Bitcoin breaking out of 2 month downtrend

[armanda90]

Last two months Bitcoin resistance on area $28K until $30k and seems very difficult reach close to highest price until $40k, bad news every side actually with SC Commission investigating with Binance exchange bring bad impact how Bitcoin going down and looks stable on lower price. This year looks bitcoin still on downtrend moment because stuck and always failed break out above $31k and need good side close with halving on 2024 for bringing impact bitcoin back above $50k.

Still waiting moment for bitcoin back to higher price again, maybe when close moment with halving have chance for bitcoin can raise to higher price or has possibilities with new all time high price.

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[justdimin]

But isn't it better if BTC breaks out of 31k - 32k resistance asap and pump to, let's say, 40k so when the Fed does their rate hikes BTC goes back down to 31k - 32k and turns that into support?

I think this week is gonna be crucial and that we'd know by Friday if there's gonna be an S/R flip or if we see BTC go back down and stay in the previous range.

I am not sure if it would be that simple to predict though. Because first of all we do not know if FED will increase it or not, of course we are predicting that it will but that doesn't mean that it will, it just means we predict it that it will and maybe we are wrong.

Assuming that they do, then it is not a good idea to go up first and then drop, it is a good idea to drop first and then go up. That way the last thing we did would be going up, if we end up failing to break over it, and then it goes back to like 27-28 for example, then if we start going up again there wouldn't be a FED deal to look in the short term and we can break over 31k range a lot easier that way. It's the smarter way of approaching this if you ask me.

[kotajikikox]

But after all, this news won't prolong bitcoin's rally, I don't think bitcoin will be able to move higher in the coming days, we will be more careful.

One thing I like about bitcoin is that it has a way to prove people wrong even the so called experts.
If you were on this reputation board last week, the type of news you would have read should be bitcoin going below $20k. Just a matter of few days bitcoin has proved them wrong and pumped above 30k.
Now, they are saying it will not last and we should be careful. After bitcoin failed the proposed 100k ATH as predicted by many experts,  I do not listen to them anymore.

That is proven so many times before that the prediction even if coming from experts and long time investors fails and go sideways
meaning that this cryptocurrency market cannot really be predicted completely and another thing why people loves this investment
place because of its nature and that is volatility and changing speedly without notice .

One day you buy at this price expecting to grow then you fail, while on the next day you wanted dumping
but it goes climbing.

Proving that this is the place where we all love the action and the momentum from all sides.

[milewilda]

Last two months Bitcoin resistance on area $28K until $30k and seems very difficult reach close to highest price until $40k, bad news every side actually with SC Commission investigating with Binance exchange bring bad impact how Bitcoin going down and looks stable on lower price. This year looks bitcoin still on downtrend moment because stuck and always failed break out above $31k and need good side close with halving on 2024 for bringing impact bitcoin back above $50k.

Still waiting moment for bitcoin back to higher price again, maybe when close moment with halving have chance for bitcoin can raise to higher price or has possibilities with new all time high price.

Just like into that 20k price point on which it is really that hard to break out until some good news kicked in and we did able to break that point or resistance but it did really take a while and now we are seeing on the same situation or scenario on which the price keeps on stagnating on this point on which it isnt really that shocking anymore on having this kind of movement. We know that everything is really that unpredictable, it might really be looking bullish but it do ends up on being bearish which is something that a very common thing to see on this market which it would be normal that people would really be having that speculative approach.
Bearish run or even sideways movement is never been a shocking condition of the market and it might really be taking up so long that on those previous times on where we do able to encounter it.
This is why making up decisions would really be varying on someones experience and knowledge towards the market.

[el kaka22]

When enough people believes that bitcoin will go up in the future or will continue to go up that means they are going to buy, not all of them will buy which is why I said "enough" people, we can't have just a few, but if everyone trusts that then we are going to see it move.

I believe that we are at a stage where it is doing alright and then stopped but it could continue to go up a long time as well. It is obvious that we are not going to see it anytime soon, it will not be right away this week or something but it will definitely continue to go up. The trick here is that we shouldn't be really expecting the price to be an insane price level, it will be a good one but it is not going to be like 100k sometime soon, I am just expecting getting closer to 35k that's it.

[Onyeeze]

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

I think it will test $31,000. Even if it's going to fall, it won't fall until I do this test. This is how I feel as the price broke the resistance trendline. Especially the news and lawsuits that have emerged in recent weeks have not done any harm to bitcoin. This news was not about bitcoin anyway. It took a while to test the 31k because of this news. This was the only negative impact of these news on Bitcoin.

All in all, if I have to wrap up my post, my guess will test $31,000.

The price of bitcoin now is 30k and whenever it move above 30k it does not become stronger, that is why I don't believe little increasing of bitcoin now as something, I can only believe that bitcoin price have rise very well is when the price is above 40k, and it's sure that since Bitcoin price moving so slow I believe that by the end of this year or next year the price will reach at least 50k, but predicting the price of bitcoin to rise above 50k that means many or more countries have adopted the currency of cryptocurrency  before the price  will increase up, bitcoin is like a speculation and baseless because the price is not constant

[dunfida]

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

I think it will test $31,000. Even if it's going to fall, it won't fall until I do this test. This is how I feel as the price broke the resistance trendline. Especially the news and lawsuits that have emerged in recent weeks have not done any harm to bitcoin. This news was not about bitcoin anyway. It took a while to test the 31k because of this news. This was the only negative impact of these news on Bitcoin.

All in all, if I have to wrap up my post, my guess will test $31,000.

The price of bitcoin now is 30k and whenever it move above 30k it does not become stronger, that is why I don't believe little increasing of bitcoin now as something, I can only believe that bitcoin price have rise very well is when the price is above 40k, and it's sure that since Bitcoin price moving so slow I believe that by the end of this year or next year the price will reach at least 50k, but predicting the price of bitcoin to rise above 50k that means many or more countries have adopted the currency of cryptocurrency  before the price  will increase up, bitcoin is like a speculation and baseless because the price is not constant

On the time that it would really be moving sideways then it would really be that hard to tell on where it would be next in going.We dont have any fundamentals around and technical indicators does shows that it would

really be having that pumping situation but its seems it isnt really always the case because we know on how unpredictable this market is. Honestly, these kind of times are the most hardest part on taking up a decision
on which whether you would buy or sell on this point but if you are really that going for long term then it wouldnt really be that much of an issue since you could really be able to enter the market without having
no doubts because you are really that going for long term but if you are really taking up some short or day trade then it do matters a lot.

We are approaching bull run and it wont really be that shocking that we would really be seeing some gradual recovery when it comes to market prices which it isnt limited on Bitcoin alone.