Bottom of BTC descending channel is 3000$?

[aoihs00]

I have see this kind of technical analysis all the time in the forum and people have put forth many detailed graphs like that one. I guess these analysis will never work because understand this, "Crypto is many times dependent on fundamentals rather than technical stuff". This is completely different world from the stocks, forex etc. and you can imagine that by seeing how fluctuating the market we are in and how it create versatile graphs each time. No theories can explain properly what is going to come in the future so dont bother yourself with such analysis.

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[Pursuer]

no the bottom of the bitcoin descending channels was $6000 which was reached and everything has been over for a while now. although the drama continues and we even see massive dumps (like yesterday) on the market trying to push the price lower below that mark but they all fail and price of bitcoin stays above $6000 with a strong buy support behind it.
we have already bounced off that mark for at least 4 or 5 times now. it can not be broken that easily. it requires some horrifying news or millions of dollars dumped every hour for 1 whole day at least to break it.

[Siminarota]

BTC will never be reduced to that level, it is my experience now BTC is increasing again, is now $ 6300

[minairia3]

This is psychological bottom. But the last support would be the $5900 and if that collapse it would be down to that up to hell. But it won't be deeper than $2k and the support in $3k is significantly great. Who knows what's going to happen after this. A rally for sure.

[cryptic4000]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

If Bitcoin achieves this price, the Cryptocurrency era may end sooner this year and I do not want that to happen this year. If Bitcoin drops to $ 3000, people will definitely leave this market and whales will never let that happen. I believe that Bitcoin prices will increase in September and everyone should be more patient because the ETF is bound to enter the market.

[dsaijz03]

If you ask me a lot of stuff about bitcoin's evolution is illogical nowadays.

I don't think it wil fall under 5k this year as this level was tested across the year and nothing happened, it always bounced back.

I would buy BTC at this level anyday. Also, once the big players will be able to trade BTC, I would see a big spike in it's evolution.

I agree with you. Bitcoin will never fall back below $5k the demand and the whole bitcoin market is always bouncing back after a big roll back of it’s price. This current market of bitcoin is like bull that stomping its feet and ready to run, and it always happen almost every year. As for my investment i’l patiently wait until it go up and reach my set target sell.

[Katewind]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

If Bitcoin achieves this price, the Cryptocurrency era may end sooner this year and I do not want that to happen this year. If Bitcoin drops to $ 3000, people will definitely leave this market and whales will never let that happen. I believe that Bitcoin prices will increase in September and everyone should be more patient because the ETF is bound to enter the market.

yes, it's right . Never be down under 5000$ I'm sure at this time and it's trending to 8000$ or 9000$ in this september .

[diger]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

No analysts are normal!!Everyone says their assumptions ,I can also say bitcoin will be a million tomorrow, but how much is it true ? I am sure the market is ruled by very large and influential people,and they are not one billion will earn on hamsters, waiting !!

[LogitechMouse]

I doubt that this will happen but I am not completely forgetting that fact that this may happen anytime. If this will happen then it will. I think more buyers will step up when the price is at below $6k and more if it will go at $5k. Going to $3k is not impossible but it has a low probability that this will happen.

I think for me, it will not go below $5k and when the SEC accepts the ETF already, it will be the start of the rise of bitcoin and other cryptocurrencies. Just a speculation .

[Tytanowy Janusz]

no the bottom of the bitcoin descending channels was $6000 which was reached and everything has been over for a while now. although the drama continues and we even see massive dumps (like yesterday) on the market trying to push the price lower below that mark but they all fail and price of bitcoin stays above $6000 with a strong buy support behind it.
we have already bounced off that mark for at least 4 or 5 times now. it can not be broken that easily. it requires some horrifying news or millions of dollars dumped every hour for 1 whole day at least to break it.

Hello Pursuer. I Think that this support is not that strong and 1-2 touches more and it will break. Investors willing to buy at those levels already bought and didnt earn anything since february. It makes them less confidence and perhaps most of them has stoploses at 5500 price.



Looks like bitcoin but it is silver in 2012



Thats how it ends - touching support too manny time each time with less confidence and smaller bounce. I think that BTC will dump to 4,5k if noone will stop it with huge capital (oposit to your statement that big capital needs to be put to dump below support) or if big news will appear and save BTC(like ETF case). Dumping below 6k can be also done by finalizing MT GOX case by selling all its BTC (we are close to september where court will decide whats with its coins)

From september 2013 to september 2014 there is also stong support that looks the same but in smaller scale. Weaker bounce every touch and finnaly break.

[hugeblack]

has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on

As you mentioned in your topic, they have predicted that point, it's just guessing that anyone can give a number but it's hard to find true predictions "because of an unstable market" so you do not care about it.

There is no so-called "logical bottom" but "market bottom," it is impossible to predict the price of bitcoin mathematically, the market is determined it by the peaks and bottoms.

The news largely controls the mood of the market, I'm not saying it's impossible to get to that point but the market is far away from the $ 3000 barrier.

