It's all in the stars, ahem, charts that is, and BTC looks like a very decent, low risk, high reward, buying opportunity, that could always go lower, of course, you know, like they say, anything can happen and nothing's guaranteed, but the truth be said, I have a hard time finding anything bearish here.
So if that's the range, and we're trading at the lower end, and there's very possible long term uptrend support nearby, wouldn't this be the equivalent of buying low?
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Well, a lot can happen in this market. I was expecting that last month we will see bitcoin over 10k and it wouldn't go any lower, but here we are.
If things go as slow as right now, we might only see some serious moves by the end of the year. This might be a slow year for cryptos, because it seems like every single time a positive light comes out, something negative happens and it takes a big hit.
I do hope that we will start seeing some nice prices really soon like bitcoin going 12k and more, but it doesn't really seem to be likely because any kind of bad news reflect on the prices heavily. We need something huge to happen for the prices to skyrocket.
I think your view is very reasonable and tend to agree with you. Nevertheless, as I always say, I think the surprises will be to the upside and not the reverse. So even though it could be slow for awhile, it's a good time to get positioned (if you're not already) because I think the long term downside is limited if you're involved in quality crypto.
@cryptographic,
I think you found the BTC range very well! Yeah I also feel it's bouncing between $7,500 - $10,000 in last couple of month! It didn't bearish more, that also mean anytime it might rise back! Probably to $30,000 - $50,000 level!
It's obvious, coz no matter how much bad news heard against BTC, it still hold it's ground! I assure you non-other coin can do that!
Cheers~
Yes, it's certainly holding strong.
You are completely right. So many great news when it comes to crypto. China easing on crypto, Soros (not that I like him) buying crypto and so on...However, I think this BART Head game is to scare as much people as possible. People get scared and many eventually sell. Since we have bitcoin futures on stock market exchange bitcoin is shortable especially by big investors. I was not too happy about it at that time. I remember when the futures opened bitcoin was at aroun 17k. These players (I believe institutions) with big money pumped the price of bitcoin to 20k. Then they started selling real bitcoin and at the same time they were shorting it. Until now they had enough to push the price lower and lower and also convince people to sell. Now you can see this weird very quick pumps and dumps. They are mostly doing it. It feels like it can’t go much lower and that’s where big money slowly accumulates as well. They can’t buy all at once. It’s a game, the game of patience. Let’s get this hot potato play time over with and finally start the new uptrend. I wouldn’t do this crazy day-trading for anything. Up and down, up and down... anyone thinks it’s great to day trade? I’ve learned my lesson in the past and it’s in most cases not only nonprofitable, it’s also very very stressful including sleepless nights. Eventually it will break one way or another. If that breaks to the downside (I’m talking about your red/purple line), I can guarantee you, it will scare 😱the hell out of people. Perhaps that’s what we need, to get rid of these up & down speculators as well as weak hands. On the other hand if we break that midline of Bollinger bands, then head for 50DMA, then go for this resistance of reversed H&S or 200DMA. And then finaly to your resistance, just like you mentioned at around 12k. That is lot of resistance!😴😴...If we break all of these lines with strong volume, it will become a very solid support. That’s what we need. I can guarantee you, no one including institutions would sell. It’s about time to get it finally solved. Right now it’s still a game of patience.
No doubt about it that crypto is slowly but surely moving into the hands of professionals. The days when amateurs like myself could make good money swing trading (not day trading: I didn't even try that in the heydays of crypto P&D - as you say, it's harmful to your financial health) are long gone I think. It's a long term speculative play now, IMO. Buy and hold, and now is perhaps one of the last times to get in cheap, or relatively cheap anyway.
I should tell that it is now o never...but you never know, there are many variables that play a role to predict the market movement...
Anyway I'm stick to my plan I think it is aligned with yours:
https://steemit.com/bitcoin/@toofasteddie/bitcoin-on-its-way-to-break-the-long-term-resistance
Steem on!
Now or never it very well could be, that is if what we're talking about is buying at a good price. 😉
The market is in a weird spot right now, none of the possible events that everyone was predicting would cause a bull run caused a bull run, the TA is all good but there seems to be fud in the air, specially for new investors but there's also some good news around the European union regarding cryptocurrencies in general not only bitcoin, but if you want to trust the TA, its pretty attractive looking.
