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Author Topic: Where's the bottom of this drop  (Read 155 times)
Rubesmatic
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May 23, 2018, 01:50:35 PM
 #1

Anyone calling the bottom?  I can see this hitting 6500-7000 before reversing back to 9-10k, at this point I'm not sure if selling and re-buying on the following dip is best or if this will rally well past 10k.  getting antsy but being patient and adding on where I can.
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May 24, 2018, 10:01:23 AM
 #2

Anyone calling the bottom?  I can see this hitting 6500-7000 before reversing back to 9-10k, at this point I'm not sure if selling and re-buying on the following dip is best or if this will rally well past 10k.  getting antsy but being patient and adding on where I can.

I wouldn't really sell right now because prices are already so low. We're within $1k of the previous bottom of $6k, so it doesn't really make much sense to sell off now. Even if you time your trade perfectly, you probably wouldn't be able to make that much of a profit for the risk that you're taking.

I personally can see that we may go lower than $6k this time round, as the $6k support will get tested, and will potentially be broken as it is most likely not as strong as last time.

So being conservative, I'd say expect the floor to be anywhere around $4.5k-6k, which isn't that much lower than the current prices. But it could take some time and dips to get there, with adjustments along the way.

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May 24, 2018, 10:38:34 AM
 #3

once 6K is broken (which looks likely now), next will be around 3K.

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May 24, 2018, 11:10:40 AM
 #4

once 6K is broken (which looks likely now), next will be around 3K.
It doesn't look all that likely for the $6000 mark to break. After that we have a very strong base foundation above $5000 that will only break if the demand has plummeted to the bottom, which is unlikely.

It however does feel good to have fiat ready that I can use whenever I want. That's the direct advantage of buying smaller quantities per time, which if you distribute your funds properly, will allow you to buy the bottom.

My current buying schedule:

$7000-$6500 15% of my current capital.
$6500-$6000 15% of my current capital. (reaching these levels is the most realistic scenario I can think of right now).
$6000-$5500 20% of my current capital.
$5500-$5000 30% of my current capital.
$5000-$4500 20% of my current capital.

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May 24, 2018, 11:18:07 AM
 #5

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May 24, 2018, 11:23:11 AM
 #6

Anyone calling the bottom?  I can see this hitting 6500-7000 before reversing back to 9-10k, at this point I'm not sure if selling and re-buying on the following dip is best or if this will rally well past 10k.  getting antsy but being patient and adding on where I can.
Possibly around 6k to 5k bottom if for worst. But I'm  still hopefull that ot would not reach that drop to the bottom and will start to recover by the end of this month.
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May 24, 2018, 12:00:54 PM
 #7

This bitcoin drop can only be stopped once the manipulators are tired driving the price down.

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May 24, 2018, 12:03:06 PM
 #8

Everything above 6200-6500$ is ok in my opinion. If it somehow can drop below $6k, that would be just a failure.
I think that level of support won"t be broken and by mid summer we can expect the rate around $10k, but I have no idea when it'll be beaten.
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May 24, 2018, 12:16:23 PM
 #9

once 6K is broken (which looks likely now), next will be around 3K.
what do you mean dude? lol
although now prices continue to decline, but in my opinion the price will not touch $ 3000 instead the price will return the rally and will soon leave this bearish trend. haha you really absurd, dude!

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May 24, 2018, 12:24:58 PM
 #10

Anyone calling the bottom?  I can see this hitting 6500-7000 before reversing back to 9-10k, at this point I'm not sure if selling and re-buying on the following dip is best or if this will rally well past 10k.  getting antsy but being patient and adding on where I can.

The previous (double)bottom is $6500, so that will be the gauge. However, it seems that we are somewhat stabilizing around the $7200-$7300 range right now so I don't see it going below the $7000. So I would rather hold and not offloading today because we might see some reversals in the next 48 hours. Of course its always good to buy at any dip. I also have buying schedules at $7000 so lets see how it goes. Those negative news really put a lot of doubt on investors but this we have been in this situation and we know how to react.

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May 24, 2018, 12:26:48 PM
 #11

once 6K is broken (which looks likely now), next will be around 3K.
This is impossible in crypto market. Because all the coins are depends on bitcoin strategy so some problems are created in the market total market is collapse in future. This will recover again all the coins are going to moon in July or August I hope bitcoin is reach 20k USD in November so we must hold our investment is the right choice.

   
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May 24, 2018, 12:29:26 PM
 #12

Anyone calling the bottom?  I can see this hitting 6500-7000 before reversing back to 9-10k, at this point I'm not sure if selling and re-buying on the following dip is best or if this will rally well past 10k.  getting antsy but being patient and adding on where I can.

