BTC Sentiment Poll for August

[fzkto]

I waited for all the dust to settle before getting another chart up itt.  So yeah, 28k support broke and as I said a couple of times before next support is around 25k.

We saw it last as resistance which BTC broke out to around March 15 - 16 and got retested as support around June 14 - 15.  So it looks like now it's being retested again.  Not really sure if it holds or not esp after seeing how 28k got broken down easy, but for now the long bottom wicks look promising.  Stay safe out there guys.

But by the looks of it we are up in the last day? I mean if there is a support that was broken, by that logic we could also have a resistance that can be broken as well can't we? If that happens that means we are going to end up with a result where the price goes up, and should be something to care about as well.

I understand that some people may not enjoy that situation but that is the reality and we should be considering it as a good thing. I know that life is not that simple, but we could still just hold it as long as we can and hope that resistance is broken instead of support. We have gone down enough, I think it's time for us to start going up a bit more and make a profit, time has come for that to start.

Well it's obvious that the support line of $28k is now our resistance level. We are now at $26k and assuming that this will be our support till the end of this month as I'm not seeing any chances in the sentiments of the market.

True, it's definitely not a good feeling to see the price going that low this August. Although maybe there's quite a few that could have anticipated this kind of movement as we are in a boring sideways and just a matter of time before we broke down again.

Next week the monthly candle will close, which will probably be red. It turns out that the price has been falling for several months, but so far it is at the support level. I hope that at the end of August there will not be a serious fall and next month there will be a bounce from the current level.

[Bitcoin_people]

Bitcoin price has turned completely different from the position we were looking for in the current month. However, most people expected the price of Bitcoin to move between $30,000---$35,000 in August. But it has reversed again as this month came the Bitcoin market fell sharply and touched $25,000. However, when we saw the price of Bitcoin at $30,000, there were bullish hopes, but the market is currently dumping the price at $26,000. Such volatility is very intense in the Bitcoin market, but since the market is still in the same position and not exerting much upward force, we may not be able to cross $30,000 this month. However the current position of the market is the best time to invest from here because if we cross $30000 in the next month there will be a chance of good profit.

[yohananaomi]

Bitcoin price has turned completely different from the position we were looking for in the current month. However, most people expected the price of Bitcoin to move between $30,000---$35,000 in August. But it has reversed again as this month came the Bitcoin market fell sharply and touched $25,000. However, when we saw the price of Bitcoin at $30,000, there were bullish hopes, but the market is currently dumping the price at $26,000. Such volatility is very intense in the Bitcoin market, but since the market is still in the same position and not exerting much upward force, we may not be able to cross $30,000 this month. However the current position of the market is the best time to invest from here because if we cross $30000 in the next month there will be a chance of good profit.

the possibility to increase is indeed there is no sign of heading there but indeed a correction is more visible, but this is a natural thing because the market situation has not yet led to an improvement, of course it will affect the movement of bitcoin.
the current price compared to 3 months ago seems almost the same but when compared to 6 months ago it is even better the current price, will it be corrected like 6 months ago?
maybe everything will happen but there won't be any improvement yet, I agree with you of course it's time to continue to buy and hold it, when it can be done.

[buwaytress]

@tokeweed you're thinking this retest holds? I'm waiting (have been) for a supernova dip in global markets to prod Bitcoin into some wild move and it appears Fed hikes are still on the table so I might be waiting till halving.

However the current position of the market is the best time to invest from here because if we cross $30000 in the next month there will be a chance of good profit.

More usual nonsense in speculation heh. "Best time to invest" is hardly the conclusion at any current position because "if we cross" we make profit? If we don't then what, is it the worst time to invest?

"Good profit" is $30k after a 26k buy-in? Name your price for the best buy-in, show us some trades so we know you at least back yourself.

[tokeweed]

^  I really have no idea tbh.  I'm just drawing lines around spots where the action started and where it stopped and vice versa.  Lol.  And right now it's moving down close to the previous resistance aka current support.  For now it's holding and with the long bottom wicks in the daily chart, it looks like all sell downs at this range is getting absorbed...  For now.

