Bitcoin on Weekly looks Dangerous

[ImThour]

If you look at the Bitcoin chart on Weekly Timeframe, it surely looks very dangerous. It's about to hit the Trendline which is acting as a support since the start of the year.
If it goes below the trendline, you can expect upto 25% discount on Bitcoin price which will bring it down to $21.6k and if it doesn't, then $41k incoming.

What do you think is gonna happen?

[1714975817]

1714975817

[Nwada001]

What do you think is gonna happen?

I think the resistance is still strong. As bitcoin is resisting dropping below $28,000, I still think there is a greater possibility for it to survive this level and cross back to $30k+ in the coming days, even as the chart proves otherwise. Many chart readers have predicted it to go below $26k in the middle of August, but I don't see that happening so soon.

[carlfebz2]

What do you think is gonna happen?

I think the resistance is still strong. As bitcoin is resisting dropping below $28,000, I still think there is a greater possibility for it to survive this level and cross back to $30k+ in the coming days, even as the chart proves otherwise. Many chart readers have predicted it to go below $26k in the middle of August, but I don't see that happening so soon.

Trying out to connect in having that fundamental or typical approach since we do know that the month of August is a ghost month then we cant really that able to avoid out on having those assumptions that the price

might really dropped with these levels, not only on basing or what we are seeing on technicals but also in fundamentals as well on which this is already that starting up. Now the price isnt really moving on an inch
which we can really be able to say that Bitcoin do really looks like a stable coin.  . Weekly charts might be seeing some bearish but just like you said that its holding up strong which we might not be able to see those digits or having those 4k to 8k kind of decrease on maximum on 20k+ above price. Even myself is really that boggling out on where it could possibly go in speaking with its price which its really
hard to predict out as always.

[Baofeng]

What do you think is gonna happen?

I think the resistance is still strong. As bitcoin is resisting dropping below $28,000, I still think there is a greater possibility for it to survive this level and cross back to $30k+ in the coming days, even as the chart proves otherwise. Many chart readers have predicted it to go below $26k in the middle of August, but I don't see that happening so soon.

For now the support line is $29k, yeah we drop to $28k but we quickly bounce back and the bulls trying to defend the $29k line. It's dangerous if we have seen the decline to continue when we start to go down to $28k.

But the market is healthy I guess as it was just a scare and it didn't go on a downward spiral.

So let's see, we all know that even if the bulls is trying very heard, just one negative news will pull the price again.

[maydna]

If the price or pattern shows a very deep decline, we shouldn't worry because it will allow us to see an opportunity to buy bitcoin. And if you stay calm in every situation, you will see a big discount opportunity later, so you can prepare some money to buy at a lower price again.

I still can't get an idea where bitcoin will go, but if the pattern does happen, we will get another big discount

Prepare your money and place your purchase order at the lowest price and enjoy the discount

[Captain Corporate]

I feel like we have already overcome the dangerous part and now we are going towards the better part. For far too long we have gone from 15k to 30k and stayed around that level, it has been months and we will definitely make a move soon enough. I am hoping that its not going down because that would be sad, but if we are going down then so be it, I will just buy some more and move on with my life. However, I am guessing that it will probably make it go higher instead, that should be something to care about. I understand that life is not that simple for a lot of people when the price goes down, but maybe we will go up and not have to face these issues.

[Asuspawer09]

Were surely on the right track with Bitcoin momentum and it is really slowly increasing its market price from 15k$ from the last drop, In my opinion, it's probably going to reach around 40k$ at the end of the year, yes there was some resistance from 31k$ but most of the time December was a great month on cryptocurrency and a lot of investors are going to invest again so I'm thinking that it is a good month where the market price could reach 40k$ again. For sure this is getting kinda risky considering we didn't see the market price at this price level, in the past month only on the past Bullrun. But everything is going fine since we are seen as a risky investment so its totally fine if that price is going to drop because there are always going to be some corrections on the market and its fine its when the price drop that just means that you could buy Bitcoin at a discount.

Still, I don't think that we are going to see an all-time high this year because we still need a catalyst or something that is going to trigger that market to skyrocket, I was really hoping that the Bitcoin halving event is going to be that one whos going to encourage big investors, companies, etc. to put their money again on cryptocurrency.

