When Will Bitcoin Hit $5,000 Again? Levels to Watch
Coin Telegraph
GOOD EVENING STEEMIT!
BITCOIN IS AT $5,000!
Well it was... While price has retreated today after tapping the hugely significant psychological level, like I said in yesterday's Litecoin blog, it's really just a healthy pullback.
So now the only question that matters is, how is price going to get back to $5,000 again?
As it's Sunday night and it's been a weekend I haven't really enjoyed, I wanted to just quickly share a couple of Bitcoin charts featuring the levels that I'm watching to see if price can find support and bounce out of to $5,000 and beyond!
BTC/USD Daily
As you can see on the daily chart, there are some pretty significant swing high resistance levels that we want to keep our eye on when it comes to price pulling back to find higher time frame support.
First up, we have this $4,472 to $4,376 zone, which is actually in play right now (wait for the intraday chart below).
I know that there's a long way to go and it's not really what us crypto bulls want to hear right now, but that daily chart does show that a pullback all the way to $3,000 still means the confluence of daily resistance turned support and trend line support would still have held.
Anyway, that's a long way off yet.
BTC/USD Hourly
Zooming into the hourly chart and I've highlighted the price action around the first zone we spoke about under the daily chart above.
With price having touched and bounced out of the zone already, I'm a little concerned now that we're already back to test it again.
If you're long from the original bounce out of the zone, hold the position.
If you're not long, don't buy the level again. If it does hold and we get a nice intraday bull trend from it, you can always buy the next pullback.
Anyway guys, enjoy what's left of your weekend or look forward to the forex markets opening Monday morning in Asia. Whatever floats your boat haha.
Peace!
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I'm getting more or less that same 3k support from many sources, including AlfaQuotes, however, we have to watch the North Korea situation and how markets react next week. Be careful with shorts, there could be a wall of scared money coming into crypto and Gold next week.
Everyone is saying bitcoin hit $5000. I look at price charts and see bitcoin as high as 4980. When exactly did it hit $5k? I take everyones word for it.. but I just dont see it on the charts.
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And Litecoin didn't actually hit $100 either haha...
Humans like round numbers. It sold off just ahead of it so I'm counting the level ;)
You're right, I'm not touching this thing from the short side.
That first level I've posted in the blog is looking like holding. Come on, rip higher!
I hope we at least pull back to 4472 and it takes a day to do so. Want to convert some soon to be liquid steem to BTC on a pullback! :-)
Hope you got in quick! Price bouncing straight out of that first zone (for now).
I think Bitcoin will reach 5000 dollars again soon. A lot of traders may have sold at 5000 to realize profits. People who are watching for the good time to buy will do it and the price will rocket soon.
To the Moon. $10000 before the end of the year and I would not be surprised.
That first intraday level that I've spoken about above is looking like holding. Would be great for us long term holders if it only pulled back to that first level :)
I agree. My prediction - at the end of September will amount to $ 5,000, in October 5500 -6000$, and so will be repeated every 3 months
It still has a lot of volume , so we could see an upwards trend next week .
Life as a Bitcoin dip buyer is goooood :)
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My prediction by end of this month is at $6500 !
We shall hit $5000 two weeks from now!
Bold prediction!
I love it ;)
People want to see BTC hit 10,000USD, so it will ;)
At 10k I expect a serious pullback. Could be long, short , who knows. At 9900BTC I sell 10% of my holdings in BTC for a NICE profit.90% remains for the next run (10k-100k)
Nice post! Interesting to see how fast this pullback will reverse into buying. Looks like 4350 levels are holding so far.
That first level does look good for now.
It's just SO bullish. Insanity!
@forexbrokr Great article!
As a skeptic, I look for the "what ifs" in most everything. Most of us are skeptical but of course bitcoin will get back to $5,000! From there on to $10,000, and beyond. But what if... see there I go again...but seriously, what if it takes a bit to get back over and stay stable over $5,000? I say give it time, maybe tomorrow, maybe next week. It will!
Well if it takes its time rallying, it's probably more healthy than the vertical price action we are seeing now. Like I said, a pullback even to $3000 would keep the bullish trend in tact and would probably be a great long term price movement for further upside.
Keep asking the what ifs mate. Have every single scenario you can think of planned out in your head before you're going into a trade and then you will never be forced into making a rash decision that could cost you some serious money.
I predict in 2 months bitcoin will cross $5000 again.
Any reason for 2 months in particular haha? :)
I'm anticipating this pullback to continue, at least until $4200, and possibly lower. See my analysis https://steemit.com/bitcoin/@stocks29/bitcoin-bearish-case-elliott-wave-update-price-is-progressing-as-expected
Thanks for sharing your analysis mate. I've given you a follow. Always happy to build my stream full of other traders.
great feed
Yes. Yes it is.