We may be closer than you expect to that 12k level, especially since Mr. Cocaine hpmf, i mean John McAfee is running for president, he will bring the crypto to the masses and will replace old mighty Roger Ver as the new crypto Jesus!
I think @milano1113 describes the situation quite well (see comment a little further above). Even though the underlying fundamentals are bullish, and the charts look strong, negative price action could persist for a while longer. @trendo says pretty much the same thing in a different way. Nothing seems to get a fire lit under these quality issues. That having been said, price is holding up fairly well across the board, or at least that's what the TA is telling us. Patience is the key word I think we all agree on.
Wow his comment is pretty good and on point, I agree with him regarding how the institutions and big money pumped the price of bitcoin too early to take advantage of the futures market and I guess the professionalization of teasing, at least on the top coins is not a bad thing, there will still be room for wild gains on the alt coin market and new promising ico with good backing.
No matter whether we brake this long therm support or not, it’s great time to be adding to portfolio. That’s exactly what I have been doing. As a long therm investor, I see this as once in a lifetime opportunity. Not so long ago we were at 20k. There were many downtrands like this, some people took advantage of it, some hesitated. When would it be a great time to buy crypto for long therm investor if not now? If we break that significant support, we all know what will happen. Most people are not ready, People will panic. And because I’m, we are ready for this, we won’t panic. We will buy whoever can. If we bounce and eventually break all these MA’s and eventually at $12000 “someday” I don’t believe we will look back. It may come back a bit, but At the end it will take of just like it did in the last bull run. Just like I mentioned weather we break or not, long therm it’s still an uptrend.
I agree with you 100%. The long term risk/reward is extremely favorable in my view, and yes, we could see a "panic" shakeout, but long term things will turn higher again, and even though there will be back filling along the way, I think like you that there will be no looking back.
Risk/Reward is the best it has been in a good while despite the downtrend. I think BTC has found a base and is only now battling with the issue of volume which has been stagnating lately. Volume would be the only bearish indicator as it will be needed to breakthrough the various resistance levels above $7,750. However, it could also be an indicator of the lack of sellers.
I agree. It's highly likely BTC is basing, but that's not to say that a dip into the abyss can't happen (as you and many others have said before). I too would like to see volume pick up on rallies. Volume is one of the oldest and most watched of indicators. However, volume isn't necessary, as AAPL has clearly demonstrated over the years. I think what is fundamental is the initial sustained surge in volume clearly showing a period of general market acceptance, and then price can rise without huge surges given the long term shift in psychology. Another factor to consider is that as price goes up, unit volume can fall without the real USD volume necessarily following: the same amount of dollar volume would equal only half of the share trading if the price doubles and USD volume remains constant, for example. AAPL share trading today is 1/10 what it was 10 years ago, but the average dollar volume is roughly the same.
In my opinion, BTC will be reach and break that $12k mark.
Without a doubt.
It's just a matter of time.
But, I'd still like to buy some more, so these low prices are great for me.
I'm waiting for my paycheck so I can buy up some more.
I'm not an expert in TA, but it has shown to be a self-fulfilling prophecy, so I'll definitely listen to some of you guys.
But, I'm waiting for the end of the year.
If the pattern continue again, it'll start going up by the end, and drop again after the Chinese New Year.
Not a question of IF, but WHEN. 😁
But I wouldn't be so sure about future seasonal patterns necessarily following past patterns. When something is tremendously bullish and the surprises are to the upside, rallies during what were once weak seasons are what leave many behind.
It's been six months with the bear run.
What we now have is great news coming all across from the cryptosphere. Governments now have some idea (not complete) that cryptos are not bad for the economy. There is money to be made. People are waiting to jump in.
All good reason for a decent bull run to start. I think we might carry on a bit in the same pattern before shooting upwards.
The warming up of governments to crypto is a very welcomed development that can only further, and perhaps even speed up mass, adoption.
Thanks for TA update, charts looks really nice. There has been talk of the market maturing in the coming days and on the fundamental side, that is only going to help the investors. We have been seeing some big names like Nasdaq and Goldman entering or planning to enter the crypto markets in the short to medium term and that is only going to add value to the markets during this period so more good things are coming to the market. There is no chance of loss if we invest in good coins.
Important people and institutions are getting their feet wet, and, I agree, this is just getting started.
