[ Bitcoin ] Bitcoin Breakout. Will the Bulls take control?
What a ride! We went down to $7298 and I was seeing $6900 coming closer, but then we shot up to $7515 in 10 min or less and I missed it! ☹ We continued the up trend and we are currently at $7597.
Many commentators where calling $6900 because that is the last support, but I think because everyone was waiting with their buy order for $6900 the whales jumped the gun.
The bulls need to take control now and break the previous higher low of $7715. But will they do it?
Here is Dan from The Chart Guys with his daily update:
Do you think the bulls will take charge from here or is $6900 still at play?
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I called it ;)
Current balance looks really weak volume wise:
And we're forming a massive bearish descending triangle on the daily... doesn't look good if you ask me:
No need to chase every single mini rally, wait for the big moves on strong volume at key levels. Beside, I doubt will see some strong bullish move as long as mainstream stays on the sidelines, there is simply not enough new money coming in to sustain such high prices, hence the slow grind down.
Cheers!
Very good @tradealert. The chart is to small and I cannot see your prices. What are your lower levels for Bitcoin?
Sorry Colin @colinbrazendale, here's a link to my original article:
https://steemit.com/cryptocurrency/@tradealert/bitcoin-market-bitcoin-to-usd7200
Cheers :)
Just read it. very good. Thank you.
My pleasure mate :)
Botje11 on Tradingview thinks we could go up to 8100 if the bulls turn up. See his post here: https://www.tradingview.com/chart/BTCUSD/AdefimUC-Bitcoin-d%C3%A9j%C3%A0-vu-anyone-Market-turned-to-real-crap-again/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_follower_idea_update
We slipping to $7400. Not good for the bulls. If this breaks we are going down again.
Oops. $7400 is holding so far. Would be nice to see a breakout to $8100 now.
I don't believe we will see price push back to the 8k range just yet.. technical analysis and market momentum all point towards a short term move below the $7,000 region. Once price make its bottom around the $6,500 - $6,000 region i believe we will see a huge push back above $10,000.
I am sure we will see 10k again, just wondering where the temporary bottom is.
We will certainly be seeing 10k again. It is impossible to pinpoint the exact bottom but the charts are suggesting we will see price drop to $6,500 and potentially even down the $6,000.
That is low
I'm still learning about bitcoin so thanks for these guidelines.
Thank you @allandharvey for you comment. We are all still learning. :)
Continues learning
Great post! I believe we will continue to see this downwards move as price continues to close below major support levels. Over the previous 24hrs, price was unable to find support at the $7,500 region, suggesting we will be seeing another bearish move towards $6,500. I believe price will be able to find major support at this level and regain its previous strength and push to new highs!
Many commentators are saying we are not going to new highs straight away. They think we will go up again to 8600 level and then another wave down, but higher low.
The market is very negative at the moment as we have been in a down cycle for awhile. Missing 2017 now. :)
This could potentially be the case, anything is possible in this market. It all depends on how price reacts once we finally find the bottom of price, if enough investors/traders jump into the market and there is a major increase in volume then i believe we wont see a major downwards wave again until around the $9,400 region. Of course price won't rise sharply, there will be stalls and slight pullbacks along the way and thats exactly how we want it to be, that is how a healthy uptrend plays out.
You got a 2.93% upvote from @brupvoter courtesy of @colinbrazendale!
Top voter here
This post has received a 4.55 % upvote from @boomerang.
Good voting
Agree
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