BTC looking scary

in btc •  6 months ago

When looking at the BTC price the last few days it does not seem so bad. We have been holding steady above 7k and are cruising around 7.5k now maybe a little less.

However there is this uptrend in my chart that seems to act as resistance to the upside in a scary way. I have been drawing this trend for a while now but on 5-27 the price bent below the line.

btc.JPG

It looks like since the then price has been trying to break above it but the bulls never managed to beat the bears.

Here is a longer term view onto this trend line to give you a better idea on how I drew it.

btc2.JPG

This is scary!

Normally when price is trying to break through resistance and does not so over several days, it tends to fall to the other side of it and that quite strongly. So generally what is happening here looks to me like trouble.

Some hope

However there is a different perspective and that is the log scale view onto the same chart.

btc log.JPG

I tend to believe the logterm view more in BTC land, but not in the short term. So this view looks a little better as price is clearly above the uptrend in this view.

What do you make of the current price action?

So what do you think the future holds? Price looks very much like in no-mans land to me. I would not want to make a major trade at this point. What seems clear to me is that staying above the current price level would mean major strength.

What do you think about the current price action and where it will go in the short and long term

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i'm sure the price will go up longterm. definetly. because of this i don't sell my Bitcoin. But i dont hold that much.

But i think shortterm we have a long journey before the price will raise again. As you can see in your chart we are not at the end of the triangle. It will take some time before there is a new great move in the chart.

i prefer to buy here, because we are at the bottom of the triangle. You can set a stop-loss order on the bottom line of the triangle. So you can make a trade with a low risk

I think the crypto world is in a lull right now, but it's much more stable than it was, and that means more sustainable gains in the future. It's certainly not a time to sell, and I think a small buy now would be a good move if you have the stomach for it. It may dip a little bit farther but the range we've been in for the last couple of months (as opposed to what we were looking at in December/January) is building investor confidence. The people who are still in the game believe in crypto and aren't shaken by fluctuations in the market, because we've seen it all at this point. The people who never really believed in blockchain to begin with and just wanted fast gains are long gone by now, and that's better for all of us.

I think very important is to hold the 7000 mark. If we dip below the double low than BTC might easily rush down to 5000. If you look at it using the charts.

Fundamentally the market is still orientating itself. First it seemed we went onto a recovery which stopped completely and the whole market went down again. Not sure if most investors are really confident now to buy at this times or if they are waiting for stronger signals.

Especially here in Asia, Korea Japan and China, were people were really enthusiastic before, some kind of resignation mood has taken over. Authorities are trying to hit hard on exchanges and investors and want to imply there own rules and regulations. That left many people worried where the whole crypto thing is heading to.

As long as we don’t get some positive news, I don’t really see the urge to put in fresh money. Even some pump could do the trick and remind people how easily the market move at the end of last year. Of course there is always some manipulation too, like spreading rumours and fud, but that’s part of the game. We just need to learn to read and use it. That’s the hard part, I’m still struggling and working on myself too.

What I think is that the price may fall a bit more to ~$ 6000 and will start rising from September-October. In Summer months, the forex/crypto markets are down normally. I would also buy at a dip and then sell with some profit; I like to hold it long term, but also taking profits sometimes and then buy again at the dip.

If I have learned one thing in the crypto-space and that ist don't try to make sense out of the price action. We are still miles away before we have optimal price mechanism like those we know from the stock market. There is still to many not reglulated exchanges, market manipulation and all kinds of shenanigans going on. But in my personal view I would pay more attention to the overall technical development of the blockchain technology. And there we can find a lot of good and new developments e.g. Lightning Network, atomic swaps and BTC smart contracts are coming. So, therefore don't panic about the price, soon we will have better market news flow and than the hype and FOMO will start again. To keep it simple buy the dip!!!

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Yes and when do we ever have sensible price action in any market.

Higher time frames dominating lower time frames. Looking at the weekly it clearly shows that we are in a bear market. So the probability is higher that we are going down than up until we find a bottom and that is something I don't see yet.

It sort of looks like it's going to go down again for the short term - maybe it makes sense with the northern hemisphere starting to go on their summer holidays and thinking about the sun more than about investments... Not sure how much that effects things like cryptos though.

Long term, I still believe the whole thing is going to go up again. Cryptocurrencies are becoming more and more widely accepted. That's going to fuel another period of growth. When? I'm no financier, but I would have thought before the end of the year. Whether bitcoin itself does the same is another question - that's more to do with their own internals than it is with cryptos in general.

What we're really waiting for are governments to start accepting these as valid forms of payment. Then, it really will go mainstream.

So hoping it goes up. I need it bad. Unfortunately, I think it will go down in a long curve to about 5500-6000 and going over the ATH in the next year or two. I predict it to mirror this chart from the end of 2013 to beginning of 2017. I hope I am wrong.

The price has been steady these last few days, going at about $7,400.00 average, I guess we are seeing a lot of people afraid of gambling their money with the impending problems tariffs can cause, and maybe afraid of crypto because of regulations being implemented.
I think by late July Crypto will see a strong hike in prices.

Yes, BTC looks scary, STEEM rocks!

Not sure which direction we’re headed, but I don’t mind continuing to buy at these levels. #FridayBuyDay

We appear to be in a bit of a channel right now 7100 to 7700 over the past few weeks. We could be seeing another slow building up like we saw in Fall 2017 but it really is too early to tell. The chart could be stuck in the 7000 to 9000 channel for a long time though...summer trends.