Bitcoin investment really takes some courage as we cannot predict if it can go any lower since no bearish sign as you indicated for some time already. Nevertheless, investors who purchased them and just hodl as long as they can, they can never lose in it until they start to sell. That is why many seasoned investors always advised never invest more than one can afford as hodling can be a long process if one has the concern to put food on their table. Bitconnect is a good lesson where there were people who even quit their jobs and believe it for a regular income. Invest what one can afford to lose and hodl. Thanks for your post for reflecting on Bitcoin market!
It's important to remember that the majority of those who have quit jobs and/or retired bought when prices were very low, or even mined before there was even a price to begin with. Buying now is a different game altogether. Now it's really an investment, still speculative nonetheless, with its commensurate risk/reward, and before is was a "pie in the sky" long-shot that paid off big for those early adopters who believed in crypto and helped make it what it is today.
I certainly hope so!
It feels like the sellers are running out of steam and their ability to suppress prices along with it. We're seeing higher lows after big drops and people currently seem a lot more resistant to FUD news dropping.
I think the next big bull run (talking about something of a similar level to the December rally) will be very quick to hit a new ATH so we need to be primed to take profits before the next consolidation phase.
Big question on everyone's minds is when will this bull run start?
I would not be surprised at all to see new ATHs this year.
well seems like bitcoin is in no mood to break some high trading is no fun seems right now hahah
The doldrums.
This could definitely be a "new chance" for some people to join the BTC's course. Well you know my thoughts about this coin by now @cryptographic. Sooner or later I believe that BTC will eventually hit the 100k mark, and I also know that you don't support such a theory :)
So in my humble opinion these bearish days are good for those who want to invest in long term!
Have a good day brother
PS. I made a little research and I think the EOS IS the only coin that hit 20$ without being launched,but I have to dig deeper before an article is made
EOS very well could be the only coin to do that, and I don't necessarily rule out 100k BTC.
Hello @cryptographic,
I'm concerning more about BTC Hardfork. Every fork drained the power of BTC. I think it's a major reason to see BTC at this range so far. BTC rise significantly in last year of time. That uptrend started in last year June & I assume the same trend will happen in this year too. Extraordinary good BTC market analysis.
Extraordinary good discussion, BTC factor is the key factor which design where crypto market head next.
~@mywhale
The market leader!
considering the btc chart will start looking for new support at a price of $ 8000. several times trying to break through new resistance points. but it always fails. and I myself do not invest in btc. I prefer to trade in alt coin for the short term.
The Dow Jones Industrial Average rose 346.41 points, or 1.4 percent, to 25,146.39, the S&P 500 gained 23.55 points, or 0.86 percent, to 2,772.35 and the Nasdaq Composite added 51.38 points, or 0.67 percent, to 7,689.24.
The benchmark 10-year U.S. Treasury yield rose to a near two-week high after data showed that the U.S. trade deficit unexpectedly fell to a seven-month low in April, supporting the view of an acceleration of domestic economic growth in the second quarter. [US/]
The S&P financial sector, which rose 1.8 percent, was the S&P's biggest boost as bank stocks rose along with Treasury yields. Higher interest rates tend to help bank profits. The bank index rose 2.3 percent as the sector was also helped by a rise in mortgage applications for the first time in seven weeks.
Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois cited economic data and trade news as reasons for the broader market's advance.
I'm 100% agree with you, We should wait with patience, BItcoin will reach to 12000$ soon....
it is the best time to buy some :)
buying in dip and sell in uptrend is the best way to trade :)
Thank you for this wonderful analysis.
I can see a good volume but but it is not accompanied by an upward trend definitely the probability to see a new high is better than break the wedge bearish. Regards
I wonder how high bitcoin can go before the end of 2018, and i also wonder how low bitcoin can go before the end of 2018. We have already seen so much fluctuations this year and we are still yet to enter the second half of the year. Well I hope for the best for bitcoin and other cryptos.
Hey brother, how are you ? I'm new to your blog, you are keeping close eye on bitcoin and that's a good thing.
yes you are right, at this position it's a very low risk, buying position,
Golden for investor or Crypto lover to buy some btc. yes i also think this is the end of bearish trend and we will now see bullish trend :)
upvoting and resteeming :)
It's stable, nice for buying, of course profits are not guaranteed but we need to take some risk to get something. Still holding BTC until it goes up again (If it's going to).
