Bottom of BTC descending channel is 3000$?

[BTCballa]

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/

Actually we can never know that because there are some supporting levels on bitcoins price that we know about but it is already going through $6,000 and lower so nobody is confident in the bottom point.

[Lanatsa]

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/

Basing on the technical analysis that 3k price would be the last strong support which would possibly we would heading but currently seeing on bitcoins price it do still plays on 6k support and wont tend to go deep even more which is good but still we might see the probability of a breakout so its still not sure that we will not go down into that price because there are rumors that before institutional money would set in they would plan for that cheap price entry.

[atrocityx]

This is true from a TA standpoint but I'm just not buying it.. bitfinex basically determines market price, and the only way you're gonna get even in the 4000's range is everyone will have to capitulate out of their long positions and go short.. as soon as that happens whales who've been manipulating will make an epic short squeeze to wreck everyone.  I just think the fundamentals of whats going on with who determines price is a lot more of a solid foundation to make decisions on right now over the charts.   Hold out for 3k if you want but I just don't see it.

[tesla80]

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 promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

[atrocityx]

I doubt that this pattern will happen. Although in TA, I most likely look into the pattern so I can speculate what could it be in the next days in succession but 6k is like the solid floor now of Bitcoin this year. It should have dipped to 3k already before since Bitcoin was playing around that price before, but it didn't. The bulls are kinda in resistance for these that's why it is staying flat in 6k most of the time. If there will be case that this will be the price next, then I'll hoard on it.

Yeah I agree.. its clear that the people manipulating price with these extreme bart candles intend to keep the price stable atleast with bitcoin over the next 2 months waiting for ETF decision.. but know a flash crash down to 3-4k would send us further down the rabbit hole of bear market (maybe even as long or bad as 2014-2015).. I believe the millionaires out there that can actually move the price, know whats best for the long-term and tiptoeing that edge of getting the most out of their position in bart candle shorts and longs margined, but also the common sense enough to not spiral sentiment further.

[CryptoGuro1]

I used to follow magicpoop, I have to say he gets a lot of crap from other "traders" on his charts, but to be far during our rise in April/May I think it was, when everyone and their mother was saying "bear is over" he stuck to his guns and said it was not over yet, so fair play to him, his calls are good.

[manggis97]

I seen demand of BTC now is increase and we can see it from BTC dominance more than 53% in crypto  market.  I think the price of BTC really according to fundamental  analysis.  And the bottomed of BTC price we will know after decision of Bitcoin ETF on 30 of september.  If Bitcoin ETF denied the price can be go lower to $5000 and if approved will be bull run to 10 times more.

[cryptothreads]

I seen demand of BTC now is increase and we can see it from BTC dominance more than 53% in crypto  market.  I think the price of BTC really according to fundamental  analysis.  And the bottomed of BTC price we will know after decision of Bitcoin ETF on 30 of september.  If Bitcoin ETF denied the price can be go lower to $5000 and if approved will be bull run to 10 times more.

I am sure this fund will invest in this market and we should have good hopes for the future of Cryptocurrency. I think the ETF's investment fund is huge and they want to invest in this market but are having a lot of obstruction from the SEC. I hope the SEC should have a better view of this market as it may be the future of the world in the future

[Oasisman]

I promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

What if it will never drop to $3000? And then Bitcoin price suddenly pump up to $30,000 in December lol. 
Im just kidding anyway, but there were cases like this where people didnt buy during the dip because theyre waiting for the targeted bottom price. 
On the other hand, when Bitcoin hits $3k, I guess ETH would sit at $50 or worst and majority of the alts will have their all time low.

[Kavallo]

I am happy that my thread is getting so much attention and it is very interesting to read all the posts since this is giving a good picture of the overall mood and opinions.
Regarding one argument which has been made that the whales don't use TA to decide their moves, this is true on one side but incorrect all the same. It is true that they don't take decisions based upon TA, but they still time their actions according to TA so that they can better manipulate the market. This his how they can better setup bulltraps, beartraps and short and long squeezes.

[drmasa]

I promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

I would buy if it fall to 5000$  but there would be needed some really cataclysmic end of the world news to come to that, literally impossible!

[Fenixsfeather]

Looks like bitcoins course has jumped from the bottom in 6000$. Course has stopped in 6300 and what will happen later is a good question.

[shulio]

It is not important where the bottom is. When we will see a new ATH is more important.

[bohr]

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 think that you are right when you say many people are letting their personal feelings interfere with their analysis, but a bottom of 3000 dollars? That is too low, we will need another panic to see that price and the question is what could cause that panic? Even if the SEC did not gave to us a positive outcome at worst we are going to see  prices below 5500.

