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

[sunsilk]

You seem to be not confident with your prediction although you have said that you know how to read charts. I've seen predictors that said the same thing but not many of them got the successful predictions.

We'll see if your accuracy is good in predicting and reading the charts.

[1714993856]

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[BitHodler]

Baseless prediction. If I am convinced of a dump to happen within 48 hours, I'll try to trade it and go short. If you're just hodling (thus don't plan to sell anything) I don't see why you're so hyped up about a potential drop?

The thing with predictions is that you can always use the unpredictability of trading as excuse. In other words, you're pretty much backed up even when you're wrong because you can always point to that aspect of trading.

I think people are getting frustrated by the sideways price action and become more bearish as result of that. Sideways accumulation doesn't really have to have a bias towards a certain direction. It can just as easily spike up.

[Wilhelm]

I just took a huge dump .... was a huge drop with a splash at the end.... OP was right 

[STT]

Sentiment is a factor to watch but not something I would trade off directly because people are so often wrong, they move as a herd.   Do I always want to follow the herd even when they going full lemmings over a cliff, not really.

Going short would be reasonable if you are prepared to pay the price and take the risk but also be sensible to place a stop loss.   If we go up, it'll break up and the market often tries to force out stops before it moves in its true direction.
    So for example we get some news perhaps or it could be nothing known exactly just a higher patch of volume and maybe we spike up but the price meets hard resistance and sells.   Then we get the true sell from that resistance, all the leveraged buys who had hoped for a move up find the price selling here is time to cash out (maybe a trailing stop loss) and together with the true bears we actually move downwards properly and now with enough run up and participation to break the previous support that had contained us.
    The failed up move can be very bearish, sadly it also is tricky to ride like a bucking bull and throws off alot of casual speculators.   I rarely find easy profits, wish it was easier but havent found that path yet.



Heres my view of the market on daily bars, big time period but I post it because its quite clear we have not moved much overall for a while.   We are confined between the bars of a bigger move previous.   The clearest indicator we have in common accepted by all would be the 50 day average.   Its not resistance as such, its a wind vane but I take notice when it lies overhead and appears to be a ceiling such as now.   Hence a bearish call is not so off but can I catch what the market throws when we idle back and forth like this.   Stop loss has to be 11k I guess, its not that cheap to bet when not sure.

[leowonderful]

Leveraged trades as a whole at the moment are pretty risky especially if you're setting tight stops as there's been no shortage of stop hunts recently for both longs and shorts from a glance at the 4H and 1D charts. Best move might just be to sit this out because things just seem so coiled up right now and another candle like the one two days ago could easily stop out your short(s) and reverse in the other direction once more. It does seem like the 100DMA is acting as some sort of support at the moment though, and the daily MACD looks somewhat close to flipping green as well.

[maxreish]

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.

The bear sideways did happen after 48hrs had passed. Just small bears. But it did not touched down to $8k. And there is also a huge bear in my indicator which i highly unsure when will gonna happen since we cant really predict "when" is that time. If it doesnt break the resistance to go up again, then expect some bears will enter the crypto market again. Perhaps this is not new, something like this will eventually happen. If you are a margin trader, you can take that as an opportunity to enter a short trades.

[Wind_FURY]

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

No extensions?

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?)

But as someone knowing that it might "crash" to $8,000, how would you take it? It should be as an opportunity in my opinion. By the next halving, we might never see Bitcoin trading below $10,000 again.

[omonuyak]

There is going to be a drop below $10,000 and that if the 100 moving average on a daily chart that has moved above $10,000 is broken and we have a closing candlestick below it.
The road to $8000 has met with strong rejection around $9100 for three times now and let see what happens this time around.

[shoreno]

I’ve been into BTC since 2014, and I am NOT a trader. I can read the charts somewhat.

cool . your better than other traders out there that dont know how to read the charts but it is really hard to predict a crypto . if you can only use your talent for your own good ( e.g doing trades ) i think you are now a rich man but i still like the idea of sharing your predcitions to others freely wihout any asking for returns like others does   . thanks for the warning tho  .  i think im going to prepare now asap   ...

[Yamifoud]

We don't need to be too much excitement about what we feel when we saw the market at red. It all just because of the volatility and the market aren't in our control and to think that all be in the upclimbing scenarios.

There is going to be a drop below $10,000 and that if the 100 moving average on a daily chart that has moved above $10,000 is broken and we have a closing candlestick below it.
The road to $8000 has met with strong rejection around $9100 for three times now and let see what happens this time around.

We're getting back into $10,157 at this time and it has to say that dumps meant nothing but just an ordinary market trend.

[BrewMaster]

and I am NOT a trader.

if you are NOT a trader then you have no understanding of short term movements of bitcoin and you don't get to "predict" them either

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.”

"every analyst" was also seeing these descending wedges when price wasn't going up and was stuck in $3k range and they were "all" predicting price to fall down to $1000. the rest is history

I firmly disagree. The sentiment right now is a little negative.

sentiment is confused and undecided. it is neither positive nor negative.

After this huge run up I expect a break down to like 8K or lower.

you are a couple of weeks late. we had the huge run ups and the hard break downs already!