Again it's predictions *do not bother it*. "Focus on the news"

[thichtieuthuong]

Only a few days ago, we were discussing bitcoin prices during the uptrend. Now, after a recent rebound, analysts are predicting a major depreciation of the bitcoin. It is unpredictable for the BTC market.'' Bloomberg analyst Mike McGlone believes that the bitcoin will drop to an average of $ 4,000 last year''. For me think the bottom of the BTC will be $ 5000k because in recent times the BTC prices have changed too much and will only be low. Only $ 5000k and BTC only in the price range of over $ 6000k. Maybe this is the lowest price and prepare to grow at a terrible rate.

[audaciousbeing]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

I always enjoy to watch predictions such as this getting shamed in the long run however, there is some good in it in that it tries to prepare peoples mind about what is to come in case it takes a huge deep and you begin to panic. In the spirit of that, I didn't see the price getting to such bottom the worse I see happening is $4000 before an uprising would happen to push it a little bit higher. Currently what the market is seeing is some mindful skepticism of both the buyers and seller in other not to lose out with in profit or incurring enormous loss.

[coinscircle]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

I believe that the bitcoin price can completely fall to the $ 3000 mark and may even be much lower than the market situation at the moment. You can see that the bitcoin price is fluctuating constantly and it is difficult to predict the market is in the dowtrend stage so we can not know when the bitcoin price will be able to decrease, so you should only trade on bitcoin to reduce the risk.

[r1a2y3m4]

I think so. It's probably the worst scenario to think of. That is the worst of them all but let's just pray for it not to happen. May God help bitcoin.

[BlueStackz]

BTC will never be reduced to that level, it is my experience now BTC is increasing again, is now $ 6300

This is insane. The tough time was in June when the market was down and the price fully unstable. Bitcoin maintained its price and did not allow to fall below $6000 and there were falls below this value as well but the falls got recovered within hours.

This means that it might not be possible for Bitcoin to loose such a big value and despite staying down so long; it is in the phase of recovery right now. There have been speculations about the rise in the value and it will rise soon till the end of the year.

[Hiltohen]

has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on

As you mentioned in your topic, they have predicted that point, it's just guessing that anyone can give a number but it's hard to find true predictions "because of an unstable market" so you do not care about it.

There is no so-called "logical bottom" but "market bottom," it is impossible to predict the price of bitcoin mathematically, the market is determined it by the peaks and bottoms.

The news largely controls the mood of the market, I'm not saying it's impossible to get to that point but the market is far away from the $ 3000 barrier.

Again it's predictions *do not bother it*. "Focus on the news"

I support you in your words. Nobody can really predict the peak value of dump or pump phase. Bitcoin is the most unpredictable asset that I have come across in my whole life. Just because we have few facts and past year statistics does not mean we can come up with the almost accurate future prices of this coin. At most, all we can tell is the duration of any phase.

[nl247]

I have see this kind of technical analysis all the time in the forum and people have put forth many detailed graphs like that one. I guess these analysis will never work because understand this, "Crypto is many times dependent on fundamentals rather than technical stuff". This is completely different world from the stocks, forex etc. and you can imagine that by seeing how fluctuating the market we are in and how it create versatile graphs each time. No theories can explain properly what is going to come in the future so dont bother yourself with such analysis.

Are you really sure about that? There are so many times that the movement of bitcoin and the general crypto space has failed fundamentally. Sure, we have not gotten some pretty huge news for a while now that could skyrocket the market, but at least we have heard some pleasing ones that still had the possibility of bringing some ease to the market, but it just seems the bear market won't just stop.

Nevertheless, with respect to you saying technical analysis fails, no it does not. I have been using TA for a while now on bitcoin and some top cryptocurrencies with good volume and it has been fine with me. What a lot of people always fail to understand is that in any market, you cannot just 100% depend on your analysis coming through, and which is why the stop loss should be as active as buying into the market based on your signals. With this, at least, 80% of the time, I have made the right call technically.

[TheUltraElite]

I think so. It's probably the worst scenario to think of. That is the worst of them all but let's just pray for it not to happen. May God help bitcoin.

God? LOL
Only time will help bitcoin. If you are dumb enough to believe in people's made up rumors and FUD then you will also think that bitcoin is a shitcoin. While if you are experienced trader you would look into the 3-4year charts of bitcoin and make predictions on where the bear market might end. I was thinking it might touch 5k USD yesterday but seems like as soon as the 5990 USD figure touched there has been a buying run on bitcoin and the price is now +10% around 6.3k USD.

Dont listen to FUD makers dude. Listen to the market cap and the movements.

[BTCLovingDude]

one thing that i have found out about TA is that you can always draw your lines in a way to hit any price that you want. but that doesn't make it right. in case of bitcoin, there is no descending channel. there is a strong bottom instead which is not being broken so far.
the only way it will go below $6k at this point is if ETF is rejected or some other bad news comes out. not to mention that we might see a rise to something like $8k before the ETF rejection and that can only bring it back down to $6k again so we may not even see lower prices ever!