothing wrong with bitcoin, it's the market that's overreacting to every small thing.

Keep pushing on going at last end in fight only I mean it may not be right away tomorrow, but it looks as if people are not worried about anything at all and willing to let it go down, there is no "wish" to keep it high, I mean sure maybe wishing but nobody spending their money for it , Which is why its obvious why we are dropping so easily. Obviously the whole Binance and SEC thing had a huge part in this, but there weren't any big buyers or buying rush before that neither .

[tokeweed]

The price still maintains the “200WMA” so far as support, which is a good thing.
Also, despite the drop that occurred yesterday due to the huge negative news in the market about Binance and Coinbase, Bitcoin quickly returned to its position above 27k$, and this is a great positive sign.

What I want to say is that what happened today and yesterday gives us two important lessons. First, all analyzes can change due to a sudden event, and the second indicates the strength of Bitcoin. It was expected that Bitcoin would fall more than that as a result of the big negative news, but it surprised everyone and returned quickly.

Don't think so.  The 200 WMA meme "as solid support" is starting to falter as shown with how BTC went down below it with ease last year and stayed below it for months.  We haven't seen it happen before.  And now it's starting to look that it's going down below it again.  :/

I don't really know what's gonna happen but if BTC is to go sideways like I guess most of you think is gonna happen then going below it and staying below it for a couple of months or more is inevitable.

[KiaKia]

It doesn't look like a strong support anymore, but some are saying that the real trouble is at 25.5k, well I won't expect too much from this but I have a good feeling that it will be a good buying opportunity if we go below, it's just that the bear market will stay much more longer than we all hoped for.

You will be ahead of others if you understand what is happening with the crypto market, I made bad decisions years ago because I couldn't understand what was going on, if Bitcoin losses this strong support it won't stay below for long, such opportunities don't ever last for long.

[justdimin]

The 200 WMA meme "as solid support" is starting to falter as shown with how BTC went down below it with ease last year and stayed below it for months.  We haven't seen it happen before.  And now it's starting to look that it's going down below it again.  :/

I don't really know what's gonna happen but if BTC is to go sideways like I guess most of you think is gonna happen then going below it and staying below it for a couple of months or more is inevitable.

I think it is important to remember that what it will do and what it should do are different things. I mean it should be keeping that as a big support and it has been like that for a long time but the crypto price is something that can wildly move and it will not listen to what the market says sometimes. Even if none of us sell, there will be people whose shorts expire and sell which cashes out and drops the price, triggering all kinds of stop loss orders and selling points.

This is why we shouldn't really be worried about it all that much, it shouldn't be this low and it will recover and go back to what it was quickly. Just like how it went under 26k and then quickly went back above it again, that's how the market reacts when it does something it shouldn't have done.

[woez]

What are your thoughts? Do you think the local low is in after the recent bounce from $26K to $28K, or does Bitcoin have further to correct before continuing to the upside?

For the past few days it has been difficult to read the market, it can suddenly change in an instant. I myself see it from the 4-hour chart only and from the caddle stick pattern from the previous 4-hour chart. For prices, there will usually be a change on Monday or next Tuesday, BTC will be above the price of $ 26,533.

[Wong Gendheng]

Today the price can rise even though it is only 1%, but the thing that makes us not panic is the price not dropped below $ 25k and can return to $ 26K, I'm sure the end of the year the price will skyrocket again so that the best thing we do is continue to buy and Don't stop until we can't buy anymore.

[dragonvslinux]

Today the price can rise even though it is only 1%, but the thing that makes us not panic is the price not dropped below $ 25k and can return to $ 26K, I'm sure the end of the year the price will skyrocket again so that the best thing we do is continue to buy and Don't stop until we can't buy anymore.

More relevantly though, last week price closed below the 200 WMA around $26.4K for the first time since March. While price could still reverse back to the upside, based on the topic and poll, I've locked it as clearly for now this moving average hasn't supported price, even if it did for a few weeks prior to recent lows. If anything, it now looks like price is struggling to reclaim this MA as well as the 20 Week MA...