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Price dips again after testing MA 5 as we’ve also seen no support from volumes. Now that price chooses to keep going south, bearish sentiment will dominate for a bit longer.

As mentioned in my previous analysis, window for rallies will be opened every time price experiences a continuous slump, I believe we’re about to see another window very soon.

https://static.aicoinstorge.com/article/20180329/152232360933284.jpg

Besides, range for current downtrend is smaller than that of last round on daily chart, which also applies to range of rally, leading us to believe that if investors are becoming more and more cautious, a real bottom will be getting more and more closer.

I come to this conclusion based on the 3 reasons as below:

Firstly, both rallies and slumps are getting less positive, we’ve seen signs of bottom formation.

Secondly, lots of investors still believe price will slump to lower prices again, they’re waiting to buy in at $5,000, $4,000 even $3,000.

Lastly, volumes of OTC expand significantly, those possessing large quantities of BTC believe it’s favorable to collect chips at current level, psychological bottom of market is being built.

Therefore, downtrend will dominate the market in the short term, a minor rally is expected to be initiated if there’s another major slump ahead, range, however, will remain small as it’s capped by MA 5 on the upside.

Original by Kuang Ren, translated by AICoin Jami.

Full version: https://www.aicoin.net.cn/article/18935.html

Unfortunately there is a lot of money held by ICOs, and they are getting nervous right now. I dont see it bottoming yet. Hope i am wrong and we wont go under 5000$

If you look at the chart, then it's easy to see that the price target is the june/july level from last year, so about $2500

As we are loosing a couple of 100 USD each day now this is very much possible.

it is impossible to tell. the bottom may be the current price or it may be a lot lower than this but one thing is for sure, and that is the fact that it was proven that no amount of technical analysis can ever work on bitcoin otherwise it wouldn't have fallen this low in first place since everything was pointing in other direction not so long ago and also other times they have been predicting a lot lower than bitcoin ever got!

current situation A far cry from previous predictions and expectations. before this chaos occurs, we always predict the rise in bitcoin prices in this year and in the following years  ;D but now its predictions are turning!
to be honest, I want to immediately Beat it from this situation! my estimate, we will not touch the price of $ 5000.
we will soon start to move on to improve this. the lowest point of the price touches the most $ 6500, thankfully before touching that number we can immediately rise again.

this is just my opinion, the price will not go back down further. we should not Bent out of shape as it is today. the lowest point of the price will not be less than $ 6000, I believe that bitcoin will soon re-pump its price in the near future.

I don't think bitcoin will reach to 5000 or 6000$.If it happened,I will sell my house and buy bitcoin with all that money.Because I know the value of bitcoin,it will surely get back to 10,000$ atleast.So I will 100% profit from it.

I think it so, price of bitcoin could not go lower $5k this year. So many news that acquire bitcoin into went down price, however we can see again to increased as we did not expected it. It will pump so holding this time.

I think the bottom is below $ 6,000 because we've seen prices drop to that level this year. Perhaps now the price will fall again. But I'm ready for it. I'll wait for bitcoin to rise from the bottom. For me there is no difference 5K-8K dollars. It's not enough anyway. I won't sell coins below $ 15K. And for this I am ready to wait indefinitely.

While I'm not a big believer in TA it does have some merit and that's for showing support levels. There's a large support level at the previous bottom of approx 6k. If that falls the next two supports should be even stronger, these are at around 5.2k and then 4k. If the 4k support falls then it's all the way back to about $2500. I would say that all though in theory the support around 5k should be stronger than that at 6k it's unlikely to be if 6k does fall, just from the psychological point of view of breaking a previous low. For that reason I think the bottom is either 6k or 4k. I think 4k will prove too strong a support and it would also be in line with the 80% fall that people are looking to which we saw in 2014.

Price never stays at bottom fro long. It bounces up. $5000 Bitcoin bottom price is totally possible. I believe is possible way lover then that.  It can go under $4000 easily, but as I said it will not stay there for long. It woudl bounce back over $5000 in few days.

It is very hard to predict bottom at the moment. Market is tumbling for no reason basically there is no FUD news no banning crypto rather there are good news coming of adoption of technology everyday.
Its just manipulation goin on so no TA is gonna work to predict bottom.

