Bitcoin breaking out of 2 month downtrend

[btc_angela]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

$30k is the resistance now, although we have broken it in the last hours, it is still maintaining and the question is that if we can close out and sustain our run in the next coming days because of the hype surrounding the Spot Bitcoin ETF filling not just by Blackrock, but other companies too which caused a lot of FOMO and it just coincide with what the OP has put up prior to this big run. So again, we will have to see TA now making the right prediction or not. And the best thing to do right now is just continue what we have been doing for many months now, stack sats and not sell even though we have a rally because this is just the beginning and price could still go way up in the future.

[Franctoshi]

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 a 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.

Generally, the market is unpredictable, if it is predictable, is likely that everyone will do the same thing and in this case either everyone will profit or no one profits. The Bitcoin market looks like the most unpredictable market among other financial markets, Bitcoin does what it wants to do at any given time. The game with Bitcoin is a patient one and no panicking, Bitcoin has a way of shocking the skeptics.
Hodl is just a keyword to overcome any shaking of weak hands.

[DanWalker]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

[Paul Pogba]

After more than 2 months the price dropped and today it rose to $ 30k, I'm sure the increase will continue so that it makes many panic when buying, the best strategy is to buy when the price is cheap, and unfortunately many panic sell when the price is below $ 25k which happened last week, when the price was rising, many panicked to buy, but don't make the mistake again by selling when the market is red.

[onecall123]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

Indeed a solid observation. This observation suggests that we may need to wait and see how the market evolves over time before making any major investment decisions.

Bitcoin is performing pretty good at the moment, but we are currently in a bullish run? While I would like to view this situation positively, truth is that Bitcoin is currently testing prior resistance levels. Therefore, it may be a good opportunity for short-term investments with a cautious mindset.

[Ultegra134]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain. We can't predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

[lixer]

A lot of development today which caused Bitcoin to gain around $2000 in price. Another Bitcoin etf and also another refiled Bitcoin etf. So far there are 3-4 different etfs in total this week alone.

Also some new crypto exchange went live which is owned by Citadel and Schwab, it was announced in Sept but went live this morning.

These development are the root cause of the strong rally we just had.

So, the exchange of business firms in the US has been launched? I didn't catch this news and I only heard that they are going to have it but I didn't know it has already started operating, this exchange is the reason why SEC is doing everything it can to take down exchanges and cryptocurrency-related platforms in the US so that this exchange can be a success and more and more people use it.

However, Bitcoin users are probably happy to see this price hike but I believe just like me, a lot of people have missed this hike since this was not really expected and we were expecting a further dip at this point because of all the bad news that has been circulating in the market lately.

[karabiber]

After more than 2 months the price dropped and today it rose to $ 30k, I'm sure the increase will continue so that it makes many panic when buying, the best strategy is to buy when the price is cheap, and unfortunately many panic sell when the price is below $ 25k which happened last week, when the price was rising, many panicked to buy, but don't make the mistake again by selling when the market is red.

Volume continues to melt BTC movements may change and will choose the absolute direction until the close. I predict the movement of the altcoin when BTC is around $35k. The altcoin will walk from here. Bitcoin has broken the determined resistances and is showing resistance in the $ 30k band. The weekly $26,600 and $27,200 levels are key support areas. If it continues to stay above this support, i am hopeful for the market. It is possible for BTC to climb to $35k if it breaks the $31,300 resistance zone in the coming week and makes weekly closes above it. If this resistance is not broken, a sag below $26k appears.

Bitcoin is a highly volatile coin and market news affects BTC. ETF applications of large financial companies, especially BlackRock's application, created positive expectations and changed the price in BTC upwards.

[JoyMarsha]

A lot of development today which caused Bitcoin to gain around $2000 in price. Another Bitcoin etf and also another refiled Bitcoin etf. So far there are 3-4 different etfs in total this week alone.

Also some new crypto exchange went live which is owned by Citadel and Schwab, it was announced in Sept but went live this morning.

These development are the root cause of the strong rally we just had.

So, the exchange of business firms in the US has been launched? I didn't catch this news and I only heard that they are going to have it but I didn't know it has already started operating, this exchange is the reason why SEC is doing everything it can to take down exchanges and cryptocurrency-related platforms in the US so that this exchange can be a success and more and more people use it.

However, Bitcoin users are probably happy to see this price hike but I believe just like me, a lot of people have missed this hike since this was not really expected and we were expecting a further dip at this point because of all the bad news that has been circulating in the market lately.

After being static for two months below the $28k-$25k level, the price growth of bitcoin surprised me today. I didn't anticipate the price to reach $30k in the early morning hours and hold there until the end of the day.

The rise in the price of bitcoin today has made me realize that, despite any negative cryptocurrency news we may have, it will only have a temporary impact on the price of bitcoin. Over time, bitcoin will outperform any negative crypto news by proving that it cannot be halted by the SEC or any other government that opposes it. Its price increase can happen at any time when we less expected

[kesmex]

After more than 2 months the price dropped and today it rose to $ 30k, I'm sure the increase will continue so that it makes many panic when buying, the best strategy is to buy when the price is cheap, and unfortunately many panic sell when the price is below $ 25k which happened last week, when the price was rising, many panicked to buy, but don't make the mistake again by selling when the market is red.