@knircky Bitcoin is really the grandfather of all coins and tokens. I remember about the improvement it had about the transaction fee and other stuff earlier of the year. It has not really went back to the December peak but it has not gone down to the low price about more than 1 year ago. There is stil potential of rising but it may take some time. It may rise to the level like December but I hope it rises enough for everyone to at least take back a bit profit. Steem is still more or less affected by Bitcoin so let's hope for the best!

For a long time now, BCH or bitcoin cash has been acting like a pendulam but now it is not rising as expected. Bitcoin is more or less steady and I hope the bulls gain a foothold.

I do not know if you have noticed but the price of sbd on hitbtc reached 58 or so but not in other exchanges. Will the price of steem rise, ultimately?

I think right now there is an indecision on the bitcoin price so it is better to stay off the long term trading on the market and focus on the short term for now until there is a balance in demand and supply

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As for me 2018 has been an hectic year for crypto, but such is business, you have to experience downtime sometimes so get better time, with the chart mumbling around 7K, 8K I'm sure when it bullish bitcoin can go more than 20K before the end of the year. We will experience bullish soon, I stay with crypto anytime.

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True, I think it's a time for investors, as well as for what they can and can expect. I think that in the next few days will continue to fall, but probably in a matter of weeks rise again. The detail is that we do not know how many weeks we talked, it could be 2, 4 or even more. But it is a behavior worthy of these systems.

The price will dance around the 7k to 8.5k mark for the next month then it should break out and move about 8.5k in the summer. Long-term I don't see Bitcoin breaking it's high any time soon, there are simply just better alternatives out there that are doing more.

Good article. And indeed based on the charts that looks like a good read. A bit indecisive. Probably need more than just charts to tell fundamentally where things could go next.

BTC is undeceive at the moment but we are in alt summer I believe. If we invest in some of the projects which are finally moving to major milestones like OMG, they will give better results and beat BTC.

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Its looked back since the beg. of the year. I dont even know what catalist could push it. I liked the market that would move 100% on a tweet. That was FUN.

There is only one thing you can do. Invest all BTC in Steem 😊

The problem here is again the investment Banks. Of course there was a big bubble. BTC was once a normal Cryptocurrency. Something to pay with on a few stores and a few trade it to use it.
But then comes the investments and the price jumped high only because a few rich people wants to become more rich.
But it was just a Luftschloss like we say in Germany. a castle in the air.
The price on the stock market has no real realtime to the Cryptocurrency anymore. It was just hyped. and of course then when the price was the highest a lot of people sell there BTC and the price fall.
And the fallen price frightening more and they also start to sell.
Maybe soon the Cryptocurrency are real currencys and be stable to the normal currencys. Without this big jumps.

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Guten Morgen Berlin!

There is only one thing you can do. Invest all BTC in Steem

Na, dann mach mal! Ober hast du keine BTC?

Just kidding.

Hast du dich schon in Berlin mit anderen Steemians vernetzt? Nur so als Tipp.

Gruß aus München.

Now a days every crypto is behaving like this may be because of Indian politics it's not going up .... Indian government is banning crypto exchanges

I have no idea. I have to learn about cryto, bitcoin and stock. I hope in the future I can help you to decide what to do.

Today 06-03-2018 I read several analyzes that will continue on the rise, that's good for everyone. and more for the oppressed Venezuelans.

Honestly brother I hope it's in a lull. Some important people that I know have told me that I need to pull out.

I've never really been a fan of pulling out.

Hold hold hold, but you know what it hasn't exactly instilled confidence in me for months.

Technical analysis in January was like....

Bitcoin to $50, 000 by December.

Cardano to $10 by December.

Verge to $3 by December.

Tron to $1 by December.

Now people are saying EOS will hit $100 or even $1,000 by that time.

Nothing good is going to happen unless Bitcoin can perform that reversal we've all been waiting for.

It's more than just frustrating. It's downright stressful.

Which ever way it goes, I'm almost 100% certain of a huge boost towards the end of the year. Drops are actually a good time to buy more, if there are funds to spare.

Well, I am not a trader but i believe it is an opportunity for investment. BTC will rise surely maybe in august we will have a real bullish out break. For now it is good for investors who wants profit in 3 - 5 months time.

finally some action!

Please BTC start rising.

From BTC depends all other crypto aswell

Thanks for share this . Resteemed it . Thanks

What do you think about the current price action and where it will go in the short and long term

Well the current price is so scary , very unhappy to see. But the price of cryptos now is just right for investors to come in. That’s what I think, cause definitely the bull will definitely run and the price is going to the skies.

Don't be afraid! At the moment we are at 7650. What I see is a sequence of higher lows starting from 5900. The market deserves still more time to consolidate the parabolic blow-off. New ATHs next year.

Yes sir, very soon it will skyrocket, long live cryptocurrency, long live steemit

Really good article! Please check out my steemit account. I am doing TA, crypto news and giveaways. Thank you!

I hope for a strong Q3 and Q4 like we had last year. I m not that nervous , I bought for 1.8k at July last year , that is still a awesome ROI, we shouldn t forget about that.

I think for longer term / swing traders, price is in a no trade zone between $6850 and $8460.

I think there is more upside potential and downside potential. I think the floor is $6000 as this has been a strong level since the big up move last year from this level.

But in order to move higher, it must contend with sellers at the $8460, $9200 and $9900 level.

RSI is picking up which is a good sign for bulls, but I think we need to get pass $10k before a chance of going higher.

My 6-18 month forecast remains target 1 - $12k , target 2 - $17k.

Its so hard to predict in which direction Bitcoin is headed. I do feel if Bitcoin drops then lots of other cryptocurrencies will be worth next to nothing. Bitcoin will likely always have the lion share of the crypto market or at least will have the lions share of it for the foreseeable future.