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Title: Crypto Market Update: BTC continues to drop lower, where next? Post by: cryptoadvocate on October 07, 2019, 02:11:45 AM Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.
https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19 Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: CryptoBry on October 08, 2019, 09:33:12 AM Judging from your published piece, Bitcoin can not yet be considered out of the woods with this pullback and today's little pump can be a preparation for another dip soon. Of course, we are all hoping for another course of action that Bitcoin will be taking but as always we have to get prepared for the "worst" though we know that a dip can always be an opportunity actually to make some money and that is why many traders and investors are maybe just waiting on the sideline looking for the best time to get back on the game. I am personally hoping that within a week or two, Bitcoin can be back and be moving upwards even just a little bit. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: SM23031997 on October 08, 2019, 09:56:42 AM Bitcoin price dip is good as it always brings new people to a new world. Whenever the price goes down, new people invest in it. That is ultimately good for it as we go a step closer to mass adoption.
Don't think about dip think about how many people it will bring into the digital currency era. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: el kaka22 on October 08, 2019, 03:00:19 PM Well, right now we can drop as much as to under 6k, I am not saying we will, but that seems like the first point of drop if the drop happens, then we can go further down but without going to 6k and staying there for a while we won't be going down to 5k or 4k directly, that is not happening.
So, if you feel like you want to put a stop loss and make sure you don't lose too much then you can literally just put a stop loss under 7.4k and the moment price reaches 7.4k you should sell and get out and wait because it will be under 7k very very quickly after that and even could go under 6k if panic sellers jump in. However, none of this means bitcoin will be going down, it could continue to go up and have a 10k+ price very soon as well, that is till the biggest possibility. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: error08 on October 08, 2019, 03:29:44 PM I'm heavily eyeing up the low $7,000's and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so.
I don't think it will happen in 48 hours, bitcoin will tank above $7,700 and $8,000 still the resistance point. Bitcoin may reach over $8500 in a couple of days. Especially with the hype of ETF approval by SEC, or probably not. You may want to consider this into your prediction. https://www.cnbc.com/2019/10/07/on-bitcoin-etf-approval-closer-than-weve-ever-been-says-bitwise.html Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: hugeblack on October 08, 2019, 04:30:21 PM I do not think that just posting and then asking others to visit your site is the goal of the forum, you should share some ideas.
Returning to the $ 7,000 barrier takes a lot of time. The price seems to have proven to be at the resistance levels of $ 8000. Even if we reach those levels, historically the price is rising rapidly. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: lionheart78 on October 08, 2019, 04:39:55 PM We have seen some recovery after that price fall. See this analysis: https://www.newsbtc.com/2019/10/08/bitcoin-price-btc-rebounding-but-8-5k-resistance-holds-key/.
https://www.newsbtc.com/wp-content/uploads/2019/10/Bitcoin-6.png (https://www.newsbtc.com/wp-content/uploads/2019/10/Bitcoin-6.png) Important Notes: Quote Bitcoin Price Analysis The pair even climbed above the $8,200 resistance and tested the $8,350 level. A swing high was formed near $8,348 and the price is currently correcting gains. It is trading towards the 23.6% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. It seems like there is a rising channel forming with support near the $8,200 level on the same chart. If there is a downside break below the channel support, the price could correct lower towards the $8,150 level. The main support on the downside is near the $8,050 level and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high is close to the $8,060 level to provide support. Therefore, dips towards the $8,050 level might find support in the near term. Any further declines could push the price towards $8,000 or the 61.8% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. On the upside, there are many hurdles near $8,350, $8,400 and $8,500. A successful close above the $8,500 resistance is must for the price to move into a positive zone. Technical indicators: Hourly MACD – The MACD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower towards the 60 level. Major Support Levels – $8,150 followed by $8,050. Major Resistance Levels – $8,350, $8,400 and $8,500. It seems BTC will be in the Average range of $8.2k for the next days until these support or resistance breaks. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: target on October 08, 2019, 05:29:17 PM If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these? Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: illyiller on October 08, 2019, 05:32:06 PM Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in. https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19 We're in a bear flag. These patterns usually break down, hence the name. We've already been in this range for 2 weeks, building up supply for another big move down. I was originally aiming for $7K but the longer we hang here, the lower we could potentially go. Sub-$6K is beginning to look possible. :-\ Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: figmentofmyass on October 08, 2019, 06:17:01 PM I don't think it will happen in 48 hours, bitcoin will tank above $7,700 and $8,000 still the resistance point. Bitcoin may reach over $8500 in a couple of days. Especially with the hype of ETF approval by SEC, or probably not. You may want to consider this into your prediction. https://www.cnbc.com/2019/10/07/on-bitcoin-etf-approval-closer-than-weve-ever-been-says-bitwise.html we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: bitbunnny on October 08, 2019, 07:12:04 PM If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these? Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: exstasie on October 08, 2019, 07:19:30 PM Quote I'm heavily eyeing up the low $7,000's and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so. That's the first support zone to watch. We've got the June monthly pivot and the 0.618 fib there. Knife catching there is dangerous though considering the momentum of the weekly downtrend. So the next zone to watch is the low-mid $6,000s. That's the apex of last year's triangle, the 0.705 fib, and the May monthly pivot. I have a high level of confidence that's the lowest we'll go. But worst case, the 200-week MA and 0.786 fib level should provide some serious price support. https://i.imgur.com/Gu65dIw.png Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: pooya87 on October 09, 2019, 05:03:40 AM what's up with people and the word "continue"? this is not the first time i see someone make this mistake. price dropped from $10k down to $8k on 24th and that whole thing took only one day. price has been down ever since with less than 5% fluctuations. you can't call that "continues to drop".
BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these? it is just you and what you are saying here is contradictory. if bitcoin were to drop then altcoins would drop harder so there is no point in buying them as it is pretty much a guaranteed dump. additionally if traders weer accumulating altcoins their prices should have gone up as their markets are so much smaller and their accumulation phases are short leading to fast pumps. but none of it is happening. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: sana54210 on October 09, 2019, 08:01:47 AM Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in. Majority of us have actually prepared our minds toward this drop already as we had already for seen this happen long time ago even when the price soared high to $13k, at that point, I knew that Bitcoin was already over bought, and there was possible means of it dropping back to $7k and since then, I have really not made much investment in Bitcoin until now that the prediction is finally becoming a reality.https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19 I believe too that based on some analysis that I have seen in the past in this forum,and also done personally that Bitcoin could drop low to $7k, so it is now that I am just making some investment which I believe that many people will also make any investment at the price, so I am really expectant of fomo buy at this price drop of Bitcoin now. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: posi on October 09, 2019, 08:17:31 AM If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these? Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Taskford on October 09, 2019, 09:25:03 AM If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these? Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear. I wonder where that info came from since I myself cannot see any good pump for the potential alts which is listed on top of market list, Maybe some of the traders are bag holding since they can't afford to lose on this current dump happening on the market and I can't see any point why we will go dump more deeper since at the first place there is a good indicator coming which can give huge contribution on upcoming pump. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: darkangel11 on October 09, 2019, 09:48:04 AM 2 days ago you wrote
Quote and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so How's that prediction looking for you? Mr. Bitcoin Bear put his bids at 7300 when we were at 7700 and bitcoin went up to 8200. I hope you weren't shorting with leverage :D We all learn at some point in time that Bitcoin doesn't give a fuck about TA. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: gantez on October 09, 2019, 12:04:47 PM Bitcoin doesn't give a fuck about TA. It doesn't respect any prediction, yes I'm yet to see bitcoin following with TA prediction. This is because it doesn't really work with economic indicators. It is a typical example of a free flowing market. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: timerland on October 09, 2019, 12:50:21 PM I could see Bitcoin getting stuck at around the 6,500 to 7,000 mark where the support from buyers would be enough to stop it from dropping further, but other then that, I don't see it going down a lot further, and a possible quick rebound back up to the 5 digit area is possible.