If the purpose is to increased the hold bitcoin on our stash then don't sell obviously and disregard the current price decrease that is happening now. And besides it's already on losses so bring it on and continue to challenge the risks. After all, the moment we put money on bitcoin, we are risking our money so just continue to hodl as we have lots of reasons to do that.

Of course hodl isn't enough so take advantage of the trend, gear up some extra ammos and add some additional quantities on our stash.

In the current price movement like this, this will test how traders or hodlers play with their strategies. Win or lose, it's on our own hands.

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May 24, 2018, 12:37:17 PM
 #13

The price drop is massive, none could have expected such a fall in very small time period. Also none is sure about the perfect reason for the price drop that has been continuing. Another thing is the price drop of altcoins along with bitcoin. Very few altcoins have got growth indicated with green mark while rest are declining continuously.

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May 24, 2018, 12:42:35 PM
 #14

I am hoping this $7300 floor holds up, it's being tested and dipped shortly under for just a second and bounced back. We just tested in right now and jumped $30+ in less than a minute after didn't break. A reversal is bound but when is the question.














 

 

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May 24, 2018, 01:18:52 PM
 #15

Currently there is a large wedge/flag forming, with a rising bottom and a falling top, over the past several months. Right now Bitcoin is near the bottom of the flag (the bottom being at about $6900 or $7000 and the top being close to $9000). The flag converges on a point in late July. Unless Bitcoin breaks down below the flag into the 6000s during this current Fall, it seems likely it'll go back near the top of the flag in the next few weeks, back to at least mid-8000s. Likely by the end of June it'll make some decisive move out of the flag, either below down to maybe 5000s or up back to test $10k, here's hoping for the latter!

So I think the bottom of this drop is around 7000, or we may have even got it this morning in the 7200s. Good chance if you're trading and buying in now to sell 10% higher in the next couple of weeks, though taking into account the possibility for it to break downward out of the flag. I'm just booking small profits above each of my buys in case it falls again.
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May 24, 2018, 01:19:58 PM
 #16

The price drop is massive, none could have expected such a fall in very small time period. Also none is sure about the perfect reason for the price drop that has been continuing. Another thing is the price drop of altcoins along with bitcoin. Very few altcoins have got growth indicated with green mark while rest are declining continuously.

Drop was instant and sudden, more massive fall than this happened earlier. So won't say it massive. The reason is known by people very rarely, nowadays. I guess the pumpers are absent or not available at the moment.
I guess it may go to 7000 USD, slightly even lower this time. This is only hope, and casual claim from past movements as I have seen.

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May 24, 2018, 01:22:08 PM
 #17

once 6K is broken (which looks likely now), next will be around 3K.

I agree 3k would seem possible if we broke 6k, but there is massive resistance at 6600 which was tested 3 times in February and it held strong then, I'm guessing we're going to test that level. IF we would go below 6k then it's time to buy buy buy! At least for me.
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May 24, 2018, 01:28:31 PM
 #18

once 6K is broken (which looks likely now), next will be around 3K.

I agree 3k would seem possible if we broke 6k, but there is massive resistance at 6600 which was tested 3 times in February and it held strong then, I'm guessing we're going to test that level. IF we would go below 6k then it's time to buy buy buy! At least for me.

Last two 6K tests already exhausted a lot of buying power. I'd rather btc not test 6K again from here.
Anywhere near 6K this time market could easily break down by leveraged shorts pushing through the floor collapsing the whole structure -  which will be very ugly..

I don't understand a lot of the replies above who think 3K is impossible. It's this kind of blind optimism the market will get rid of before we could see a genuine bull market again.




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May 24, 2018, 01:37:43 PM
 #19

once 6K is broken (which looks likely now), next will be around 3K.

I agree 3k would seem possible if we broke 6k, but there is massive resistance at 6600 which was tested 3 times in February and it held strong then, I'm guessing we're going to test that level. IF we would go below 6k then it's time to buy buy buy! At least for me.

Last two 6K tests already exhausted a lot of buying power. I'd rather btc not test 6K again from here.
Anywhere near 6K this time market could easily break down by leveraged shorts pushing through the floor collapsing the whole structure -  which will be very ugly..

I don't understand a lot of the replies above who think 3K is impossible. It's this kind of blind optimism the market will get rid of before we could see a genuine bull market again.


True, with bitcoin everything is possible and nothing is impossible Smiley And I agree with you that 3k wouldn't be so bad, only for short term maybe. But one should be in for long term, right? Lets shake out the weak hands.
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May 24, 2018, 01:42:07 PM
 #20

To be back on topic we might have seen the bottom at ~$7280 range and with that one hell of a spike and $7500 being built up higher and higher of a wall we meet be at a floor.














 

 

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