Monday correction TA - Head and Shoulders pointing to 6600 target

[zby]

For a few days the rally was losing limpet, correction is not surprising here.

[thejaytiesto]

We've broken the $7000 resistance point, let's see if it holds but we may test $6700. I just wonder if this is natural ups and downs at a technical level or highly influenced by the segwit2x hardfork. I think we would be much higher if the segwit2x nonsense wasn't looming on the horizon in a couple of days. Everyone is looking forward to get a perfect short, a lot will fuck up and lose BTC in the process, I may just hold it, it's not going to go lower enough for me to be scared about prices below entry points anyway.

[Denker]

That's a good and healthy correction. Let's see how low it will go.
6500-6600 seems possible imo. After that maybe another short push near to actual ATH and then 1-3 days before fork we will go down big.
I expect to test 5000 again to be honest.

[batang_bitcoin]

Heads up it started to climb again at $7,100 so everything's fine. And I missed the $6,600? I'm seen the price get lower only at $6,900 so what I'm feeling right now was quite relieved. And I'm going to go to sleep later with smile on my face, not worrying about tomorrow as the correction has been done successfully. 

I expect to test 5000 again to be honest.

No please, don't tell it we're heading up again so let's chill bro, chill.  

[Krikke]

It's ok to let off some steam... new people are still getting to know BTC. Also the uncertainty of the fork is working here now, if it does not come some traders will be disappointed to not get extra coins. It is still going strong, now in the 3rd Elliot wave, still 2 to go if history repeats!

[Lonsdayl]

GOLDMAN SUCHS predicted price close to $ 8,000. I believe that firstly will be great correction before segwit2x and the great rally again.

[Reatim]

Heads up it started to climb again at $7,100 so everything's fine. And I missed the $6,600? I'm seen the price get lower only at $6,900 so what I'm feeling right now was quite relieved. And I'm going to go to sleep later with smile on my face, not worrying about tomorrow as the correction has been done successfully. 

I expect to test 5000 again to be honest.

No please, don't tell it we're heading up again so let's chill bro, chill.  

Well I did see it goes below $7000 but I didn't get worried. Then I refresh my screen and see it going up to $7100. Its really tough not to sell and cash out at $7300-$7500. I even think of cashing out some of my coins and take easy profit. But I say I don't want to and still hold on my coins after segwit2x and see where will it goes. I think the max we can test is $6500, and I really thought we are heading on that direction, fortunately the market regains again.

[batang_bitcoin]

Heads up it started to climb again at $7,100 so everything's fine. And I missed the $6,600? I'm seen the price get lower only at $6,900 so what I'm feeling right now was quite relieved. And I'm going to go to sleep later with smile on my face, not worrying about tomorrow as the correction has been done successfully. 

I expect to test 5000 again to be honest.

No please, don't tell it we're heading up again so let's chill bro, chill.  

Well I did see it goes below $7000 but I didn't get worried. Then I refresh my screen and see it going up to $7100. Its really tough not to sell and cash out at $7300-$7500. I even think of cashing out some of my coins and take easy profit. But I say I don't want to and still hold on my coins after segwit2x and see where will it goes. I think the max we can test is $6500, and I really thought we are heading on that direction, fortunately the market regains again.

I'm in different state mate, I knew it that this will come but it hurts me to see the price of bitcoin getting low again. Though it's not that really low, I'm just expecting more of $7,500 so with this correction it was giving me some fear that it will take time again to see $8,000 as a new ATH. Just like what happened before as we are entering $4,000 it was a tough one before crossing that mark.

[tomahawk9]

Predictable and completely normal. A heavy correction is what the market needed, these past few weeks hitting altmost a new ATH every 3 days were insane, so it's good to finally see a pullback.
I'm thinking we're going to reach the $6100-$6500 window to buy cheap coins, so everyone get ready.

[player514]

Predictable and completely normal. A heavy correction is what the market needed, these past few weeks hitting altmost a new ATH every 3 days were insane, so it's good to finally see a pullback.
I'm thinking we're going to reach the $6100-$6500 window to buy cheap coins, so everyone get ready.

I agree with where you spot your limit. I think we won't go under 6000, because a lot of people are trying to hop back into bitcoin at around that 6000 dollar mark. I'm not sure if we'll see more of a drop right after that fork coming up, though. If I had to guess, I'd say that it's very possible that we could drop sub 6000 in that time. After that, however, I think we will rise back.

[Fatunad]

For a few days the rally was losing limpet, correction is not surprising here.

Its already anticipated and a nice catch for that head and shoulder pattern which do really signifies later on a correction on the price which isnt really surprising yet the price is playing up on above 7k ranges which i do expect that it would really correct anytime soon.This is why we should sell out into this ranges specially when we are already on profits.Just buyback later when we do hit up lesser prices.This is why its too risky to buy bitcoin as of now because it is still on peak prices.Just wait a little bit more before we do get in.

[Alns]

this is probably going to happen, but $6600 is not, it is a very low amount of money and i dont see it possible for now, a lot of time those charts are wrong and they are not able to predict anything, because the price is constantly moved by whales and there is no way to change that, because we all know that this is really happening, and now that bitcoin is having more impact, a lot of financial entities are trying to do the same.
So yes, maybe it can have a little correction, but not that much in order to reach $6600.

[teilwalL05]

this is probably going to happen, but $6600 is not, it is a very low amount of money and i dont see it possible for now, a lot of time those charts are wrong and they are not able to predict anything, because the price is constantly moved by whales and there is no way to change that, because we all know that this is really happening, and now that bitcoin is having more impact, a lot of financial entities are trying to do the same.
So yes, maybe it can have a little correction, but not that much in order to reach $6600.

We can not say something about the final price of bitcoin leading to the Hard Fork for now, I really think it just dip to get it's momentum to get back up again and in my opinion it would still reach the $7600 before the Fork occur, but let's just say everybody here including me could be wrong and it can really drop up to the $5900 or more but I am getting exaggerated about that cause we are in a good position right now that the price can reach another All time high.

[fabiorem]

I guess the floor is now $7000.

[talkbitcoin]

i agree with the correction thing but not the bottom. you can not predict the bottom, specially not with Technical Analysis. i have seen too many of these TAs that i have lost faith in them all.

specifically the Head and Shoulders thing. there was even a popular (but dumb) one around a couple of months back where people drew a line between 2013's top and this years top and called upon the imminent drop down which never came!

[buwaytress]

i agree with the correction thing but not the bottom. you can not predict the bottom, specially not with Technical Analysis. i have seen too many of these TAs that i have lost faith in them all.

specifically the Head and Shoulders thing. there was even a popular (but dumb) one around a couple of months back where people drew a line between 2013's top and this years top and called upon the imminent drop down which never came!

Anyone would agree with the correction, but I've been agreeing with it since the $4k mark, and any correction hasn't been able to outlive a week since. But technical analysis is absolutely a very loose guideline here and by no means indicative, which is something we should have learnt by now with Bitcoin. I have been overestimating Bitcoin's bottom for what seems like a long time now, but I suppose one must remember that it has only been a matter of months and there's all that steam from the bull run to run out of before price stabilises... or will it ever?

H&S has to be the most overused - and most proven wrong - in this forum. I even see it being used on 15-min charts.