Me and a lot of my other trader friends are all saying we've set up buy walls or would buy BTC when it's below the 7,000 mark, and I'm assuming a lot of other people would as well. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: magneto on October 09, 2019, 01:03:53 PM Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in. https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19 Pretty accurate predictions actually. You called the rally in Chainlink as well, kudos. Resistance at $8.2k is still extremely strong, it doesn't seem like BTC will very easily break through that level at all. There is simply not enough bullish momentum to get us going anywhere near the 5 figure psychological level that would signal the resurgence of a bull market at the moment. I think that the more likely outcome is probably a dip below $8k, testing the $7.2k support that you speak of within your article. If that holds up we could see a very slow and stretched out recovery, and if not, there could be an extended period of bearishness. But I wouldn't be so quick to call this market right now a bear market, though. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: error08 on October 09, 2019, 01:10:03 PM we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 although we know the ETF proposal will be rejected again. If the market still stuck at this point for 7 days, the price will drop again for sure. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: gabbie2010 on October 09, 2019, 02:11:56 PM we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 although we know the ETF proposal will be rejected again. If the market still stuck at this point for 7 days, the price will drop again for sure. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: bryant.coleman on October 09, 2019, 03:14:02 PM IMO, the uncertainty surrounding Libra is having a negative impact upon the Bitcoin exchange rates. Some of the partners of Facebook who had earlier committed themselves to the Libra project has withdrawn and the proposed crypto-project from Facebook is facing a lot of opposition from the American lawmakers. It is not known whether they will be able to honor the timelines or not. If there is an official announcement from team Libra confirming either the postponement or abandonment of this project, then we can expect a bloodbath in the cryptocurrency market.
One of the reasons why Bitcoin rallied earlier this year was due to the hype surrounding Libra. The entry of a major corporation like Facebook in to the world of cryptocurrency was supposed to give some sort of legitimacy to the currencies such as Bitcoin and Ethereum. But now that looks uncertain and there is a very good chance that the exchange rate can plummet sharply. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: FanEagle on October 09, 2019, 03:36:28 PM Well, considering OP was expecting his 7000 to 7350 buy orders to be filled in the "next 48 hours" 2 days ago we can say that his bear call was for nothing and he turned out to be wrong. Now I am not saying he will always be wrong but that is what happened for this time only.
It means as you can see even the people who are really good at these kinds of stuff could turn out to be wrong in bitcoin world because it is not like the fiat markets which does what is expected of them. If you master forex you would be hardly ever wrong because it really does what it is expected (unless some president does something crazy, yes I am talking about Trump). So all in all we do expect a bear run soon but it may not be as soon as we imagined it would be, it may take some more time to come. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: error08 on October 10, 2019, 02:22:42 AM we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 And here we are, I even didn't check the market price for the last 12 hours but recently woke up, the price of bitcoin has reached $8600 and now sitting at $8550. Well, it might not correlate to ETFs at all, just the usual market movement to break the barrier instead of hold on the resistance level. The question; where it headed next? whether bitcoin will be stuck at $8500 for days, rise up over $9000, or get back to $8000. Need to check some TA analysis. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Kyraishi on October 10, 2019, 02:43:10 AM we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 And here we are, I even didn't check the market price for the last 12 hours but recently woke up, the price of bitcoin has reached $8600 and now sitting at $8550. Well, it might not correlate to ETFs at all, just the usual market movement to break the barrier instead of hold on the resistance level. The question; where it headed next? whether bitcoin will be stuck at $8500 for days, rise up over $9000, or get back to $8000. Need to check some TA analysis. I personally am bearish on the future and I don't think BTC will be able to hit anything above the 10,000 mark, and I think it'll end the year with a slight drop in price - maybe around the 6-7k mark. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Quidat on October 11, 2019, 04:18:16 PM we're gonna need more than that to turn this market around. ::) everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. (https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done) accordingly, the market stopped pumping off ETF hype like a year ago. Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 And here we are, I even didn't check the market price for the last 12 hours but recently woke up, the price of bitcoin has reached $8600 and now sitting at $8550. Well, it might not correlate to ETFs at all, just the usual market movement to break the barrier instead of hold on the resistance level. The question; where it headed next? whether bitcoin will be stuck at $8500 for days, rise up over $9000, or get back to $8000. Need to check some TA analysis. I personally am bearish on the future and I don't think BTC will be able to hit anything above the 10,000 mark, and I think it'll end the year with a slight drop in price - maybe around the 6-7k mark. able to see some small gains reaching on $8600 price and now we go down with -300$ which isnt bad for a typical day. Being bearish or bullish with bitcoin doesnt really matter because no one can know on what would happen on next months to come but im sure with upcoming halving event the price will somewhat increase yet there would really be a demand to that point. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: vintages on October 11, 2019, 06:59:01 PM Well, considering OP was expecting his 7000 to 7350 buy orders to be filled in the "next 48 hours" 2 days ago we can say that his bear call was for nothing and he turned out to be wrong. Now I am not saying he will always be wrong but that is what happened for this time only. This shows that the price can be super unpredictable this period and it might last like this till the month ending. As it keeps fluctuating every now and then, I won't even think of trading quick like most traders are doing now. Its just pure risky.Instead sacking up the wallet will be a better option. