Huge drop happening within 48 hours! (Update: BTC Price on Sept 5th)

[DrBitcoin]

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

I’ve been into BTC since 2014, and I am NOT a trader. I can read the charts somewhat. Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”

I firmly disagree. The sentiment right now is a little negative. After this huge run up I expect a break down to like 8K or lower.

I could be wrong, I hope I’m wrong. And I’m not willing to sell any bitcoin and take a chance.

But I think I’m right! (Let’s see if this ages well?)

UPDATE 08.29.19
Ok, so I got the time frame, and direction...but it got to 9400, didn’t quite get to the 8000k range.

NEXT PREDICTION: By September 5th...bitcoin will be between 8200-8600 range. I know it’s a big range. But that’s still a huge drop from here.

(We will likely get close to 10K first. Possibly tomorrow or Saturday. May even get slightly over. But than crash down to 8200-8600 by 11:59PM sept 5)

[Pab]

I think that we are in corrective move and 8k is possible
It even correspond with unfilled CME gap
But it will be not in 48 hours.It will take tame .Moves to support level then speculative up then shorting etc
I am expecting some speculative up to Bakkt launch then last corrective move down
From late October early November we will have our parabolic run 

[1Referee]

You can short Bitcoin with a stop loss so that you don't lose out too much in case you're prediction is wrong.

What I am looking at is a large descending triangle on the daily time frame, but in my opinion it doesn't look like it is going to break out any time soon at all.

The thing with people currently being overly bearish is that this lays the foundation for a brutal counter move. Generally speaking, these descending triangles tend to break out to the downside, but Gold has actually broken out of a descending triangle to the upside last week. For what it's worth, I prefer to be neutral right now. No open positions.

[fabiorem]

The problem with sideways is that, if you are into a DCA strategy, the more you buy the less coverage you'll have in case the price fall to the level below. I've just received some money but Im waiting for some movement (both up or down) to buy, because I already bought at the current level. Sideways is bad when you are buying into a ladder.

8k would be a good entry point, but these dips are becoming rarer as time passes. I believe bitcoin might skyrocket at any moment.

[The Sceptical Chymist]

The sentiment right now is a little negative. After this huge run up I expect a break down to like 8K or lower.

And I disagree with your assessment--look at where the price is.  Sentiment is not negative at all; bitcoin was at around $3500 not too long ago, and even though it's stalled again right now it hasn't crashed and I don't think it's going to.

You say you can read charts and that bitcoin is in for a drop in the next 48 hours, and I'm a devout TA skeptic.  I'm going to bookmark this thread and see where bitcoin is in 2 days.  We'll see if you're correct.

To be clear, you're saying this:

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

8k would be a good entry point, but these dips are becoming rarer as time passes. I believe bitcoin might skyrocket at any moment.

Yep, if I had any money to invest (which it seems like I never do), I'd buy in at $8k in a heartbeat if bitcoin dropped that low.  It certainly could, and I would never say it's impossible, but my intuition is telling me it's not going to.  Certainly not in 48 hours as OP as predicted.

[royalfestus]

I expect a huge drop also but the '48 hour' could bring questions. I will advise you if you fail with this prediction in the next 2days, in subsequent predictions never attach a time/period.

[gantez]

Everybody seem to be agreeing on the fall prediction but the time frame seem the diverse view. Anyway, I think the fall is being agreed on because bitcoin is really not very volatile. I'm just careful because we are approaching a season and anything can happen either way.

[Harlot]

Lol!!!!! If you really know how to read the charts “somehow” then you know the descending wedge pattern is not a bearish pattern but a bullish pattern when it is coupled with a decreasing volume shows that it's a healthy correction that you don't have to worry about it going down even further. I don't know if you really made this thread purposely to be negative and see how others will correct you but hopefully you still learn how to read charts properly before you mislead yourself.

[DrBitcoin]

The sentiment right now is a little negative. After this huge run up I expect a break down to like 8K or lower.

And I disagree with your assessment--look at where the price is.  Sentiment is not negative at all; bitcoin was at around $3500 not too long ago, and even though it's stalled again right now it hasn't crashed and I don't think it's going to.

You say you can read charts and that bitcoin is in for a drop in the next 48 hours, and I'm a devout TA skeptic.  I'm going to bookmark this thread and see where bitcoin is in 2 days.  We'll see if you're correct.

To be clear, you're saying this:

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

8k would be a good entry point, but these dips are becoming rarer as time passes. I believe bitcoin might skyrocket at any moment.

Yep, if I had any money to invest (which it seems like I never do), I'd buy in at $8k in a heartbeat if bitcoin dropped that low.  It certainly could, and I would never say it's impossible, but my intuition is telling me it's not going to.  Certainly not in 48 hours as OP as predicted.

I’m a huge TA skeptic as well. I am not a trader. I buy dips and HODL. I am also TERRIBLE at timing the market and if I say it’s going down...it’s going up!!

I just feel THIS TIME I might be right. That spring is coiling right. A major move is most likely coming up or down. I just think it’s going to be down. Just my gut.

[DrBitcoin]

I expect a huge drop also but the '48 hour' could bring questions. I will advise you if you fail with this prediction in the next 2days, in subsequent predictions never attach a time/period.

Lets get one thing straight...I am right 50% of the time everytime!

[Naida_BR]

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

I’ve been into BTC since 2014, and I am NOT a trader. I can read the charts somewhat. Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”

I firmly disagree. The sentiment right now is a little negative. After this huge run up I expect a break down to like 8K or lower.