[Fivestar4everMVP]

Well, I know little to nothing when it comes to reading charts, but what I do think is that, $29,000 has been acting as a strong resistance, and if it continues to hold on for some time, there is every possibility that the price will shoot up soon, but this all depends on what comes from the media though, since this days, the SEC and other regulatory challenges with some crypto companies and exchanges has been really taking a toll and stampeding the growth of bitcoin in terms of price, initially, I thought by now, bitcoin should already be trading above $35,000 at least, but reaching this amount has been a big challenge due to various regulatory issue going on with some crypto companies.

So lets hope things calm down a bit and there is no negative sort kind of news soon, cus if one comes up, i think bitcoin will return back to the area of $28,000 or lower, and if eventually this happens, i am not moved though, I keep holding.

[STT]

Still looks fine to me, the absolute trend line being compromised has not been that reliable a measure for guessing substantial breakdown scenarios imo.    Its challenged but not near defeated imo, its doing what its done in the past we get gains and it takes time to develop and revise all those prices.   Instead of the constant gain some had hoped for we end up going sideways and retracting some of those gains seen, the rate of change is far slower then hoped for but that doesn't mean we are now negative.
   Biggest clue would be the moving averages I think, we are below 50 day average yet it continues to rise overhead of us.  A proper negative conclusion or take on that measure would have us moving upwards the 50 day average and only finding it as a prop for the ceiling to prices.   Overall because of how 50day, 200 day and even the really long term 200 week averages are rising I think we remain positive even with pullbacks.
   If we goto 27k or 25k expect even more disappointment, then fear and finally disorder from forced selling or even optional selling but from people giving up.   Even though we can warn of such a thing, its hard to handle when within the storm people will sell at the very lowest price possible when we all want and know the best time to buy is actually the low and highs are the better time to sell yet human nature has us doing the opposite.   Markets repeatedly do this to us, its almost a living beast trying to scare holders to let go.  Being familiar helps and also try to take as many view points as possible, first order is to note each time bar available on the graph as almost a separate entity and behavior in that time pattern.  Obviously all time has a relation to every other unit but consider the spirit of every unit as a new creature moving in the price with a different pace and stride to its price moves.   Hope that makes some sense, as humans our vision of the world is never perfect keep double checking is my rough bottom line & I would stress is important for accuracy.



Im not taking more then 5 seconds on a chart because its an obvious point, we arent even past March April and later volume.  Its not especially more then a normal pullback, demonstrating no great strength and has yet to wipe prior volume even recently seen; it did lose its rapid gains and that also is probably normal.
Put a trend on pricing since mid June, see if we breakdown out of that and then its something of a failure scenario & may then prove more then a pullback idling nothing burger.

[OgNasty]

I’m not seeing danger when I look at that chart. It seems to clearly show that the market has been steadily pushing up since bottoming and is still within the trading range. If anything I think it shows that now would be a good time to buy if the market does remain bullish. I’m expecting the next 6 months to be good ones for holders.

[Sebas.tian]

I think, $41,000 is coming soon to appear in the market for those investors waiting for the price to come they will not miss their opportunity to make a good profits. Based on what investors has experienced from the beginning of this year show that the price of Bitcoin will not decrease down to $21,000 again than to increase higher in a way long term investors and short term investors will begin to believe that bull season will definitely start from this year till next year. The signs you are seeing in the Bitcoin chart is a sign that bullish season is very close to the market, and many has prepared for it to manifest before they can start releasing their coins for sale to make a passive income.

[DeathAngel]

21.6k would be a very unpleasant outcome. I think it would take something big for this to happen, like the US conceding that they are in a recession or the SEC outright rejecting all of the pending spot etf applications.

To fall to 21.6k is quite a big drop % wise with the halving now so close. I don’t think it will happen but this is bitcoin & these things do happen.

[Nrcewker]

Maybe Bitcoins will fall down this time. I am not saying completely from seeing the graph, but yes I am estimating that we might see Bitcoins will land at 25k usd. Now once the price goes down, people will start accumulating it as soon as they can, and this will again increase the demand among people to acquire it. As the demand will increase, the price will also go up. And this whole process will take some time like 3-4 months, and then we will reach in 2024. As known previously Bitcoins follow a 4 year cycle to reach it’s new ATH, so yes this might be the beginning of it.

[SamReomo]

I believe that Bitcoin is into its recovery phase and it will cross the resistance mark of $41k in 2023 if the bullish pattern continues like this. In this chart we can see that the strength of the bullish pattern is far more dominant than the bearish one, and if it continues in this way then for sure the price will get another smaller pump in coming days. I know that in 3 weeks we have just 3 smaller red candles, but their intensity isn't really high till now and if another red candle with high intensity appears then things might be changed in that situation.