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

well you have no reason to be right or wrong. as you discredited your whole statement in your first line, you are not a trader you just made a random guess and guesses aren't either right nor wrong. they just guesses.

[ophyrim]

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?)

I agree with you I am also waiting a breakout to the down side. But the target is not 8k or below. My target is 8800-9000 USD. And the timing is not in few days. By the way the big break out which will move BTC maybe 3k or more is probably will accrue in September.

[2double0]

You cannot really read charts if you are not a trader. I mean, how can you predict about something you don't have knowledge about? Seeing it and being in it are 2 different things and I can say that there are chances of a drop but not so steep. I think it should stop near $9500 area where it used to be strong for few days before from where it rebounded.

[Lucius]

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

24+ hours and price is $10200+, -$2000 in next 24 hours? It may happen, but this speculation does not make sense to me and I give it less then 10% to be correct.

No one noticed that the OP even set the wrong date 08.24.19 ( posted on 27.08.2019), so if we take that as a reference it's already completely missed speculation. Realistically, something like this has no significant impact on the market, it can only confuse some inexperienced users, so it is better to not post speculations based only on some personal feeling.

[el kaka22]

Well, nothing happened so far, but dude said 48 hours so let's wait until tomorrow to start saying he was wrong.

However, it looks like he was totally wrong, what people have not realized even after years and years of following bitcoin is that price doesn't have to do anything you expect it to do, SMA or BB or whatever could be looking like it will definitely go up or down, like there is no way its not doing that, the charts say exactly whats about to happen and no way around it, it would still do some crazy move and you wouldn't believe it.

Hence, I say do not get too attached to charts because none of that matters when it comes down to bitcoin. Bitcoin is a decentralized unregulated currency with a market that is used by ton of people all around the world from every country, anything could happen with those calculations.

[DrBitcoin]

Well, nothing happened so far, but dude said 48 hours so let's wait until tomorrow to start saying he was wrong.

However, it looks like he was totally wrong, what people have not realized even after years and years of following bitcoin is that price doesn't have to do anything you expect it to do, SMA or BB or whatever could be looking like it will definitely go up or down, like there is no way its not doing that, the charts say exactly whats about to happen and no way around it, it would still do some crazy move and you wouldn't believe it.

Hence, I say do not get too attached to charts because none of that matters when it comes down to bitcoin. Bitcoin is a decentralized unregulated currency with a market that is used by ton of people all around the world from every country, anything could happen with those calculations.

We just dropped to 10K in 1 min. I think it’s starting.

[LeGaulois]

I told it some days ago, wouldn't be surprised if it goes below $7,500. But now I'm more and more confident the scenario will happen.
At least we will be fixed to know if the downtrend continues or not. We turned to a fear period for some days.

By the way

Possibility for major breakout?

We have a large ascending triangle on both 3hr candle and RSI
If accurate we should breakout this large sym triangle within 3 days

Bears are still lurking and a possibility for 8k
All depends on legitimacy of this ascending triangle imo

https://twitter.com/TheCryptomist/status/1166347470902833154

[exstasie]

and I am NOT a trader.

if you are NOT a trader then you have no understanding of short term movements of bitcoin and you don't get to "predict" them either

I honestly wouldn't be surprised if random guesses from amateurs performed better than predictions from Brian Kelly, Tom Lee, and other prominent "experts."

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.”

"every analyst" was also seeing these descending wedges when price wasn't going up and was stuck in $3k range and they were "all" predicting price to fall down to $1000. the rest is history

Descending wedges are a bullish pattern, perhaps a weak performer though. This is what Tom Bulkowski has to say about them: http://thepatternsite.com/fallwedge.html

The OP is saying everyone else is bullish and he's taking the contrarian position.

sentiment is confused and undecided. it is neither positive nor negative.

I more or less agree, and that's one of the reasons I don't think we're ready to go up yet. Longs are high, shorts are low, and sentiment is not bearish. If anything it's leaning bullish. These aren't the usual conditions from which a significant upside breakout occurs. It's usually when everyone expects down that we go up. We're not there yet.

[DrBitcoin]

Well, nothing happened so far, but dude said 48 hours so let's wait until tomorrow to start saying he was wrong.

However, it looks like he was totally wrong, what people have not realized even after years and years of following bitcoin is that price doesn't have to do anything you expect it to do, SMA or BB or whatever could be looking like it will definitely go up or down, like there is no way its not doing that, the charts say exactly whats about to happen and no way around it, it would still do some crazy move and you wouldn't believe it.

Hence, I say do not get too attached to charts because none of that matters when it comes down to bitcoin. Bitcoin is a decentralized unregulated currency with a market that is used by ton of people all around the world from every country, anything could happen with those calculations.

We are dropping like a rock. $9800

Too early to dismiss my prediction.

Looks like your comment might not age well!!!

[figmentofmyass]

Looks like I’m Nostradamus

good call, DrBitcoin. now that we've broken down from this 2-week long flag and made new lows, it's highly likely to at least retest the $9100 area. i'm wondering if we might crash through those lows (triple bottoms are unicorns!) and get a deep final shakeout to liquidate/scare off longs.

bitfinex/bitmex sentiment is still bullish. $7500-$8k still possible IMO.