I could be wrong, I hope I’m wrong. And I’m not willing to sell any bitcoin and take a chance.

But I think I’m right! (Let’s see if this ages well?)

To tell you the truth It would be satisfying to see Bitcoin price dropping, but not altcoins moving at the same downwards trend.
I want to see funds moving from bitcoin to altcoins because there is a huge difference in their prices right now.

[LFC_Bitcoin]

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

I’ve been into BTC since 2014, and I am NOT a trader. I can read the charts somewhat. Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”

I firmly disagree. The sentiment right now is a little negative. After this huge run up I expect a break down to like 8K or lower.

I could be wrong, I hope I’m wrong. And I’m not willing to sell any bitcoin and take a chance.

But I think I’m right! (Let’s see if this ages well?)

Quoted.

I’ll be back to bump this in 48 hours & hopefully you’re wrong & have made yourself look stupid. If not then everybody gets another chance to gobble up cheap coins - WIN WIN.

[bustedsynx]

Well, it is a huge triangle formation. If it breaks down from that, in spite of the bullishness of some news and the coming halving, then it is really bearish. But I bet it wouldn't go far below $8000.

Anyway, all are probably waiting which direction the price will go.

[mindrust]

I’m a huge TA skeptic as well. I am not a trader. I buy dips and HODL. I am also TERRIBLE at timing the market and if I say it’s going down...it’s going up!!

I just feel THIS TIME I might be right. That spring is coiling right. A major move is most likely coming up or down. I just think it’s going to be down. Just my gut.

Nice strategy. I am also doing something similar. The difference is, I am constantly DCA'ing my position regardless of the current price. $3k, $8k, $20k doesn't matter. I buy every week. Buying the dips when major corrections happen.

Also don't act like It is a certainty. Yes the chart looks like there can be a correction to $8k, or even $7.5k soon but you need to calculate all the possibilities. What if it directly goes to a new all year and high makes its correction from there?

I am ready for both scenarios. Have the FIAT, have the BTC (not enough coins but I believe I am in a better position than many). I can make money whichever way BTC decides to go.

This is what they call in gambling: "surebet"

Check my triangle too if you want:
https://www.tradingview.com/chart/BTCUSD/3l1JOd99-Wedge/

I believe we are very near of a big move. Whenever BTC gets stuck in a tight zone like this and the candles become very small, It ends up exploding in a direction. (hopefully it will be upwards, but like I said, downwards has its chances too)

[Duzter]

Some technical indicator have mentioned bearish while majority of the technical indications were still bullish. During the previous bull run too we experienced the price reach the low bottom as a cyclic process before moving high. There is more predictions for the price reach a 50% drop which is $5000. By the same time there is more expectations for the next few weeks for the price of bitcoin to cross $14000.

[Reid]

I cannot find the one thread that seems to be similar to this.
Same with the 8k range.
Now I am in a worry and also with a smile.
That could be again another entry point for some buyers and also me. It is a risk though to sell. There is no safety pin.  
I guess for now we could just wait.
This kind of prediction had been also going on outside this forum. Will be reading deeper.

[Jating]

Everything is possible, we could have a flash crash, a rapid decline to $8k is really possible. Negative news, FUD can be one reason to bring the price to its knees. And that is why we see this market as very volatile and unstable.

I cannot find the one thread that seems to be similar to this.
Same with the 8k range.
Now I am in a worry and also with a smile.
That could be again another entry point for some buyers and also me. It is a risk though to sell. There is no safety pin.  
I guess for now we could just wait.
This kind of prediction had been also going on outside this forum. Will be reading deeper.

A lot of similar threads last month if I'm not mistaken. They said that the price can go down to $8k, but so far we haven't seen the price going that deep after reaching as high as $13k. It's better to be prepared. And wise investors are only waiting for this kind of opportunity to bag more coins. So we will see if this scenario will happen.

[dunfida]

Lol!!!!! If you really know how to read the charts “somehow” then you know the descending wedge pattern is not a bearish pattern but a bullish pattern when it is coupled with a decreasing volume shows that it's a healthy correction that you don't have to worry about it going down even further. I don't know if you really made this thread purposely to be negative and see how others will correct you but hopefully you still learn how to read charts properly before you mislead yourself.

He pertains into those patters been said by other analyst or traders which tends to break upside on a bull market.You had just misunderstand yet OP's view is pertaining to go into the opposite way basing on his own technical or chart read ups. 

We cant really completely oppose someones speculation because all of us are speculators into this very speculative market.Heading back to 8k price mark is possible anytime thats why as a trader we should know how to put up our stop losses if we do make shorts.

[exstasie]

Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

Very possible. I'm not sure whether we stay sideways for the next month or plunge down to the lower $8,000s but the chart doesn't look ready for bullish continuation yet. And longs are still mighty high. It looks like we need to shake the trees a bit.

Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”

Most analysts are bullish right now, but a few of the best are not. Check out the threads of xxxx123abcxxxx and dmwardjr.

[TopT3ns]

For now i am on phase to hold my fiat and hold little amount of bitcoin, actually for now it is lowest that 0.1 BTC. Maybe because see a lot of people who speculate if bitcoin price will decreased, i will hold more and maybe prepare to buy some if bitcoin price move significant. I think when i read people speculate, i will make it as benchmark or maybe help me to analyze bitcoin price although my analyze skill still not very good.