Hmm, can you link a few of such examples please? AFAIK adaptation is fading every day. Less and less shops offer bitcoin.

Crypto advertising getting banned on Google and social media is not something to be taken lightly. Just imagine how would any company advertise if they loose these channels. That is severely affecting the price of crypto in general.

To understand the severity, can you give an example of something banned for advertisement on Google or Facebook other than crypto?

$6000 is today's psychological bottom, though what would happen next is completely unknown for most of us. Anyway, support is established @ $6000 at the moment of this writing, and several others @ $5500 and $4000 respectively. If these support levels were chomped by the constant selling pressure, then we'd likely find ourselves at the brink of $3000 or even lower. For now, most investors are surely being careful on what their next moves would be, seeing that there are no flashy buys or sells right now in the market, just that constant selling pressure from all directions. Another trip to $6000 seems to be very likely, though scary at the same time.

And you don't want to give examples of these less and less shops offering Bitcoin?

Thanks for great article. I also believe it will not go down from 6k. If it goes I think we can see 4k or lower

We ain't close to capitulation yet. Getting there though. I predict below 3000 $ before the longterm trend turns.

Well they've been all over the news. For example in my country, the netherlands, one of the main cities did an experiment where over  100 shop owners accepted bitcoin. The experiment failed because almost nobody used bitcoin and the shop owners didnt like it because of the volatility and costs: https://nos.nl/artikel/2210648-arnhem-even-geen-bitcoinstad-meer-transacties-zijn-te-duur.html

And while in 2016 5 of the top500 online retailers accepted bitcoin, that number dropped to 3 in 2017: https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower

wow, i had prepared for some bear power, but this was unexpected. okcoin quarterly futures just dropped to $4755! that's 31% lower than all the spot exchanges (even more at the extremes)....wtf happened?

i can't tell if a huge contract holder getting liquidated caused a cascade, or if something went very wrong with their order matching system. either way, the okex chart is completely rekt (https://twitter.com/lowstrife/status/979481657160773632). what a shitty day....

Bitcoin prices are currently experiencing bad conditions. But as always, there is always a wave-like condition, the price increases and decreases every time. So there will never be a clear benchmark to illustrate the price of Bitcoin. We will all decide the price of Bitcoin, when we believe in Bitcoin and continue to use Bitcoin for financial transactions every day it could be Bitcoin price will increase and when we start leaving Bitcoin so the volume of transactions decreases then it is certain Bitcoin price will also participate decreased .

I don't know where and what but i don't know what's the problem why it goes down for a moment. Despite of having a G20 nothing else that i could think of why it goes down. No matter what is the bottom price i do still believe at Bitcoin, and when there's dip meaning it could be a chance to buy more than less on a daytraders.

You scaried me.

I'm experiencing the same story right now, give me a hug.

Well, for short-term traders, I believe it's quite useful.

We'll see sub $3k by mid year for sure

When it was dumping from since the beginning of the year people were saying then we will be seeing it go back down to $3k.
So it is half way there right now.
All we can do is wait and see from this point on.
Nobody knows to be honest.

Perfect storm of 2017 is over..  the parents stopped the party & called the cops (IRS, SEC, etc, etc) on ICOs, exchanges, miners, and whatnot

Gox dump like vomit on carpet.. everyone leave


2018... Probably best to make money using crypto than speculate on price

Miners looking like baghodlers

Personally I had not expect this fall in the price of crypto currency.In a single day,the price of bitcoin reduce to 1000$ .This will be the one of crash occurred in the price of bitcoin in past few month and this will be red chart welcome to the beginner  to buy the valuable bitcoin at low price.