The situation gets worse if the candle hits and falls below the trendline, and in that case we can expect Bitcoin to fall below $25k mark, but I highly believe that such event won't take place at least in such times when huge companies like Black Rock. I'm more than sure that if Bitcoin gets another greenish candle then the things will be far better for us because in that case the Bitcoin may hit or cross $35k price mark. Well, it's still too early to decide that what's going to take place next so that's why we should still be positive about the price of Bitcoin.

[eightdots]

21.6k would be a very unpleasant outcome. I think it would take something big for this to happen, like the US conceding that they are in a recession or the SEC outright rejecting all of the pending spot etf applications.

To fall to 21.6k is quite a big drop % wise with the halving now so close. I don’t think it will happen but this is bitcoin & these things do happen.

I don't think it will go down to 21.6k, but the market expects a drop. So I also expect a drop but not to 21.6k. Because the Bitcoin price is stuck at 29k and it wants to make a move. We're all wondering how it's going to make that move.

I don't think it will drop to 21.6k before the halving, but like you said, anything can happen in this market.

Maybe the drop in the Bitcoin price will cause a big volume to enter the market and it could go up again.

[348Judah]

If you look at the Bitcoin chart on Weekly Timeframe, it surely looks very dangerous. It's about to hit the Trendline which is acting as a support since the start of the year.
If it goes below the trendline, you can expect upto 25% discount on Bitcoin price which will bring it down to $21.6k and if it doesn't, then $41k incoming.

What do you think is gonna happen?

Anytime from now things can change, but looking forward to what has been sighted from the weekly candles we may conclude in saying that bitcoin will fall a little more or maintain the same dip within $29,000, we should also remember that the bitcoin market volatility remains unpredictable, not even now that we are getting more closer to the expected bullrun after halving, this low may just be a preparation for going high to break the limit resistance on $30,000+ to maybe $40,000 in this month of August or September as the case may be.

[AnonBitCoiner]

we should not be distressed because its reality that whenever the price decline to some extent then it also appears as a boosting price after this lower rate. 21.6k$ is very low price and everyone will be anxious its natural but during such conditions we should keep calm as our rapid decision can be threatening for us.

Everything can happen in crypto as its not a stable field but what I think is that it will not reduces to 21.6k$ and if unfortunately it happens then very soon it will go towards the higher rate exceeding 30k$.

[KingsDen]

If you look at the Bitcoin chart on Weekly Timeframe, it surely looks very dangerous. It's about to hit the Trendline which is acting as a support since the start of the year.
If it goes below the trendline, you can expect upto 25% discount on Bitcoin price which will bring it down to $21.6k and if it doesn't, then $41k incoming.

What do you think is gonna happen?

It seems that it is stabilising, but few days ago it was so dangerous. But the support at 29k seems stronger than the 30k defeated support. The bitcoin price is set for 40k launch but then it will retract before proceeding to 40k. I am seeing 25k before the 40k movement. But it is not happening immediately, bitcoin will first touch 30k in few days time and from there it breaks downwards to build for 40k journey.

I am not seeing bit at 21.6k but I do not mean that it is impossible but I have a great fear that if bitcoin touches 21k again, FUD will take it back to the 15k region and this will not be a good news for the anticipated bull run.

[Gozie51]

I’m not seeing danger when I look at that chart. It seems to clearly show that the market has been steadily pushing up since bottoming and is still within the trading range. If anything I think it shows that now would be a good time to buy if the market does remain bullish. I’m expecting the next 6 months to be good ones for holders.

I would rather be patient a little more till the month ends because I see from op's chart that it is gradually pointing at 24,500 which is a support. So if it gets there and bounce of then one can comfortably buy in , or to wait and see how the month price will end. The expectation of next six months depends whether the price will bounce on 24,500 because that seem a strong support or whether it will go do further or bounce off for bull continuation.

[hugeblack]

What is the expectation now, we are still below $30,000, but the price is still resisting to reach above $31,000, which we can consider as the strongest resistance level before we reach $41,000 (which is an unexpected scenario based on current trading volumes)

Personally, I hope to see levels less than 25K in the coming weeks. I want to buy a little, and therefore buying at these levels is much better than 41k levels, so my hopes are different from what some people here want.