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Bitcoin show allot of strength, 8K's reached, up to 9K?

BITSTAMP:BTCUSD   Bitcoin / Đô la
I remember when many people were calling me crazy for thinking we could go to the 8K's and maybe 9K's a week ago. Until yesterday even i thought i was crazy :). Because it was just taking so long for price to break the 7K resistance. One thing that is very different than the failed rally to 7500, many Alt coins have really exploded indicating that market sentiment has changed for at least the short term. It's just funny to see how sentiment can change so quickly after a big rally of 1200 points. It's actually just very typical in an emotional market like this one. Hope and fear plays a very big part in this game and i believe certain parties just know exactly how to abuse that feeling. You have to understand, i am telling all of this from a day traders point of view. And day traders know how mean this market has become with all those mean shake outs that are only increasing every week, to the up and downside!

For now the market is still very strong, hanging around the highs and seems like it has no intention to make a healthy correction towards the 7500/7800. Thing is, after a big rally like this it would be more bullish if the market makes a correction to those levels instead of going up from here, because than it will be only a matter of time before we see a mean and sharp drop of maybe even more than 500 points. I mentioned in my previous analysis, that i would close my position from 6710, if we do decide to go to the 8300/8400 now. My stop for this position is around 7500. And i will probably add if we reach the 7500/7700, but i will decide that when/if we get there

When i look at the chart, even though it's looking very strong and buyers keep coming in at these high prices, i think we will start to see a small drop towards the 7700/7800 within the next 24H. When we look at the rally from 7250 a month ago, we can see at which stage we are now. My guess is we have seen the high for now and price could be making that correction anytime soon. I copied that purple support line, but thats just a guess to where price could bounce up from IF we make that drop . Whatever happens, in my view price has to stay above the 75xx level to keep high bullish momentum.

In my previous analysis i have discussed what i expect for the medium term, so please read those for more information i try to answer everyone, but is has seriously begun to be a full time job now, so i won't answer questions anymore that i have already given the answers to. I hope you understand that. For anything else, feel free and i will try to answer you.
In summary, for now i still think price could go towards the 9000/9500 and around those levels i will probably start to build up a big short position. I don't have a target yet, could be 7500 could be 6000 and could be 4000. I don't get ahead to much and i determine my goals when i think we could be seeing a reversal.

My followers have increase allot lately, thank you guys for the support and all the likes you give, it motivates me to keep making updates for you :)

A follower thought i needed a logo :) and he was so kind to make one for me. Thank again for the effort :)

David :)
Bình luận: Looks like we will test the 8000 again, this will be an important short term support level, if it brakes the H&S will be triggered and it could drop to 7700/7800. but if the market is very strong (and still looks like it) the H&S will fail and we will see an acceleration up. I have a feeling that we see some distribution here, who try to sell without pushing prices down.
Bình luận: And there we go, first step is made of this correction. My assumption was right that we saw distribution above 8100, that's why it took so long. Probably see another small wave down towards 7750

Bình luận: No bounce yet, think we will drop to 7700ish very quickly
Bình luận:
Bình luận:
Bình luận: Good thing it did not drop directly to the 7750, thats why 7700 is important, otherwise it could trigger another H&S. Almost get reminded of 2 weeks ago at the 7500 high (yellow area).
7500 should hold as support, otherwise it will drop to 7200.

For now let's watch what it will do here, price is still holding the 7840 so if it can extend it for an hour or two, it could turn up again. But for now the bear flag looks pretty weak, so chances are much higher we drop from here
Bình luận: There is just so much wrong in this world
Bình luận: Its starting to look more like the update above, it could be making the right shoulder of an H&S, but in the bullish scenario, price stays above the neckline and accelerates up or we do drop below the neckline and towards go towards the 7500. As i am writing this bulls are showing they are still here making a nice bounce
Bình luận: So bulls did make a nice bounce here, showing some strength, it's still going to be a hard to fight them selves out of this right shoulder, first step would be to make a higher low on this time frame.

With some more likes you can make me number 1 author of the week, so if you think i deserve, keep em coming :)
Bình luận: We are about here now. This is the 7500 high from a week ago
Bình luận: So price followed the most bullish scenario i showed. First signal was that higher low i said that had to come there. But upfront it's almost a 50/50 chance of course of what it will do. Fail that bigger H&S or follow the path from a week ago at the 7500 high.