This is only a short term trend but it could combine with other trends.   In any case it can form a bottom price as part of a series of lowest prices.   Last channel bottom resulted in 8250 as seen on the left
Channel top would be 7000 but Im also watching long term trends I think could come into play.    Price never moves in one direction only, that would be free money for traders.   This is true in every market

https://i.imgur.com/sfydpEX.png

Maybe once the price down at $5000 maybe it will increase again. But actually we don't know what is the possible lower price of the bitcoin. But I hope the price will increase again and not decrease . Better you gonna do is to buy bitcoin and you hold it for few years and for sure you will make more profit. Don't sell your bitcoin so the price will become stable and it will increase again.

lots of investors are always waiting for some weird prices at all times. just like they were waiting for $50000 to sell their coins they are not waiting for $5000 to buy bitcoin. them waiting for it doesn't mean these prices will be reached and also them waiting for it doesn't mean they will act on it if the price was reached! it have seen multiple times that when the price drops, people who have been waiting for that price get greedy and wait some more just to waste a perfect opportunity.

The price of bitcoin I think can not be lower because currently no money source withdrawn from the market. Only bad news is fabricated and the market plummeted. I believe that bitcoin will soon increase in value. The support level of 6000 is very strong.

No idea where the bottom is going to be in the future. It's way too hard to predict.

For now it's going to stay at the $6k bottom that was previously discovered by the dump back in January. As someone else said, that is the psychological bottom for now. If that psychological bottom doesn't hold up and there are more panic dumps in the short term, we could see BTC crash down to lower level like $5k, $4k.

Anyways, I doubt that we're nearing the bottom yet. It's going to come with cycles of recoveries and then more dumps, but the general trend is definitely bearish for now. It seems improbable that this trend would stop right now as well, it's much more likely we see it play out throughout the year, and potentially find a bottom at around low $3k's.

3 more months to go, we'll see by that time.

Personally, 3K is way too low, for those believing BTC, that price will sound like a free gift, some investors may want to sell their house to buy BTC instead.

It may be just a matter of time before the support at 6K is digested. Panic chips need to be forced out by testing 5K, then it will fly to the moon.

It'll be rolled back. Check their Twitter here: https://support.okex.com/hc/en-us/articles/360002279012

Me too. The situation will not be that bad, in April everything will return to orbit. Whales are creating psychological panic for everyone.

True, but really this is also brought about by the recent Mt.Gox liquidation. The  price is bring brought down because of the increased supply in bitcoins going back into the market. The bitcoins that were frozen and thought to be burned because it remained in stored for a long time has resurfaced and is causing the price to go down.

there is no bottom ,be patience ,come back 2 tears later ,it will hit ATH and go higher and higher again

BTC is now above $7k once again. Next week could potentially start with a pretty sizeable pump, before further bearish movements.

For now, $6k seems to be the bottom.

If we take 2013-14 as an example, prices went as low as $200 and bottomed out there after the big pump. Of course it's not fully the same as 2017's pump since we now see a lot more long term holders that won't sell out easily, but it should be around the same for every bubble.

It took just over 1 year for BTC to go from its then ATH of around $1200, to under $200. So I think it's safe to say that most of this year will be bearish for sure. The exact bottom can't be predicted, but probably is going to be around 20% of the ATH, so I'd say around $4000 will be the bottom. Anything below $5k is going to really be seen as a steal for BTC investors when the bull market comes around again.

True, but doesn't mean that it won't happen. Just like how $20k was obviously an extremely good time to sell, but most people missed it waiting for the next pump. Same thing goes for dumps.

It will be an excellent opportunity to accumulate cheap bitcoins while the market is in panic mode. But when the market is fully bearish, you never know when it's going to bottom out and often, the prices will undershoot it's real final bottom before crawling back up. Looking at the dump right now markets seem to be recovering again back up to $7000, a huge psychological barrier since $6000 was the support in January. There is a chance that this dump will be one of the lowest prices we'll see, but honestly i don't see that happening with the climate being so bearish. If there comes another dump it could well take BTC's market cap down below the $100 billion psychological barrier. Again, that would mean prices close to $3k ultimately.

That's just my opinion though, i don't think that $3k is too low for a bottom. But heck, if prices do go that low, I would buy in with all the fiat I've got left ;)

we just need time to recover all the losses, the storm must have passed! this situation Catch lots of one's eyes! we must be sure that bitcoin will immediately pump the price back and reverse the situation as it was. many people assume that this is the way of death, but I do not think like that. I will keep holding it until the price recovers. to be honest, I am also now facing huge losses, but I try to face it calmly, so panic does not come to me.

why would anyone want to lose this awesome opportunity that is being provided to use NOW and ignore it to come back 2 "years" later?
instead of hiding under the bed it is best to start making plans on how and when you want to buy bitcoin before the price starts rising back up again. the when is important though because you always want to be as close to the bottom as possible.