[TheUltraElite]

I used to follow magicpoop, I have to say he gets a lot of crap from other "traders" on his charts, but to be far during our rise in April/May I think it was, when everyone and their mother was saying "bear is over" he stuck to his guns and said it was not over yet, so fair play to him, his calls are good.

Be careful following any trader. Most of the trades posted there will be given after they have completed that trade so you wont actually be able to "Copy-trade" them. Rather you can analyse and try to find out why they did that trade or the motive behind the trade - whether it was for a short term gain or a long term hodl.

It is not important where the bottom is. When we will see a new ATH is more important.

Both of them are important. The ATL in a short period of time is the point where new traders are going to come in and fill the market. Then the ATH is the point where most people exit the market. Its important to watch the market cap during these times even though it is highly manipulated to get an idea of the amount of cash coming in or going out.

[darkangel11]

I doubt that this pattern will happen. Although in TA, I most likely look into the pattern so I can speculate what could it be in the next days in succession but 6k is like the solid floor now of Bitcoin this year. It should have dipped to 3k already before since Bitcoin was playing around that price before, but it didn't. The bulls are kinda in resistance for these that's why it is staying flat in 6k most of the time. If there will be case that this will be the price next, then I'll hoard on it.

Yeah I agree.. its clear that the people manipulating price with these extreme bart candles intend to keep the price stable atleast with bitcoin over the next 2 months waiting for ETF decision.. but know a flash crash down to 3-4k would send us further down the rabbit hole of bear market (maybe even as long or bad as 2014-2015).. I believe the millionaires out there that can actually move the price, know whats best for the long-term and tiptoeing that edge of getting the most out of their position in bart candle shorts and longs margined, but also the common sense enough to not spiral sentiment further.

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015. The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months. IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

[TheUltraElite]

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015.

It wont happen, at least for now. The drop happened till 5995 USD and then umped back to buying pressure and now bitcoin is over 6.3k USD at the time of writing this post. Bulls are ready to buy back whenever the drop happens and happens significantly. Its not a surprise that people had buy orders set at 5.9 K USD mark and they got filled in at that time.

The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months.

What also changed is the mainstreaming of crypto and crypto related topics. Almost every 1 out of 3 internet public are now talking about ICOs, bitcoin, ethereum and all. This was not the same in 2016.

IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

Pure market sentiment would push it back everytime it went down. Simple observation.

[1Referee]

It wont happen, at least for now. The drop happened till 5995 USD and then umped back to buying pressure and now bitcoin is over 6.3k USD at the time of writing this post. Bulls are ready to buy back whenever the drop happens and happens significantly. Its not a surprise that people had buy orders set at 5.9 K USD mark and they got filled in at that time.

The only thing that's holding Bitcoin up is false hope that the SEC's decision next month might be positive for the ecosystem. It was somewhat predictable that $5800 wouldn't break, and in the same way the increase in the runup to the deadline is predictable as well.

If the SEC rejects the ETF, which I really hope they do because it's technically rejected already (postponing = rejection), we'll see how the market reacts to that and how much support is left around the $5800 level. I honestly believe that we'll see $5000 in that scenario and it's great for the market with how it could be seen as one of the last shakeoffs below $10,000.

[sheenshane]

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 think that you are right when you say many people are letting their personal feelings interfere with their analysis, but a bottom of 3000 dollars? That is too low, we will need another panic to see that price and the question is what could cause that panic? Even if the SEC did not gave to us a positive outcome at worst we are going to see  prices below 5500.

You are right a bottom of 3,000 dollars is too low, I think this price now at 6,000 dollars is already at the bottom(IMO)
I saw right now the price of the bitcoin in the market starting pumping up, how much more if SEC will be approved ETF I'm sure the demand will less that make bitcoin will bounce back and ready to hit again the price of 20,000 dollars in the market.

But still, there are some panic sellers that make market worst through their weaknesses in holding coins.

[tesla80]

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015.

It wont happen, at least for now. The drop happened till 5995 USD and then umped back to buying pressure and now bitcoin is over 6.3k USD at the time of writing this post. Bulls are ready to buy back whenever the drop happens and happens significantly. Its not a surprise that people had buy orders set at 5.9 K USD mark and they got filled in at that time.

The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months.

What also changed is the mainstreaming of crypto and crypto related topics. Almost every 1 out of 3 internet public are now talking about ICOs, bitcoin, ethereum and all. This was not the same in 2016.

IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

Pure market sentiment would push it back everytime it went down. Simple observation.

The bottom most probably could be 4500 - 4800$. But 3000$ seems not highly possible. But this market can make everything possible.