Long term consolidation visible on the daily chart is a good sign for long term bulls and the more it consolidates above the trendline support, which is placed around $7,000, the better the chances of BTC heading higher in the long term.
Bearish trend has taken his time and now we can hope for bullish trend.
RAlly is coming, Get ready for it. Be prepare yourself you getting instant profit
Yeah, you are absolutely right about Btc nothing is guaranteed and anything can happen at any time whether price falls or rise but everyone wants something that they can bear..
Thanks for sharing such post which gives alot information related to Btc updates..
I'm also 500% agree with you that We should wait with patience, Bitcoin will reach to 12000$ soon.
Defenetly its Great News for not only me its great for all Users.
Proven multiple times within the last few months - Bitcoin's key support level over and over seems to land around $7000. Every time it's touched around that number - the bounce back begins. analysis are agreeing with this outlook at well.
No, I'm not a TA guy, I trade it when we're sideways, it moves with Bitcoin. However, support levels are being tested so it's possible it'll drop more, may want to find someone who has charted it
@cryptographic - Sir I don't keep Bitcoin anymore... But this graph says it'll break the resistance level of 12000 USD & moon time time will begin anytime now... But Sir, as an investor ROI of Bitcoin is lower than other crypto currencies... Sir do you believe this is a good investment opportunity or a short term profit base trade?
+W+
I think,btc 0.05% broke the side-wards resistance level on 6th -3.03% June at 7590, and since then has has a gentle correction to test the side-wards resistance as support. Although price has some upside momentum after the bounce on the side-wards support, it's important to remember that we're still at the 20 moving average resistance. These averages suggest the trend is still down, so we need to be mindful of this before immediately assuming to take a long position.
Price will likely fall to between 7030 and 6100 (The boundaries of all localized structure) before the down move. BUT, there could be some very temporary upside. The upside can only become more permanent if price breaks the 20 moving average and retests it as support. This is the only condition that negates a lower retest condition.
Sir @cryptographic i agree with your valuable bitcoin graphical charts explanation. Yeah i think we have to need more patience as it soon reach 12k line. From few months it's stand on 6-8 k range as i think when bitcoin will reach 12k then steem will be 7$, bitshares will be 2$ as steeem and bitshares holding is much profitable. Sir i have an another personal question. I have been holding bitcoin cash from since February 2018 but it's rising very slowly. Would you please tell me whats the future of bitcoin cash? Can it again cross the line of 5k border like December 2017? I eagerly waiting for your kind response.
My dear @cryptographic sir
Bitcoin is largely in sideways trading and June and July month have always consolidative trading if we compare the chart from past. From August Bitcoin may start running upward to meet the first resistance of 11500 followed by 13000. I do believe that 13000 is very very strong resistance.
Bitcoin has given all of us a chance to buy at this level, but one should not take it for granted that 2018 will also yield a similar move just like 2017. I have a strong feeling that we are into a broader range of 5000 to 13000 for next 1 or 2 year for Bitcoin.
The day’s gains were broad based but led by financial stocks, which were the top-performing sector of the day as bond yields rose. The Nasdaq Composite Index (^IXIC) rose 51.38 points, or 0.7%, to 7,689.24, recording its third consecutive all-time closing high. Both the S&P and the Nasdaq posted a fourth straight daily advance, while the Dow has risen in three of the past four trading days.
It seems to me that someone special in every way constrains cryptocurrency courses. This is especially noticeable in the course STEEM. 100% Upvote. Good luck to you and Love.
It’s not just the investment side of cryptocurrency that interests universities, however. Here at NewsBTC, we’ve reported on several different higher educational institutions offering their own courses on the technology that underpins Bitcoin and other digital assets – the blockchain.
In addition, the Ripple Foundation have just donated $50 million to universities. This will help them further develop their own blockchain development courses. The University Blockchain Research Initiative will initially benefit 17 prestigious schools around the globe.
Lore went on to state that these individuals were still only prepared to risk a tiny fraction of their net worth on cryptocurrency hedge funds:
“Yes there are investors but at this point, investors are putting in very small percentages of their net worth as we would expect and as I believe is appropriate.”
He highlighted that the trend amongst the universities he’d worked with was something of an exception:
“We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising.”