I think so that btc prices are already low at 7k and this should be its last level of falling before it finally start rising up. We have seen in past few days how after bottoming at 7k it rises above till 9k and people are making the most of it.

Thus this time too one has a good opportunity to make some money.

The bottom of bitcoin is in our minds. I believe that many people do not have the money to buy a large number of bitcoins but stop selling their coins in our power. It seems to me that large speculators from wall street have entered the market now and they buy large sums of coins to establish full control over bitcoin. The appearance of futures it was the first signal.

I think for the lowest it looks like $6k, and it will not be down till to $5k. Well, maybe because I'm still believe it will recover slowly. So many predictions are confusing me, which obviously I just remain optimistic and keep doing some things to earn some profit that's not just investing only.

I see the strongest support level of bitcoin prices at $ 6000 but if when touching the price the sales pressure is still stronger than the pressure of purchase then it could be the decline of bitcoin will continue let alone death cross closer and possibly the worst could happen. We better take advantage of this decline and wait for a good momentum to reenter the market and buy bitcoin.

MtGox closure was the main reason the price went down that much, which at that point was well justified considering the central position of that exchange. Currently there is nothing that even hints at a similar scenario. People just need to calm down and get themselves toghether, because it's just stupid to keep selling the market down all the way to the bottom. If you didn't sell at +$15,000, +$10,000, what's the point of selling right now? ::)

It wasn't all that long ago where people said to instantly buy as soon as the price falls back to sub $10,000 levels, and now we're there, people sell instead of buying. This once again shows how people's targets are as volatile as the market itself is. Once we're six or so months away from now, people will create threads asking whether or not it's a good time to buy at the $12,000 level.

First purchase came in just under $6700 today, looking forward to buy more at lower levels.

I think the bottom will not go lower to $5k this time. Yes so many predictions but no one can gives an accurate price actually. However, the same I believe bitcoin price may slowly recovering in time and let's hope their is a good news that can lift up the price.

Now bitcoin more a little bit around $ 6,800 - $ 7,100. But now situation the price is drop, some investors is panic and sell their bitcoin.
I sure bitcoin not drop down below $ 6,000. Bitcoin price lower is not temporary it will rise and shine again in the future.
So the bottom bitcoin price for me is $ 6,000.

If we look at the price of bitcoin since the start of this year, it went down 6k and then go up again. This week, it went down 6k again and went up back. So i think there's a strong resistance to go deeper than 6k.

As you can see, price is getting close to 6K agian, will you buy in this time?

Actually, we've heard a lot of application of blockchain or other coins, price remains weak in action, is there another reason for the drop?

It's hard to tell, with bitcoin everything is possible but at this moment I don't think that the price will go under 6000$.
But below 6000$ or not now it's the good time to buy, it's investment for the future. Just don't panic, this leads to nowhere.

Heres the same chart again after its bounced from channel bottom.  This is just a trend lately, longer term trends go back to 2017

https://i.imgur.com/E4icN9n.png

Right now its a question of volume of selling now vs previous price volume.  Certain areas have a better chance of holding a price as being a more significant area.   For example round number figures are usually called out as important, this is just an easy concept to grasp but since price varies in every different country its not as true as the graph levels.

OMG, these charts change so fast that you never know what will happen the next moment.I suppose that Bitcoin will not fall so low, and it will recover soon.

I don't think that it's going to go lower than $4000.

A lot of long term holders will definitely start to go into buy mode because the price would just be so cheap then compared to the all time high for them to get more coins. The support at $4000 is going to be pretty strong, and as a result that should be the bottom.

We haven't seen BTC really go down under $6500 either, meaning that even support at this level is strong and there is a ton of buyers. I would hold for now.

It seems the down trend is over ,as we see the price now is gradually increasing which is from $6500 it's now back again to $7100, so perhaps that both value is the bottom ' cause there's still a strong support on that stage , as we noticed the price can't go further and it always pump back.

