Bitcoin Price Breakdown and Future Projections

This week, Bitcoin took a pretty big hit, dropping down to around $90,900 after breaking through the trendline. This suggests a shift in the trend, moving from an uptrend to a downtrend. It also broke the support level at $95,900, which has now turned into resistance. We’ve hit a daily resistance level that’s been broken, and it’s now acting as new support until we see another upward reversal. Looking at things, if Bitcoin can push past the $95,900 to $96,700 range, we could see it heading towards the major supply/resistance zone around $99,000. There’s even a chance we might hit a new all-time high. But if it can’t break through that area, we might see it drop down again, attempting to break the support at $90,900. If that breaks, the next support level could be around $87,000. Just my take on the situation. Remember to do your own research! Not recommending this for future entries, just focusing on spot trading. All this analysis is purely my own thoughts.

Very much agree with this analysis although it may not be so accurate in terms of the figures on correction band resistance then we need to understand the fact that bitcoin correction takes effect the same way its bull market accumulated uptrend till $99k+ in the last few days back, for that I am not surprised with the present bitcoin market movement downwards, since a correction is always expected at any point them in time. We may likely not know or be able to predict what the low benchmark bitcoin will possibly reach in this correction trend, but any price around $90k is still a positive price benchmark for bitcoin in this season.

When we have a look on the bitcoin market price and how it has been moving on a pace of retracement, we could figure out more points and facts about the market conditions, we can see the resistance as well as the sentiment from the chart, which also tells that there is a particular range in which when the market reaches there is either a breakout or a sentiment there, this will tell more on how we should expect on the two sides, for the market to go bearish or bullish all withing the range of $90,000 to $99,000 and this is also evident from the market trend if we look more closely on how it have been moving by this same pattern, we may continue in this for the rest of this month before any further breakout or resistance.

This thread is more about speculation than trading. It does not belong to trading discussion but speculation board instead. Bitcoin price right now is slightly above $96000. I am still doubting that bitcoin might make it to $99000 for now. But neither do I believe bitcoin will make it below $90000. The resistance that I see is more at $90000. If bitcoin fall further, it may make support at a price slightly below $90000. Then $88000. If the price of bitcoin fall more than this, bitcoin may continue to fall to $85000.

This correction in the last few days was to be expected after such a strong and sustained bullish run.  Its a natural part of the market cycle, and these pullbacks often present buying opportunities for long-term investors. The good thing is that the price has already almost recovered, and we are currently at 96,500 and that bullish sentiment remains strong.  That resistance area at $99,000 will not be able to hold for long and the supply will evaporate. $100k is just a matter of time.

Just a few days to end the month without reaching $100k yet, so hopefully it's by December we will test  $100k. Base on my analysis, I think the price will get rejected once more at the $99, 580 resistance level before it finally breaks through.

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At the moment, I just feel what we are seeing is correction of the recent bull run that was witnessed around the time of US election and the announcement of Trump as the waiting to be sworn in president. I expect a continuation of the bull trend even if the price touch $90,000. It is better to stay with the trend and I believe the price will go beyond $100,000 after Trump is sworn in next year.

December looks to be achievable on the $100k price mark but with what we have witnessed with the rising of price this past weeks,  the two days left to the end of November is armful enough to expect the price to break through the $99k  resistant point in the event of a positive market news within 48 hrs to december. Moreover we are still in the bull run.

Two days is actually enough for price to reach that target but yet it might not . Yesterday the price created a resistance at $97k and has not surpass it today and tomorrow it might still not pass $99k.

It's obvious that there is a big resistance at $100k, we are close to it though, but for now it seems that the price is a big psychological barrier so we will have to wait. Although I will say that the sentiments is still very bullish, but there are moments that we need to see some minor correction. It's not that bad to see those, I mean that's where smart investors comes in, when the price is at a decline. And so with that, it might take like 2 or 3 tries before we can finally see that $100k or higher. For now, it's hard to predict when we are going to see it. In the last 4 hours or so, we are in a decline again, after hitting like $97k, there is a sell off pushing the price to $95k. It could be worst if we see $90k, but then again, there are investors who are going to wait for it to happen before jumping in again.

Between up and down it is still unpredictable where the movement will go. $96,513 which was the opening price in December is a comparison to be used as a speculator. I still can't find a clear direction for the current price speculation because I monitor the graph is still stagnant at a price between $94700, $95,600 and $99,500. Maybe something will happen in December where the direction of the graph will run horizontally.

UPDATE ANALYSIS OF BITCOIN POTENTIAL TO EXPERIENCE CORRECTION More than a week BTC experienced sideaway after several attempts breakout Resistance/ath at the price of $99,000, BTC finally succeeded in breaking out to make a new Higher high or ATH, after the emergence of several good news, one of which was Donald Trump's appointment of Paul Atkins as the new Head of the SEC and it is clear that this good news had a significant impact on the increase current price of BTC, then if it continues to rally BTC will have the opportunity to catch up to the price at $112,000 Fibo point 2.618, if it succeeds in breaking out the possibility of a new ATH will be at the price $121,000. The second scenario is if Bitcoin falls to the price of $99,000, which was the previous point which has now become a support point after the breakout. If it successfully breaks through that support, it has a strong potential to reach a price of $93,000 and it is not impossible that the trend will change from UPTREND to DOWNTREND. PRICE ENTRY: High Risk = $98,000 Medium Risk = $93,000 Low Risk = $90,000 Every entry point I provide has the potential to increase by 3-7% Because of the potential for correction, I suggest maintaining Money Management to minimize risk. Disclaimer: DYOR!! Not recommended for Future Entry, only SPOT. All of this is my personal analysis, not taking analysis from other people, AT ALL.