Analysis

[RoadTrain]

You'll never see 1000+ unless the artificial tps limit is lifted.

That is a bold statement. Quoted for posterity.

That didn't take much time to invalidate.

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[Equilux]

You'll never see 1000+ unless the artificial tps limit is lifted.

That is a bold statement. Quoted for posterity.

That didn't take much time to invalidate.

Nice to see some statements/users like this quoted

[boyshx]

holy shit woke up w bitfinex at 1005$ good thing i didn't sell anything.

[L0uis]

https://www.tradingview.com/chart/BTCUSD/fvhCAiH9-EW-development/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_publish

[CMMPro]

Thanks for coming by and giving us an update Masterluc.
As always greatly appreciated!

[Bimmerhead]

Does EW explain this bloodbath? L we really need to hear from you!

[masterluc]

retest of $1000 round number and broken green channel. nothing more so far.

[Joerii]

Thanks Luc.

We'll probably stay in the blue channel though, don't you think ? unless some kind of catastrophe happens, it seems like a little correction of the recent spike is just that ; a correction on the way up.

My idea : not very EW I think, but what you often see with resistance, if price bounces off the resistance level a few times and THEN breaks through; the move is even , more powerful. So when we do break $1200, it should be fireworks...

[masterluc]

and whats up with huobi? it has frozen numbers for 2+ hours.

[RoadTrain]

Huobi often freezes when there are strong moves. At least OKCoin is functional when this happens.

[podyx]

Idk man, this crash just doesn't look good.

[600watt]

Idk man, this crash just doesn't look good.

let´s just hope this wasn´t insider knowledge dumping. because the news must be very bad then.

[Joerii]

Guys, isn't this just a normal correction? Just some people taking profits ?

[molecular]

Guys, isn't this just a normal correction? Just some people taking profits ?

yeah, profit-taking plus some panic. I'd like to explain it that way, but the sheer size of the selloff fuels some fear that it might be something fundamental we don't yet know about.

It might also be "manipulation" in the sense that a break of the ATH had to be avoided at all cost and a sell-off was triggered by heavy shorting and/or pure selling of coins acquired earlier by adversaries with intention to harm bitcoin (or just simply market participants who want to move price their way). We've seen this happen before at critical points. On the other hand of course: critical points have much power, also to the downside if they are rejected. Market was extremely overbought, so this might just be market mechanics after all.

In the end it doesn't matter and this thing will just be a mere blip in bitcoins chart.

[Chainsaw]

Guys, isn't this just a normal correction? Just some people taking profits ?

yeah, profit-taking plus some panic. I'd like to explain it that way, but the sheer size of the selloff fuels some fear that it might be something fundamental we don't yet know about.

It might also be "manipulation" in the sense that a break of the ATH had to be avoided at all cost and a sell-off was triggered by heavy shorting and/or pure selling of coins acquired earlier by adversaries with intention to harm bitcoin (or just simply market participants who want to move price their way). We've seen this happen before at critical points. On the other hand of course: critical points have much power, also to the downside if they are rejected. Market was extremely overbought, so this might just be market mechanics after all.

In the end it doesn't matter and this thing will just be a mere blip in bitcoins chart.

^

[btcbeliever]

Guys, isn't this just a normal correction? Just some people taking profits ?

yeah, profit-taking plus some panic. I'd like to explain it that way, but the sheer size of the selloff fuels some fear that it might be something fundamental we don't yet know about.

It might also be "manipulation" in the sense that a break of the ATH had to be avoided at all cost and a sell-off was triggered by heavy shorting and/or pure selling of coins acquired earlier by adversaries with intention to harm bitcoin (or just simply market participants who want to move price their way). We've seen this happen before at critical points. On the other hand of course: critical points have much power, also to the downside if they are rejected. Market was extremely overbought, so this might just be market mechanics after all.

In the end it doesn't matter and this thing will just be a mere blip in bitcoins chart.

one possible theory: https://bitcointalk.org/index.php?topic=1740563.msg17410080#msg17410080

[hdbuck]

retest of $1000 round number and broken green channel. nothing more so far.

so are we forming the handle yet?

[wpalczynski]

Longs got crushed just below the Bitcorn ultimate ATHs in USD (1163 on Stamp and 1175 Finex).  It seems totally expected given the quick price rise of the last week coupled with the euphoria of approaching ATH, people went margin long.  Some whale(s) simply took advantage and made a killing.

IMO we will be back over 1k USD in a day or two and the Honey Badger will continue to do what it does best.

[TeeBone]

Thanks Luc.

We'll probably stay in the blue channel though, don't you think ? unless some kind of catastrophe happens, it seems like a little correction of the recent spike is just that ; a correction on the way up.

My idea : not very EW I think, but what you often see with resistance, if price bounces off the resistance level a few times and THEN breaks through; the move is even , more powerful. So when we do break $1200, it should be fireworks...

True. And there is often a "backtest" in other traditional markets (happens alot in gold). BTC hits 1400-1500, retest 1200, then explodes up.

[azguard]

Thanks Luc.

We'll probably stay in the blue channel though, don't you think ? unless some kind of catastrophe happens, it seems like a little correction of the recent spike is just that ; a correction on the way up.

My idea : not very EW I think, but what you often see with resistance, if price bounces off the resistance level a few times and THEN breaks through; the move is even , more powerful. So when we do break $1200, it should be fireworks...

True. And there is often a "backtest" in other traditional markets (happens alot in gold). BTC hits 1400-1500, retest 1200, then explodes up.

Right price almost recover to 1000 again and for next few days it will go steady, expect to explode by 20th this month and latter then we will have some big event that will be influencing the price change. I just hope this wont be backfired at the end.