Bitcoin Price Analysis [10.02.2018]

in #bitcoin3 years ago

After we bounced off aggressively from the 6000$ support, we have seen declining volume and not the most definite price action. Although on the chart we can see that BTC is moving higer, it is still in a strong downtrend.

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Source

As you can see price is between the 200 SMA and 8-say EMA (White line and red line) and it is narrowing, which essentially means that we might see a strong upward or downward movement very soon. I think few weeks of consolidation will give crypto investors the confidence that is lacking lately.

What's Next?

  • If we close above the red line, we might expect BTC to attack the 9000$, where we will have a relatively strong resistance
  • If BTC closes below the red line and especially with a red bar, I would expect to see a re-test of the 7500$ level.
  • If BTC closes in the middle of the red and white line, I would expect to see a very tight range.

Currently a lot of money on sidelines wait for a confirmation to jump in. With liquidity drying up, because of Binance's trading halt, some of the signals from the chart might be false. I am very positive that a bit of sideways price action is very good in the long-run.

What are your thoughts on Bitcoin and cryptocurrencies these days ? Let us know in the comments :)

If you liked the content and found it valuable - Upvote, Re-Steem and Follow @ervinneb

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Whats up.. You missing.. ?I look forward to you comments everyday.. :).. Plus you may like my calls here and there..and I like your input...

Hi ! I didn't see you posting the other day and yesterday, so I thought you took the break you were speaking of. I am very interested in your calls of course, I was kind of waiting you to hit me up on steemit.chat :D

i Feel like btc is in a uptrend now should see some gains across the board for febuary

what kind of uptrend ? It made 2 green bars, after a 70% decline :)

lol.. true.. the problem with his statement was "I feel".. feel has no place in trading..

well no one knows whats going to happen atleast im honest

Depends on the time frame really.. I don't need to know weeks ahead, only days and hours.. and that I do very well..

yes, you are pretty good at short-term ! :)

That is how I work, 5% is the same no matter what time frame you get it in.. Way ahead means nothing to me... :) As I can not trade way ahead I can only trade in the now and plan short term...

true, knowing your strenghts is the key ! :)

https://steemit.com/bitcoin/@pawsdog/2-10-2018-the-market-view-and-trading-outlook

"I theorize a 4 hour rejection low of somewhere between $7700 and $7900."

Low overnight was $7851 I made the call in the a.m. at $8900..

Not bad to call a 12% drop within 2% of my lowest low and .07% of my highest low 13 hours ahead of time.

I do it all the time..

I always trust my gut feelings you subconsciously pick up way more information then you know

Then go with what works.. I am not insulting your intelligence by any means. I was stating in a round a bout way that the market feeds on feelings and emotion.. If your strategy works and your gut is solid and makes a profit, then stick with it..

well either way i'm buying more on dips and holding my coins i dont day trade i invest for the long term 5 years plus i would be kinda happy if it dipped more i have no more money in my budget at this price but if it drops ill go into my BTC dipped even more budget and buy more. dont really have emotions when it dips or raises i pick my coins stick with them and im almost positive ill be up alot in 5+years

I think it might have a further breakdown. It has failed breaking the resistance many times and each breakdown lead to a lower lows so far.

Although, currently its hovering around $8,000. This next few days will be interesting to watch.

Absolutely ! One step at a time, in order for us to make new highs, we have a lot of work ahead of us ! Thanks for commenting :)

Okay, is any chance to Btc to move back to the top level $20000? Upvoted and resteemed.

Always a chance, we will have to wait and see :) For now, our priority is to break the descending downtrend line.

You got a 5.44% upvote from @buildawhale courtesy of @ervinneb!
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Why would a declining volume be a good sign ?

Low volume means we are running out of active sellers and buyers, so the price will likely be more volatile as there is less resistance through buying and selling.

At the current price, if we see sideways movement with low volume I think we will see a very bullish bounce. There is also a lot more resistance below $8000 than above $8000, I think the $7500 level is an accurate prediction if the price is to go down. If we dip and volume continues to decline it means we are running out of sellers!

If there is a high volume dip, 7500 could be broken and we could see levels around $5000.

I think it is more likely we are going up though!

sounds reasonable ! Thanks for your comment :)

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