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Author Topic: Oh My God, What Happened to Bitcoin?  (Read 149 times)
almersyn
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June 12, 2018, 04:51:10 PM
 #21

Yesterday, Coinrail, a south Korean trading platform, suffered a cyber intrusion that caused bitcoin prices to fall. And the decline was the highest in three months. (about 50 percent).

For me, Cryptocurrency is an amazing thing, which has changed so quickly that we can only make a rough guess by K chart analysis.

https://twitter.com/Coinrail_Korea/status/1005650529773486080

Bitcoin has a strong short position and it is aiming to push prices down to a low of $6,000 in February 2018. As you can see from the picture, the bitcoin bearish signal is still strong.
Within a week or two, bitcoin prices could fall below $6,000, and over the next 48 hours the BTC could bounce back slightly to $7,000 to $7240, before falling further.

Only if the daily closing price is above the 10MA (at $7500) can the bearish be stopped.

https://cdn-images-1.medium.com/max/1400/1*_imsHEcoajsc_tK8z4fzeQ.png
Disclaimer: This article is not meant to constitute trading/investment advice. Please use extreme caution when trading any cryptocurrency.


If you have different opinions, you can reply after reading.
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I am very sad with the current Bitcoin price. Because Bitcoin continues to decline without the movement of price increases. This makes investors sad and afraid to invest in cryptocurrency
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June 13, 2018, 10:06:42 AM
 #22

Was it even the coinrail hack that really made all the differenc, though? Sure, it could have been a reason for prices going down a bit in the short term, but definitely not the root cause of why the decline has sustained for so long.

It's just a bear market. These bull and bear markets always happen in cycles, and obviously with 2017 being an extremely strong year in terms of price increases, it's no surprise that 2018's market sentiment turns bearish as a correction.

Anyways, I think that a price below $6k in the short run is expected, but I don't see why prices would all of a sudden be guaranteed to bounce back to $7.2k at this stage, especially if bitcoin does breach the support at $6k. Markets are going to be sluggish for sure, though.

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June 13, 2018, 10:16:57 AM
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Was it even the coinrail hack that really made all the differenc, though? Sure, it could have been a reason for prices going down a bit in the short term, but definitely not the root cause of why the decline has sustained for so long.

It's just a bear market. These bull and bear markets always happen in cycles, and obviously with 2017 being an extremely strong year in terms of price increases, it's no surprise that 2018's market sentiment turns bearish as a correction.

Anyways, I think that a price below $6k in the short run is expected, but I don't see why prices would all of a sudden be guaranteed to bounce back to $7.2k at this stage, especially if bitcoin does breach the support at $6k. Markets are going to be sluggish for sure, though.
It seems to me that there is no regularity in the cryptocurrency market. Cyclicity is a consequence of speculative actions. In order to maintain interest in the cryptocurrency, they periodically turn on the pump and warm up the interest of investors. Maybe we are now seeing how bitcoin is losing its investment attractiveness and becomes an asset with a stable price.
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