Topped out at another 0.618 Fib Retracement.

[Astargath]

Yet again like the past lower highs we topped out right about the 0.618 fib retracement.



You can see it happening here as well :



And here



We broke it by a few dollars and then immediately after the rejection the downtrend followed. 

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[1Referee]

Did you come to this conclusion before or after having watched Alessio Rastani's analysis in one of his recent youtube videos pointing at the exact same thing?

Either way, it was quite predictable to expect a minor correction with how this market hasn't been doing anything other than marking lower highs this years. If nothing changes, then we'll see that the next lower high will yet again mark itself below the previous one, and that might be somewhere in the range of $6600-$6700 or maybe even lower.

The only way to break local highs is to have seasonality kick in next month, and based on the last couple of years, the chances are pretty high that we might see some sort of a rally.

[cellard]

Im watching $6333 right now as the next resistance (by Bitstamp prices) and then $6000. If the $6000 line gets broken, but quickly bought up again above it, im going to start giving the "bitcoin will not go below the mining cost of one bitcoin" theory a lot of credit. I mean look at the charts and realize how many times we've been through this already, and it refuses to break down into $4900 which should be the next support line. It just gets bought up again. The more times this happen the stronger this theory gets as people aren't going to risk missing each bottom which could be the last. So if we don't go $4900 soon im calling a bottom and we are going to ATH.

[Astargath]

Did you come to this conclusion before or after having watched Alessio Rastani's analysis in one of his recent youtube videos pointing at the exact same thing?

Either way, it was quite predictable to expect a minor correction with how this market hasn't been doing anything other than marking lower highs this years. If nothing changes, then we'll see that the next lower high will yet again mark itself below the previous one, and that might be somewhere in the range of $6600-$6700 or maybe even lower.

The only way to break local highs is to have seasonality kick in next month, and based on the last couple of years, the chances are pretty high that we might see some sort of a rally.

Shhhhhhhhhhhh don't give away my secrets. Well I don't know it was looking better this time, specially after that big dip that was bought back, TheChartGuys on youtube pointed out to bots buying all the dips automatically. It seems that in the end the strength wasn't there.

Im watching $6333 right now as the next resistance (by Bitstamp prices) and then $6000. If the $6000 line gets broken, but quickly bought up again above it, im going to start giving the "bitcoin will not go below the mining cost of one bitcoin" theory a lot of credit. I mean look at the charts and realize how many times we've been through this already, and it refuses to break down into $4900 which should be the next support line. It just gets bought up again. The more times this happen the stronger this theory gets as people aren't going to risk missing each bottom which could be the last. So if we don't go $4900 soon im calling a bottom and we are going to ATH.

True, each time we form a lower high the bottom is still pretty much the same and we are also closer and closer to break the last higher low because it's closer to the bottom each time.

[crairezx20]

This is just another ETF decline but according to SEC "The SEC won’t approve an ETF until there’s significant development "
That is why they are always trying to offer ETF's until SEC decide to approve it.
Well, this is just a normal fall so it won't break the support at $6k and possibly the price of bitcoin can recovery back as soon as another event coming.

[BitHodler]

This is just another ETF decline

I'm pretty sure that all the ETF speculation is no longer affecting the market, and if you think logically, the price is already at a point at which every possible negative event is calculated in.

Another thing is that when speculation around a certain event becomes predictable, which it has been recently, it won't work anymore because people will try to time it, and when that happens, say goodbye to price action.

I'm happy actually that this happened, especially with how the market has long enough been affected by the SEC, which is ridiculous. I hope they enjoyed playing the market, but it's over.

[Astargath]

This is just another ETF decline

I'm pretty sure that all the ETF speculation is no longer affecting the market, and if you think logically, the price is already at a point at which every possible negative event is calculated in.

Another thing is that when speculation around a certain event becomes predictable, which it has been recently, it won't work anymore because people will try to time it, and when that happens, say goodbye to price action.

I'm happy actually that this happened, especially with how the market has long enough been affected by the SEC, which is ridiculous. I hope they enjoyed playing the market, but it's over.

Yes, it wasn't ETF for sure this time. As you said most people already know ETF's are unlikely anyways and a delay is not even negative, it's seen now more as neutral or positive even. FUD has always been a part of this market, if SEC can't do it anymore, something else will.

[Jating]

This is just another ETF decline but according to SEC "The SEC won’t approve an ETF until there’s significant development "

The postponed was already history. We have seen people bought a lot after the postponement news so I don't think that the current pull back now something to do with SEC.

That is why they are always trying to offer ETF's until SEC decide to approve it.
Well, this is just a normal fall so it won't break the support at $6k and possibly the price of bitcoin can recovery back as soon as another event coming.

Yes, we can call this normal as we have seen traps being set by whales and manipulators. They just decided to cash it out in the last couple of days and nothing more. After this downward trend, they will push it back again. Rinse and repeat. Players will be players and they have set the rules.