I think it's only 6K since we haven't gone to 5K yet this year and as i noticed, bitcoin seems to rise when in gets 6K dip. The graph also shows that it continues to fall and we can't just really tell if it will go down further or it will start to reverse now.

It is not possible for anyone to tell the exact future of the king of the crypto currencies or that of other coins. There is not only one factor that is controlling the prices of the crypto market, the biggest hindrance in predicting the future graph of bitcoin is that numerous factors are influencing the market rates of the coin. The support from people, the supply of bitcoin, the demand of the people and so on.

The bottom price of BTC is $0.00. Yesterdays price of around $6600 was the lowest it would get this year, from here forward it'll just keep going up. Also, the price won't start going up over $10,000 until may. You've heard it here first, folks. ;D

I tend to agree that $6,000 is the bottom (but not 0  :P), however, it is risky to keep seeing bitcoin price fluctuating around $6900. I wonder know the ones selling their coins right now are they crazy? They could earn so much by buying then selling again @ +$10k.

Well, technically, $0 is the bottom, you can't go any lower than that lol. Well, I've sold my at around $7,500 and bought back at $6,800. Not much, but still something. ;D Why at $10,000, price will be going further than that in 2-3 months. :P

Now the bitcoin price is recovering and it will fluctuate to high value now.If you have a doubt,just hold your bitcoin and check after  a week.Don't sell the valuable bitcoin at low price by considering the minor price crash.In future you will feel for the panic selling.To avoid this,just hold your bitcoin.

Yeah, I don't think that it would drop below this since many are still supporting it at this value. I'm expecting a rise in its value quite soon as this lower value had already attracted many of the investors towards it. Additionally, I think it will soon gain some momentum and rise up without getting lower any further...

There is no bottom or upper price for Bitcoin. The price of Bitcoin is derived from different factors and no one knows what it is and no one can predict as well. I think compared to the past trends the current price is the bottom price for this year and the price may shoot up from tomorrow post Easter holidays. More people may cashed out their Bitcoins for Easter spending's is my guess for Bitcoin price down this week.

Lol. We've seen people say this when the price was 10k. That it won't go below 9 or 8k because of strong support. The thing is, we should probably expect for the worst all the time to prepare ourselves. We're still well within the bear market at the moment and would probably be here the rest of the month so hitting lower isn't a remote possibility

The bottom price of BTC should be around 5k which is the price it costs for the miners to produce one coin. If it drops any lower they themselves will start buying bitcoins cause they have invested millions in mining equipment and they cant afford to have the price drop any lower.

So in my opinion unless something tremendous negatively happens (like governments suddenly banning crypto globally) the BTC price will never drop under 5000$.

Bitcoin is a survivor and we know that. In the past, it had successfully beaten such crisis, so this is nothing new or tough for it. Prices will definitely be soon on recovery mode since the support of bitcoin is not decreasing at all. Even some people are expecting to lower more in prices so that they can buy it at the cheapest possible rate. For sure, the prices will shoot up in the end of this year.

You can conclude already that it's 6,000$ that represents the bottom price of bitcoin this year. I even thought that it will go down 5,000$ mark and thanks goodness that i decided to buy a chunk of it at 6,000$ before it went up again.

The market need to decide if it go up to 8000 and form a double bottom, or if it keeps going down straight to 1000.

Theres no more line of support. Is 8000 or nothing. Its double bottom or a bear year.

Remember when it was below 5k and how much time it did take to breach it on the way up. Its the same now with 6k.

The miners are already at a loss, according to this site: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4730&HashingUnit=GH%2Fs&PowerConsumption=1293&CostPerkWh=0.12&MiningPoolFee=1

Hope for the best, prepare for the worst.

I hope that after a great fall Bitcoin will start to grow, faster and faster. I doubt very much that big players will let it fall lower than 5 thousand.

The price that Bitcoin will not go below is around 6000$. There are some movements up and down but the chart is showing us supportline at that price.

I continue to see the price of bitcoin overvalued, so I am convinced that there is still enough space for the fall to be maintained consistently for the following weeks.

Drawing a line with the levels of support observed throughout 2015 and 2016, I also believe that a more realistic bitcoin price at this time should be closer to $3,000 than to $10,000.