That's why we shouldn't join in to panic sell, because that's a trap from the whales for us,
in fact Bitcoin broke $30k and of course we also have to be aware of the bulltrap, OK?.
make sure $30k is broken and the Bitcoin price is able to stabilize above it, otherwise we will return to $25k.

[justdimin]

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain.

We cannot predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

[DanWalker]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain. We can't predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us? That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

[imamusma]

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us?

You are right but if the news was expected then maybe you won't be surprised when the market is pumped, but you will just have a sack of money ready to invest before the whale reacts. All the positive and negative news is highly unpredictable, but it is always possible to make an analysis of what might support bitcoin and what might attack it. It's risk and reward, so it's only natural to get caught up in surprises sometimes.
 

That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

News can affect the market, news can also be used as fundamental when you make an analysis. Not all analyzes are accurate, but you may get something good for staying optimistic about your investment plan. After all, we don't fully believe in analysis, so sometimes the interest in investing and accumulating it only comes when you have the opportunity and the budget.

[Oilacris]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I also chose not sure; the market is extremely unpredictable, and the SEC lawsuit was completely unexpected and caused a major market crash that also affected Bitcoin. Now that it has been resolved, even though Bitcoin wasn't that greatly affected, it's recovering. On the one hand, I want to believe that Bitcoin is capable of achieving a further recovery, but on the other hand, the environment seems pretty uncertain. We can't predict what may happen in the upcoming weeks, as news keep pouring on a daily basis. Thus, I'm quite skeptical and supposing that if matters don't take a sudden turn for the worse, recovery should be expected somewhere during late 2023.

Do you agree with me that almost all news that comes to the market is unexpected and unpredictable, not only with the SEC lawsuit against Binance but also news about ETFs, which is also very surprising for us? That's also part of the reason why I don't trust the analysis or the signals the charts show us. The market is unpredictable because of the news, because of the temporary manipulation of some whales, based on the chart really makes me suspicious.

No one see that coming with all of those SEC issue and then current ones which are those non stop ETF's which it did really kick out that green run on Bitcoin and other altcoins in the market.

This is why TA's arent really that precise when it comes to prices because anytime it could really be f*cked up with these fundamentals on which no one is really expecting into.This is why its not really that something you could really be able make up conclusions basing up on what you do see on charts. This is why its better to have that approach which if you do need to make out
some adjustments with your analysis then do it. TA's arent sure but doesnt mean that they are irrelevant. It is really just that this market is really that really random.

[Kadal Ijo]

In March which could reach $ 30k and unfortunately the price continued to decrease for more than 2 months, this week the price could touch $ 30k and even reached $ 31600, this is proof that bitcoin has good power to rise, a good opportunity now is to keep buying , do not be tempted by small profits.

[fullhdpixel]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

I chose not sure, and I'm not too surprised that 60% are voting "yes", it seems like everyone is starting Fomo as the market has rallied for the past 2 days. For me, I don't believe there is any resistance as bitcoin is unpredictable, there is no guarantee when bitcoin close above $31k in June, it will continue to rise without falling. The positive and negative news in the market are very unexpected, we can't control them, so don't expect too much on the resistance level that technical analysis always shows. When investing, I just like to go against the crowd, when people are too Fomo and believe that bitcoin will continue to rise, I will be more careful.

I think "maybe" and "not sure" are both the same. But for me I pick yes. I'm positive that the increase will continue because I can see that the momentum is still there. If you believe that there is no more resistance then you should have joined us by picking yes. But, the resistance on $27k-$28k and $30k are already broken.

Now we are on our last mission and that is by breaking the $31k resistance level. So far, we only have 4 days left to end this month of June. It's not a long time but judging on the performance BTC is showing lately, I think it will be enough to reach $31k or even more than it. Let's just hope that no negative news will interfere to kill our excitement.

[hugeblack]

I pretty much was predicting the uptrend. It is a sort of reclaiming Support level, so I think now we can break even $32k or $33k. Let's see how this goes.

So far, it seems that the resistance level is steadfast, and we were not able to reach the levels of 32K dollars, but re-testing the resistance level more than once makes it weak. In general, I hope that it will not be broken soon, because it is clear that we will witness two rounds of interest rate hikes during the next 3 months, which means that if the price does not break the resistance barrier now, it may not do so during the second/third quarter of this year.

[tokeweed]

^  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.

[EarnOnVictor]

It's a nice analysis you have there @dragonvslinux. I got the breakout almost the same time as you, only that the price action had hinted me earlier and this couple some breakouts that occurred in some of my strategies that are not captured below.



Going forward, two main points should determine the fate of Bitcoin in the near future.

1. $31,000, this level must be convincingly broken upwards and the market must close consecutively above it for days before I can be sure of a continued bullish trend. We've had a false breakout above it and the market has had 5 consecutive closes below the level which is not yet a positive sign.

2. The bullish market is still not threatened even below $31,000, but a breach below the daily chart's trendline support at around $27,000 could activate another bearish phase.

[Dave1]

^  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.

Yeah, why not, we are still Wednesday and we have 2 days to see whether there is a flip or the price remains this way or we would see a good pump. For me, might be better if we stay on this range and have a good support line, instead of a unnatural rise to $32k and then we see huge dump as everyone could be selling at that price to make profits. Gonna be interesting short term, or at least for the next 6 months as to what movement we will have. I will be leaning towards a $40k-$50k at the end of the year.