Bulls did show strength by pushing it to the high again but again failing to push through. Now there is another scenario and that is that bulls are trying to making a big triangle here. See the purple lines, of course there is always the option it drops out of it instead of breaking upwards. That's why the smaller time frame is helpful sometimes. For now it dropped out of that channel suggesting we look up the purple support line or the neckline

Bình luận: We are almost at the purple line, but does not mean it is a valid pattern and support. Just a possibility to keep in your mind. Depends on how strong the bounce is. I still think it's much healthier for this market to make a bigger correction down, would give bigger chances the market could see 9K prices. We have still not made a higher low since the big squeeze so that just keep making things very tricky.
Bình luận: So far it has bounced from that purple line, but there are still to many uncertain factors. That support line is just something to keep in mind
Bình luận: My bigger picture plan, is prices to reach around 7700/7500. That would the ideal spot to see if this rally has fundament or not. To see if buyers are ready to jump in and push it back above the 8200. All that is happening now is allot of noise and needs steel nerves to make 100/300 point trades. There are to many possibilities on the short time frame. Because we don't have a clear pattern yet, it's to much guessing about what price could be doing. Fact that we did not drop below the 7800 yesterday shows strength and that the chances are quite small that we drop below the 7500
Bình luận: Thanks guys for putting me on the number 1 spot again of the daily author AND of the weekly author as well. AND i broke the 5000 milestone of followers :) Thanks for all the love, i really appreciate it :)
Bình luận: So the purple line had little value, now we are back at the neckline again. But this line could also be the same as the purple one, meaning it could be the support line of that same triangle. But from the looks of it right now, i think it will break
Bình luận: Yesterday i saw some price action at a certain exchange, which told me we would drop, when we were at around the 8100. 2 hours ago i saw the same thing and again we made a drop. Just now i think i saw the same thing, but the other way around now. But i have only seen it once, so less certainty. Let's see if they can push us back above 8000 towards 8100, if does, than AGAIN games are being played, but on the short time frame now
Bình luận: I scrolled through some Alt coins, i see some mixed signals, but most do say we need another small drop. Bitcoin still has a chance to retaliate and that is if price manages to get above the 8000ish within the next 2 hours. Otherwise chance become like 75% that we drop towards the 7700/7500
Bình luận: Small breakout from that trend line, won't mean anything if price doesn't get above 8000

Bình luận: Here guys, exactly this kind of news is what IMO is not to be trusted. Not saying it's not possible, many things can happen in 4 years, but people like him have their own agenda since he has a big stake in Bitcoin. Of course he wants people to think we will get these prices, so he can become even richer than he already is. Me personally, i don't even give it a value of 0,1%, i wanted to say 1% but even that is to high :) They just want to fill their own pockets in an attempt to ignite the hype again

Now if for example, this rich guy would donate 95% of his profits made with Bitcoin, than i would give his prediction a 50/50 value
Bình luận: My wild guess is :) that we follow that blue line. But this short time frame view only adds up if we stay below that red area
Bình luận: Looks like bulls are trying to turn up now
Bình luận: So that price action i saw a few hours before, of which i said we would probably go up because of that was right so far, since than it has moved up by 150 points. So that's the third time in a row.
Bình luận: I am out for a few hours, good luck guys
Bình luận: We have a bear flag on the 15m chart. I think a break of 7900 would confirm it
Bình luận: It's weekend, sideways action again.If we drop below the 8000 i think we will be on our way to make a lower high
Bình luận: New idea
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Good news for Bitcoin coincides with the bounce:
UAE/KSA/Bahrain/Oman have their own exchange.. and their people can buy there using card.. but its kinda expensive the fees are high
and me currently here in KSA, there are a lot of locals here selling bitcoin in personal or bank transfer
Phản hồi
This is my opinion, we should decline in this position to get a healthy support
Phản hồi
Buy BTC: We have a Big Bullish Rectangle
We have two Scenario:

Buy zone:
76XX$ or maybe 74XX$
(Buy after Bounce)

Sell zone:
85XX$ or maybe 88XX$

Buy zone:
(Buy after Breakout)

Sell zone:
85XX$ or maybe 88XX$

Phản hồi
Do you mean a higher low(last update), If not, I'm not understanding it.
+1 Phản hồi
Agree with the short term target zone at around 8.500$

+1 Phản hồi

BTC Long Term
Phản hồi
Hello Botje,

there is the break. Now we have to see where we will go the next hours and days. I did a TA half an hour ago and maybe see a downtrend.

Best whishes and nice Weekend,

Phản hồi
this is how i see it


Phản hồi
Looks like LTC is trying to lead the way on that one
Phản hồi
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