Oh My God, What Happened to Bitcoin?

[CRYPTO EVEREST]

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.


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https://cdn-images-1.medium.com/max/600/1*_jFTlp3DrOG6E3vWnQ8fJQ.jpeg

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[First77]

This is second time Bitcoin will fall below $6000. Gold and Silver stored in vaults are more safer investments than a computer generated asset which can be hacked/stolen online.

It is not easy to carry 10 kilos. Whereas electronic transfer/hacking just needs a button.

[wilburwilbur]

Multiple unwanted events and dumps is what caused the decline of bitcoin's price. But take note that bitcoin is volatile so you are right. If bitcoin can decline in a short period of time then it can spring back in a short period of time.
Sadly i read about what happened in south korea. Ughh i was about to withdraw and before withdrawing i was shocked with the price so i decided to HODL

[CryptoSifus]

Tone Vays is calling for a draw back to $4500 range. I’m sceptical it will go that far. I think most people are sheep and they follow the lead of whatever “authority” deems itself to be in charge of their thinking.
Oh, hey! We’re government and we’re gonna regulate... blah blah blah.
The “authority” knows it’s over. It’s in its decline and we need to do more to wake people up. Crypto is the platform for a new global society. Unregulated, free market cooperative.
We need to ignore the fud and walk the new path we are creating without being influenced by an archaic and evil enslavement system.
It’s awesome how irrelevant banks and governments are once you take control of your own money supply.

[Arafat01775]

Nothing to happen with bitcoin everything will be okay . Don't be hopeless dear bro .

[Marcommaso]

Seeing at hystory of BTC, it is characterized by cycle of rise and dump in price. Right now we are in a dump phase, with a price pretty high anyway. The 20000 reach in January isn't a reference value in my opinion, because its reached in the peak of an investment bubble.

[Johnyz]

Seeing at hystory of BTC, it is characterized by cycle of rise and dump in price. Right now we are in a dump phase, with a price pretty high anyway. The 20000 reach in January isn't a reference value in my opinion, because its reached in the peak of an investment bubble.

Definitely right, this is the trend of bitcoin for so many years and yet a lot of people are still scared. Don't panic even you heard a lot of negative news about cryptocurrency because bitcoin will bounce and make people more happy again. This is not forever dump, a technology like this will deserve to be on top.

[Reid]

Looks like they love ICO's more that bitcoin.
Too many money that is invested within it and I think that is also one factor of a slow dump of bitcoin.

They want faster profits and they want it for a cheaper price. ICO's are their way now. I bet a larger percentage of bitcoin investors have already withdrawn for it.

[Abete]

what's going on with bitcoin ?, i'll keep it quiet until that time will prove. there is no point in getting disappointed with the current bitcoin prices. what matters is how we continue to survive to love bitcoin as the world's No.1 digital currency

[conanmori]

Nothing special happening the same old days Bitcoin with   low price at mid year then triple on end year. Being dissapointed with the current price won't do anything I more say its a chance to buy in low.

[gabmen]

Seeing at hystory of BTC, it is characterized by cycle of rise and dump in price. Right now we are in a dump phase, with a price pretty high anyway. The 20000 reach in January isn't a reference value in my opinion, because its reached in the peak of an investment bubble.

Definitely right, this is the trend of bitcoin for so many years and yet a lot of people are still scared. Don't panic even you heard a lot of negative news about cryptocurrency because bitcoin will bounce and make people more happy again. This is not forever dump, a technology like this will deserve to be on top.

It's likely because bitcoin and crypto awareness swelled during that 2017 pump where you hear bitcoin all over the news when it was breaking ath on a consistent basis. Many people haven't experienced yet drastic declines in value that has been happening ever since.

[reactorjuno]

The crash of Bitcoin has little to do with Coinrail in my humble opinion. Coinrail is not a big platform. The crash is happening because the trend has been down since January, and I believe the trend will be down until the end of the year.
Don't sell now though, because there will be bumps again, just to try to make money by trading. It's not that difficult to do lately because trends are quite easy to forecast. Best of luck.

[domasal]

The hack at Coinrail is very annoying and happened at exactly the wrong time. Crypto is already bleeding and these hackers and trying to run it into the ground. Can hackers lay off a bit until the markets have recovered!

[Boldmaxx]

 The conrail attack is another evidence that blockchain technology has not grow into a level of absolute maturity. The platform can't avoid incident like this as it continues to grow likewise the effect on the market generally. Bitcoin will bounce back, and when it does, those that fail to take the advantage of this price dip will rue their decision. 

[hexline11]

Bitcoin is at a great danger and it is a serious matter to be discussed. I hope bitcoin can recover and will able to solve the problem in no time.

[sindikat]

The conrail attack is another evidence that blockchain technology has not grow into a level of absolute maturity. The platform can't avoid incident like this as it continues to grow likewise the effect on the market generally. Bitcoin will bounce back, and when it does, those that fail to take the advantage of this price dip will rue their decision. 

I don't agree with you. In order to protect the exchange from hacking does not need a lot of resources. You just have to want to. I'm sure the exchanges themselves are to blame for their assets being stolen. Perhaps some employees of the exchange or their managers are involved in this. Over time, there will be exchanges that value their reputation. It takes time for that to happen. This business is still very young.

[Mymikagab]

there's nothing to scare bitcoin is rolling sometimes they up sometimes they down.You are just surprised at the sudden increase,so bitcoin likes to be surprised us.so nothing to worry,dont loose hope everythings gonna be good.What you should do is trust bitcoin

[The KGB]

Just take as reference the entire forum, you will clearly see that it is full of FUD and that is the main reason of why everything is being  dumped now..

[RawDog]

Nothing to happen with bitcoin everything will be okay . Don't be hopeless dear bro .

Bitcorn is shit now.  Total shit.  Damn think is broken.

[ErlindaBit]

I am quite calm by facing this situation. Although this is a very sharp price decline. But I can not possibly sell in a situation like this, just get a big loss if I sell it right now. So basically, I want you to hold Bitcoin in the present situation.