[2019-01-29] Bitcoin Price Falls Below $3.4K On Downward Trend 'D-Day'

[ruthbabe]

The Bitcoin price continues to suffer as the week progresses, losing another 2 percent in USD terms to trade below $3400 January 29.

‘D-DAY’ FOR BITCOIN PRICE TREND?

Bitcoin’s 3-day losses now surpass 7 percent as analysts describe what they see as a decisive trading period which will determine the broader trend for BTC/USD $3422.11 -0.07%.

“Today is D-Day for down-trend confirmation,” analytics website Woobull creator Willy Woo wrote on Twitter late Monday.

Woo was monitoring accelerating Bitcoin trading volumes for a sign the market could break out of its slow downtrend. Asked at what price it could see an “ultimate low,” he suggested further losses of around 30 percent could still occur.

“The were a lot of coins bought in the $2200-$2800 range on the way up, I can concur this is the likely accumulation bottom, I’m picking in the price will settle lower part of this range,” he added in response to a query.

https://twitter.com/woonomic/status/1090078140880146432/photo/1

MARKET CAP SHEDS $3 BILLION IN 24 HOURS

Bitcoin has failed to hold support at $3500 but continues to trade within the $500 corridor predicted by various figures in recent months.

A slide to $2200 would still constitute a stronger performance than that predicted by fellow analyst and trading veteran Tone Vays in December, who warned Bitcoin could soon end up at $1300 or even lower.

For altcoins, the knock-on effect of Bitcoin’s fall was as usual more pronounced. Ethereum (ETH) currently trades at $104, its lowest price since December 20.

Both Stellar (XLM) and Binance Coin (BNB) have lost 10 percent in the past 24 hours alone, making them the worst performers in the top twenty cryptocurrencies by market cap.

The overall cryptocurrency market cap has now reached $111 billion, $3 billion less than a day earlier.

Market downturns have meanwhile failed to shake confidence in areas of the crypto industry, notably Bitcoin ATMs, which Bitcoinist reported continue to expand at an unprecedented rate this year.

Source:  BITCOINIST

[Betwrong]

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The overall cryptocurrency market cap has now reached $111 billion, $3 billion less than a day earlier.
~

And now it's over $113 billion again.

There are so many market analysts that inevitably some of them make right predictions only we never know in advance which ones are going to be true. I'm longing for the times when all of those analysts are treated as astrologers or as gamblers that won several times and share their "winning strategies" as if they cracked the code. They even try to sell their strategies in some cases. What a pitiful sight they are.

[Slow death]

“Today is D-Day for down-trend confirmation,” analytics website Woobull creator Willy Woo wrote on Twitter late Monday.

even if the price drop to  $1000 for example there are still many years ahead that can bring more institutional and private investors so that they make the price of bitcoin increase in price. So I think this “Today is D-Day for down-trend confirmation ” is something that people are already accustomed to, it's been months since only the price drops

“The were a lot of coins bought in the $2200-$2800 range on the way up, I can concur this is the likely accumulation bottom, I’m picking in the price will settle lower part of this range,” he added in response to a query.

when the price dropped to $6000 they said something similar and the price drop to $3150

[buwaytress]

even if the price drop to  $1000 for example there are still many years ahead that can bring more institutional and private investors so that they make the price of bitcoin increase in price. So I think this “Today is D-Day for down-trend confirmation ” is something that people are already accustomed to, it's been months since only the price drops

If ever there were a D-Day for Bitcoin, I would have had to say it was the day Ver's crew decided to split off. Not that I or most users actually thought this was going to decide the fate of Bitcoin - but the fact that many outside observers, including heavyweight mainstream media like the BBC, thought that this civil war was going to be the big determining factor, at least lent the event some weight.

You know, when you hyperbole a phrase too much like Woo seems to be doing a lot now, it loses meaning.

when the price dropped to $6000 they said something similar and the price drop to $3150

Yeah, the great period of consolidation they thought was proof they were right all along. All those TA predictions just taken out in one fell swoop.

[1Referee]

There are so many market analysts that inevitably some of them make right predictions only we never know in advance which ones are going to be true. I'm longing for the times when all of those analysts are treated as astrologers or as gamblers that won several times and share their "winning strategies" as if they cracked the code. They even try to sell their strategies in some cases. What a pitiful sight they are.

I call them Investopedia experts.

They see a pattern forming in Bitcoin's market, relate that to one of the articles they read on Investopedia, and immediately assume that's what will be happening, lol. It's so funny how all these experts can't follow the simple rules of a bear market and that the trend is your friend, and more importantly, that you don't bet against it.

It totally wouldn't surprise me if turns out that these entities are behind a lot of signal groups. It's so easy to set up a couple of these group and scoop up money from fools not knowing how to trade themselves. It's basically an easy way to spread risks; whenever one signal group turns out to be shit, purely based on luck, another one might be extremely profitable and that one will make people hardcore shill it and attract even more fools.

[joniboini]

It totally wouldn't surprise me if turns out that these entities are behind a lot of signal groups. It's so easy to set up a couple of these group and scoop up money from fools not knowing how to trade themselves. It's basically an easy way to spread risks; whenever one signal group turns out to be shit, purely based on luck, another one might be extremely profitable and that one will make people hardcore shill it and attract even more fools.

That's exactly what happened. Some of them even go to delete their previous wrong signal, steal others prediction/chart and forward a previous signal forcefully in order to prove that they're doing great. Luckily I never fall for their traps to buy premium member, even though I certainly made bad trades because of their calls lol.

[davis196]

Yet another fud article.The bitcoin price went down by 2% and they call it "D-Day".
Perhaps next time,when the bitcoin price does down by 1% or 0,5% the idiots would call it "Bitmageddon" or some other bullshit.

[veleten]

There are so many market analysts that inevitably some of them make right predictions only we never know in advance which ones are going to be true. I'm longing for the times when all of those analysts are treated as astrologers or as gamblers that won several times and share their "winning strategies" as if they cracked the code. They even try to sell their strategies in some cases. What a pitiful sight they are.

I call them Investopedia experts.

They see a pattern forming in Bitcoin's market, relate that to one of the articles they read on Investopedia, and immediately assume that's what will be happening, lol. It's so funny how all these experts can't follow the simple rules of a bear market and that the trend is your friend, and more importantly, that you don't bet against it.

It totally wouldn't surprise me if turns out that these entities are behind a lot of signal groups. It's so easy to set up a couple of these group and scoop up money from fools not knowing how to trade themselves. It's basically an easy way to spread risks; whenever one signal group turns out to be shit, purely based on luck, another one might be extremely profitable and that one will make people hardcore shill it and attract even more fools.

an interesting theory about the signal groups
I know for sure that many of the betting tipsters are using this shady startegy in sports betting to sell premium tips
i.e. create dozens of capper's accounts and then bet on the same events but different outcomes, then leave the ones that got lucky and got results in a row right
then just try to sell "premium tips" packages  , something on a larger scale could be happening here as well

[rider4]

I noticed that I had not listened to the words of analysts before, but now I understood that they were right. What we are seeing now was “prophetically” said earlier, just a lot of people rejected this information, and someone ignored it. In any case, do not you think that the market wants to return back to the most initial price? Maybe in order to rise from high speed again ??