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: cryptoadvocate on October 14, 2019, 12:22:12 AM Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in. https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19 Pretty accurate predictions actually. You called the rally in Chainlink as well, kudos. Resistance at $8.2k is still extremely strong, it doesn't seem like BTC will very easily break through that level at all. There is simply not enough bullish momentum to get us going anywhere near the 5 figure psychological level that would signal the resurgence of a bull market at the moment. I think that the more likely outcome is probably a dip below $8k, testing the $7.2k support that you speak of within your article. If that holds up we could see a very slow and stretched out recovery, and if not, there could be an extended period of bearishness. But I wouldn't be so quick to call this market right now a bear market, though. Thank you Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: cryptoadvocate on October 14, 2019, 12:24:26 AM Well, considering OP was expecting his 7000 to 7350 buy orders to be filled in the "next 48 hours" 2 days ago we can say that his bear call was for nothing and he turned out to be wrong. Now I am not saying he will always be wrong but that is what happened for this time only. It means as you can see even the people who are really good at these kinds of stuff could turn out to be wrong in bitcoin world because it is not like the fiat markets which does what is expected of them. If you master forex you would be hardly ever wrong because it really does what it is expected (unless some president does something crazy, yes I am talking about Trump). So all in all we do expect a bear run soon but it may not be as soon as we imagined it would be, it may take some more time to come. Markets are never certain, I certainly communicate that in every post I write. I personally profited greatly, despite the jump in BTC price since my short orders were moved into profit. I mean I've called for low $7,000's since $12k and it got to $7,700 lol. Still think there's more downside, though I've described my conditions for when I'll consider flipping bullish in my latest post here: https://www.cryptoadvocate.net/post/bitcoin-weekly-update-10-13-2019 Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: BitHodler on October 14, 2019, 11:29:40 AM Still think there's more downside, though I've described my conditions for when I'll consider flipping bullish in my latest post here: We think similar. In all honesty, I really hope that we don't have to go through this, but looking at the chart and the overall bearish trend confirmation, it makes me believe that we have one big capitulation dump to go through.People are still too bullish and that concerns me---the sentiment whenever we bottom always has been very toxic where people were expecting much lower lows, and that's something we're missing here. Remember the sentiment when we hit $31xx? People were speculating about $2k or even sub $1k prices. That's when you know bags are empty and dumb money is planning to buy the dip that they expect will happen, but turns out to not happen. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Red-Apple on October 14, 2019, 11:48:13 AM the problem with bitcoin price is that you can never predict the sudden drops. what you can predict is the downtrends and uptrends but never the sudden movements.
what we had was a sudden drop which didn't even take a full day to get to the bottom of it! there is no way you could ever predict that. on top of that, calling this a downtrend and "continues to drop" is a bit odd to me. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: cryptoadvocate on October 14, 2019, 03:36:20 PM the problem with bitcoin price is that you can never predict the sudden drops. what you can predict is the downtrends and uptrends but never the sudden movements. what we had was a sudden drop which didn't even take a full day to get to the bottom of it! there is no way you could ever predict that. on top of that, calling this a downtrend and "continues to drop" is a bit odd to me. I don't think I agree. I'd been posting for a long time that I was anticipating a breakdown. No one's ever going to predict the day it will happen but I called for it and didn't waver from that call. As far as the suddenness... if price has bounced from the same level that many times, when it does give out it's going to be violent. The same thing with the 6k breakdown. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Wexnident on October 15, 2019, 01:52:38 PM the problem with bitcoin price is that you can never predict the sudden drops. what you can predict is the downtrends and uptrends but never the sudden movements. what we had was a sudden drop which didn't even take a full day to get to the bottom of it! there is no way you could ever predict that. on top of that, calling this a downtrend and "continues to drop" is a bit odd to me. I don't think I agree. I'd been posting for a long time that I was anticipating a breakdown. No one's ever going to predict the day it will happen but I called for it and didn't waver from that call. As far as the suddenness... if price has bounced from the same level that many times, when it does give out it's going to be violent. The same thing with the 6k breakdown. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: ardentvolcanoes on October 15, 2019, 01:57:49 PM I don't think I agree. I'd been posting for a long time that I was anticipating a breakdown. No one's ever going to predict the day it will happen but I called for it and didn't waver from that call. As far as the suddenness... if price has bounced from the same level that many times, when it does give out it's going to be violent. The same thing with the 6k breakdown. It's tough to accurately predict the next market trend even you succeed in your position but it will never happened all the time not unless you are a big bag holder(Whale) who can decide the direction according to the numbers of bag holds that you are storing inside your wallet. Market still unclear and it's all about opinions and good decision making to survive and continue to work inside the market. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Theb on October 15, 2019, 03:18:12 PM A week has past since this article was created and the market has proved his analysis wrong. I have to admit it that I just read his article now only to find out that I wasted my time, this wasn't an educated analysis at all and he only had used RSI as an indicator whoch he didn't even mention in the article. If you are reading the article now you might just see that it might just be FUD so that the OP will get the 7,000$ price he wanted.
Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: exstasie on October 15, 2019, 06:11:52 PM People are still too bullish and that concerns me---the sentiment whenever we bottom always has been very toxic where people were expecting much lower lows, and that's something we're missing here. We must be reading two different forums. People have gotten extremely bearish, widely proclaiming a bear market. Almost everyone is pointing to $6K, $5K, or lower. The fear and greed index has been consistently in "fear" or "extreme fear" for the past month. The only thing that bothers me is that long/short ratio hasn't reversed on Bitfinex. Longs never got squeezed out and shorts haven't piled on. Remember the sentiment when we hit $31xx? People were speculating about $2k or even sub $1k prices. Yeah but you're talking about the ultimate bottom of a long term bear market. Of course you'll see the most bearish sentiment possible. This time, we may only be in a short term pullback in a long term bull market. It won't feel the same. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: Pearls Before Swine on October 15, 2019, 06:17:23 PM There is simply not enough bullish momentum to get us going anywhere near the 5 figure psychological level that would signal the resurgence of a bull market at the moment. Right now there's no momentum at all, and bitcoin is fluctuating much like it did when it was in the $10,000 range just a month or two ago. And that 5 figure level you mentioned is what I and most bitcoiners are hoping for. It is much nicer to see it in the $10 k range than anything below that.I think that the more likely outcome is probably a dip below $8k, testing the $7.2k support that you speak of within your article. Ooooh, I hope we don't see $7200 anytime soon. I do have a feeling that when bitcoin starts to pick a direction it's going to be up. I really don't think its all that bearish in the market right now, just stagnant. Recall that when bitcoin hit $10,000 it had risen from somewhere in the $3000 range. Many traders probably made a lot of money and then cashed out, causing bitcoin to dip to where it is now. I think (and hope) that that previous bullishness will prevail again. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: cryptoadvocate on October 16, 2019, 03:06:04 AM A week has past since this article was created and the market has proved his analysis wrong. I have to admit it that I just read his article now only to find out that I wasted my time, this wasn't an educated analysis at all and he only had used RSI as an indicator whoch he didn't even mention in the article. If you are reading the article now you might just see that it might just be FUD so that the OP will get the 7,000$ price he wanted. How has it been proven wrong? The only thing wrong is that I expected lower within 48 hours; doesn't mean it still doesn't get there. Here we are back to $8100 after a brief rally. RSI is just something I keep an eye on for divergences, not really used. Title: Re: Crypto Market Update: BTC continues to drop lower, where next? Post by: error08 on October 16, 2019, 01:23:20 PM A week has past since this article was created and the market has proved his analysis wrong. I have to admit it that I just read his article now only to find out that I wasted my time, this wasn't an educated analysis at all and he only had used RSI as an indicator whoch he didn't even mention in the article. If you are reading the article now you might just see that it might just be FUD so that the OP will get the 7,000$ price he wanted. How has it been proven wrong? The only thing wrong is that I expected lower within 48 hours; doesn't mean it still doesn't get there. Here we are back to $8100 after a brief rally. RSI is just something I keep an eye on for divergences, not really used. Yes, it still doesn't get there, bitcoin still holds above $7700 support, the lowest price today was $7920 even though there is a strong-sell indicator on trading view, back to $8000 the moment. I'm aiming for a price lower than $7800 for weeks but bitcoin seems to persist until this point. Any thoughts where it headed next? Hold above $8000 or dip to $7700? |