So yeah, it's all if more buyers show up now.  :/

And can't really blame you for waiting if you're looking to take a long term hold.  With all the crazy stuff going on with the war in Ukraine, the inflation all over, etc, etc...  It all could go down.  And if some people think crypto is immune, they're wrong.

[sana54210]

the possibility to increase is indeed there is no sign of heading there but indeed a correction is more visible, but this is a natural thing because the market situation has not yet led to an improvement, of course it will affect the movement of bitcoin.
the current price compared to 3 months ago seems almost the same but when compared to 6 months ago it is even better the current price, will it be corrected like 6 months ago?
maybe everything will happen but there won't be any improvement yet, I agree with you of course it's time to continue to buy and hold it, when it can be done.

It is not really something you see gradually, you can't really see it happen minute by minute, it is something that happens suddenly which means that we are going to end up with a situation where the price will stay around here for who knows how long, but it could be either a long time or a short time, then suddenly it will go up like crazy one day out of nowhere.

You can't predict which day it will be, but if you wait for it then you are going to be late when it happens. This is why people buy it at 26k right now, and willing to wait, because when the time comes it is going to skyrocket in a single day. This doesn't mean it will be 70k in a day, but it can be 28k or even 30k in a day and that is what people are waiting.

[dragonvslinux]

I waited for all the dust to settle before getting another chart up itt.  So yeah, 28k support broke and as I said a couple of times before next support is around 25k.

We saw it last as resistance which BTC broke out to around March 15 - 16 and got retested as support around June 14 - 15.  So it looks like now it's being retested again.  Not really sure if it holds or not esp after seeing how 28k got broken down easy, but for now the long bottom wicks look promising.  Stay safe out there guys.

But by the looks of it we are up in the last day? I mean if there is a support that was broken, by that logic we could also have a resistance that can be broken as well can't we? If that happens that means we are going to end up with a result where the price goes up, and should be something to care about as well.

I understand that some people may not enjoy that situation but that is the reality and we should be considering it as a good thing. I know that life is not that simple, but we could still just hold it as long as we can and hope that resistance is broken instead of support. We have gone down enough, I think it's time for us to start going up a bit more and make a profit, time has come for that to start.

Well it's obvious that the support line of $28k is now our resistance level. We are now at $26k and assuming that this will be our support till the end of this month as I'm not seeing any chances in the sentiments of the market.

Indeed. It was around the level I thought would act as support, but instead it's now turned resistance it seems, given that it failed to act as any support and now after re-testing is holding as resistance. Also the 200 Day MA is at $27.5K while the 200 Week MA is at $27.6K. Despite yesterday's move to the upside, today is very much turning me bearish with these MAs acting as resistance for a target of around $23K if $28K won't break as resistance. Also think it may take until the end of the year to even get to $23K, in order to additionally complete around 10 months of consolidation which would be a positive sign for 2024.

[lizarder]

July didn't end well but it wasn't as bad as how it feels.  It's just down a tad over 4% for the month.  I'd say that's not bad and could still be considered somewhat sideways even tho it was a red month.  Yeah...  And with momentum going down a bit, time for a new sentiment poll for this month.

As always here's the monthly chart and how July ended.  Not what I expected but it is what it is.  Stay safe out there guys.

The month of August was actually redder for the bitcoin market even though it is currently a little greener than a few weeks ago. I have no doubt that bitcoin will be close to its current price for the coming weeks and for August in particular we only have one more day to see what the closing price range will be. September will probably have a price movement above $28k-$30k and I am also still doubtful of breaking through the $35k range and above because the closest support before reaching a correction never continues in the $32k-$31k price range.

So the positive value may be that for the next few months we still have the opportunity to collect bitcoin much larger than usual and it all depends on the availability of capital that we have. In particular we are not talking about the DCA pattern as a step to enter the market because some people we know will definitely take advantage of the dip to buy.