Where is the bottom for BTC price? 6K, 5K or even lower?

[AICoin_Official]

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.



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

[bobo012]

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$

[sjefdeklerk]

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

[mike4001]

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.

[BrewMaster]

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!

[Slash61]

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   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.

[airdagon]

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.

[gatti]

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.



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

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.

[Inkdatar]

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 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.

[sindikat]

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.

[cryptocrusher]

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.

[Febo]

Where is the bottom for BTC price? 6K or 5K even lower?

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.

[jagdeepjd]

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.

[sjefdeklerk]

rather there are good news coming of adoption of technology everyday.

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

[DustyRah]

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.

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?

[dothebeats]

$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.

[DustyRah]

rather there are good news coming of adoption of technology everyday.

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

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

[ceferov]

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

[Apraksin]

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

[sjefdeklerk]

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

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