Bitcoin At $3,000 Looks “Symmetrical” To $20,000 Top, Reversal Possible

[LeGaulois]

We could go lower than the $3,000 line, somewhere about $2k-$2.5k is surely a possible scenario for the short term. Anyone heard about the issues the exchanges are facing with the lack of liquidity due to the "dead market"? Another major fall is more realistic than a "possible reversal"

Very true, but as those $2k-$2.5k levels are in talks, I only see a big dump incoming which would take it there and back up to $3k just to prove many of these predictions wrong and as well make a fortune for shorts who're into leveraging over this since $6k. I also see that the demand had surged down gradually after BTC reached these heartbroken levels and even though it's dirt cheap, nobody is interested in buying it. The volumes last year for buying were higher than now and this shows lack of interest and purchasing power of a common man to purchase this super risky asset. Probably, they're waiting for something we call "bottom" and accumulations will start once it reaches those levels in talks as fear has been spread a lot and everyone has been brainwashed about no chances of BTC going back up. It's the word of mouth mostly that gives value to almost anything, and due to having a very bitter experience with Bitcoins, many would just speak negative and othersher will remain quiet in the hope of getting their coins' value increased.

That's why I am waiting for honestly, I plan to buy more bitcoins as soon the price hits the $2.5k and then just sit down and wait 2 or 3 years at least. I will be so excited that I may end buying some altcoins as well, (which is something crazy coming from me ) I know several people said we could see BTC coming back at $6,000 during 2019 but I doubt it will come. If it happens I may then sell a small percentage

[1715112342]

1715112342

[1715112342]

1715112342

[1715112342]

1715112342

[exstasie]

Anyone heard about the issues the exchanges are facing with the lack of liquidity due to the "dead market"? Another major fall is more realistic than a "possible reversal"

That was the case when we were trading in the $6,000 area: extremely low volume and thin order book on the bid side.

It's worth noting this time around, the bid/ask ratio is much stronger now. Check out Bitcoinwisdom or Cryptowatch and look at bid vs. ask depth at Bitstamp, Kraken, Bitfinex, Coinbase. Everywhere is showing 2x bids. The disparity starts getting really big as you look below $3,000.

People are obviously expecting lower prices right now. The market seldom does what people expect.

[talkbitcoin]

Anything could happen at this point, if we start going up all of a sudden I wouldn't be in shock, I have watched bitcoin skyrocket from around 3 thousand to 20 thousand dollars once in my life, which means its possible and happened before, that doesn't mean it WILL happen or neither it means it WON'T happen.

Back then there were no resistance levels to pay attention to. Almost every day/week we settled new all time highs. Currently we will have so many resistance levels to break through, that people should expect it to be a slow ride up back to where we peaked in 2017.

exactly, that's why we can basically rule out any bull run for the foreseeable future. there's loads of bagholders forming resistance above after more than a year of downtrending. in 2015, price struggled all year to break the low $300s as it struggled to dig itself out of the bear market. even if we've seen the bottom already, i expect the same now. the $5000-6000 area will probably be a hard ceiling throughout 2019.

what you are explaining IS a bull run! not a bitcoin specific bullrun when price reaches the moon but it is a regular bull run if we go from x to 2x or as you said from $3k to $6k which is a 100% rise.

what the "bagholders" do is just some sort of speed bump, slowing down the rise not preventing it. so what happens is that price initially breaks $4k then the panic sellers start putting some pressure on it and keep it from rising above, we may see $4k be broken a couple of times before the rise continues.

[wuvdoll]

Anyone heard about the issues the exchanges are facing with the lack of liquidity due to the "dead market"? Another major fall is more realistic than a "possible reversal"

That was the case when we were trading in the $6,000 area: extremely low volume and thin order book on the bid side.

It's worth noting this time around, the bid/ask ratio is much stronger now. Check out Bitcoinwisdom or Cryptowatch and look at bid vs. ask depth at Bitstamp, Kraken, Bitfinex, Coinbase. Everywhere is showing 2x bids. The disparity starts getting really big as you look below $3,000.

People are obviously expecting lower prices right now. The market seldom does what people expect.

The big exchanges will always stay, however there are some local exchanges that had to hire people and get ads and many more stuff basically spent a lot of money during the peak which cost them a lot but they were also making so much money, local exchanges that made 10+ bitcoin in profit daily have hard time getting 10+ bitcoin volume daily let alone profits.

Now, those websites are having hard time and eating a chunk of the profits they made themselves and pay the costs however they are getting smaller and smaller each day. When we talk about exchanges not making money as much as they used to we think of binance and coinbase and bittrex etc etc but we forget that almost all countries have local exchanges that we used to withdraw fiat and they are in big trouble lately.

[deisik]

Now, those websites are having hard time and eating a chunk of the profits they made themselves and pay the costs however they are getting smaller and smaller each day. When we talk about exchanges not making money as much as they used to we think of binance and coinbase and bittrex etc etc but we forget that almost all countries have local exchanges that we used to withdraw fiat and they are in big trouble lately

If they want to stay in the business, they should downshift

But I don't really think it is such a big trouble. Most of these exchanges are not using their own servers and dedicated data centers anyway, with "military-grade security" (Bitfinex style), so they can just use less and consequently pay less too without damaging their current throughput as there is less user activity. In other words, there are a lot of ways as well as leeway to allow for the reduced income without sacrificing too much