We are about to hit 8K and below...soon (see charts)

[Wilhelm]

Isn't it the Bakkt will start it's warehouse deposit today?

I think this is a good news so I doubt that $8k is going to be the next price level.

So market sentiments is good today, let's see how it will affect the price in the next few weeks to really invalidate that descending triangle and break for a new trading pattern after this one.

According to Coindesk....
On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23

Strangely nothing on their site and twitter .... 

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[davis196]

Op,I'm sad that you are using your whole ass,because it's obvious that your are making price predictions with your ass,not with your brain.
The bitcoin price is moving back and forth in the 9.5-10.5K USD window during the last few weeks.It's common sense to expect that it might crash to 8K USD,because it's obvious that it doesn't have enough support for a big increase.

[Wilhelm]

Op,I'm sad that you are using your whole ass,because it's obvious that your are making price predictions with your ass,not with your brain.
The bitcoin price is moving back and forth in the 9.5-10.5K USD window during the last few weeks.It's common sense to expect that it might crash to 8K USD,because it's obvious that it doesn't have enough support for a big increase.

There is support for an increase however there are also forces holding it back.
The forces holding it back could also be people selling off big amounts of bitcoin slowly so they get the $10k they crave.

IMO it is a correction however not by lowering the price but by waiting for Bitcoin to get back into its "glide" path.

[tomahawk9]

Isn't it the Bakkt will start it's warehouse deposit today?

I think this is a good news so I doubt that $8k is going to be the next price level.

It's tomorrow, but yeah, that's what i said in my previous (that such news could trigger some upward movement). With all the news coming out this month, I don't know why some people still have a bearish mindset thinking that we're gonna go back to levels we haven't seen in over 3 months. If anything we should all be prepared to enter a bull season that''s about to start in Q4.

[Harlot]

That's a clear descending triangle and its primarily a bearish pattern but the thing is before even we predict that it will fall down we must know that it will breakdown first and until now both the bulls and bears are out in favor on this cobsolidation stage since we have seen the trading volume greatly decrease. This conso might even overextend and make the triangle invalid when it starts picking up steam again. Nothing is set in stone just because it is now forming a descending triangle.

[el kaka22]

Why are you trying to calculate bear all the time though? I mean you do know you can predict bull as well right?
First time you got it right and we dropped under 10k on the nose so I would give you the benefit of the doubt but at the same time you said today was the day we would go down and we didn't which means maybe you shouldn't have went for back to back bears, now you are doing back to back to back bears.

I mean I am not saying 8k is not possible, it is quite possible because we go down under 10k all the time and it just stops at 9.4k or whatever so we can just lose another 500 dollars and I wouldn't be shocked about it but at the same time I would say we will go above 10k once again after that so that is my own prediction which is a bull one, you can make those too.

[Febo]

Be very cautious people. We will see 8K within the next few weeks. Not by sept 5th. But soon.
Sentiment feels negative. This thing is breaking down soon...on its way back to 20K.


No way we are breaking positive from this descending triangle IMO.

Why we cant break positively out of this triangle?  Any reasons?  At end of triangle in November we could simply make a leg up.  And until then price should stay between $9500 and $11000.   Seems totally possible to me.

[exstasie]

That's a clear descending triangle and its primarily a bearish pattern

Yeah but it's not the most reliable bearish pattern. I won't be surprised if the descending trend line gets broken.

There was a small selloff after tagging the trend line yesterday, but we're still hovering right below it. Bears haven't been convincing, and the mystery trader on Coinbase who market buys into dump attempts was active earlier today:

[omonuyak]

That's a clear descending triangle and its primarily a bearish pattern

Yeah but it's not the most reliable bearish pattern. I won't be surprised if the descending trend line gets broken.

There was a small selloff after tagging the trend line yesterday, but we're still hovering right below it. Bears haven't been convincing, and the mystery trader on Coinbase who market buys into dump attempts was active earlier today:

Maybe the "mystery trader" may come back tomorrow and we would see what he will do to the market! Both the bear and the bull look weak and i am not seeing bitcoin fall to $8000 soonest. After the rejection from $10850 yesterday bitcoin only lose around 0.30% and the bear has not be able to bring it down much.

[N0sferatu]

No way we are breaking positive from this descending triangle IMO.

Fake news! 

[DrBitcoin]

I have said this in one of my reply recently that may people who are clamuring or spreading FUD for Bitcoin to fall are all doing so because they have missed opportunity to buy bitcoin when its value was cheaper as compared to what it is today and that is why they are trying one way or the other to spread FUD and create panic sell on the part of Bitcoin holders which will invariably lead to price decline but will not work for them.

Predicting something will go down isn’t necessarily FUD.
Value goes up, value goes down.
Nothing goes up in a straight line.

I believe Bitcoin will hit 60-100K in a few years.

But first I think it will hit 8K.

How is that FUD?

[tomahawk9]

No way we are breaking positive from this descending triangle IMO.

Fake news! 

LOL it's Friday and the price is going up, as expected from the majority of users. If the trend continues we'll hit 11k in a few hours 

How can some people expect a bearish season with these sort of price movements? *sigh*

[Wilhelm]

That's what happens if you use your full-ass instead of half-ass for predictions...

We seem to be going up.... 

[sana54210]

Now, if you are FOMO about bitcoin enough to call it 60-100k one day, and you still think it will reach 8k soon that means you believe in the fact that bitcoin has to go up by closing all the gaps bottom first before it can go upside. That has been said by many chart wizards before and you guys keep believing that and I can respect that.

However, do not forget that bitcoin moved from 3k to 20k in 2017 and during that time it didn't closed anything, now you can call the reason for dropping so fastly was not closing the gaps while going up or you can call so much fast going hurts us in the long run but that doesn't change the fact that it happened, that is why I think we don't have to go down to 8k to go back up, it would be better but we do not "have to" do it.

[exstasie]

Predicting something will go down isn’t necessarily FUD.
Value goes up, value goes down.
Nothing goes up in a straight line.

I believe Bitcoin will hit 60-100K in a few years.

But first I think it will hit 8K.

How is that FUD?

Of course it's not. But you're talking to emotional investors with deep set biases. For some of these HODLers, any prediction of lower prices is "FUD" and anyone dumping on the market is a "manipulator." There's no helping these people. They don't know the first thing about markets.

We seem to be going up.... 

Not yet. Bears are still defending the descending trend line as the OP expected.

[RodeoX]

PRO-TIP: all bitcoin TA and speculation is just guessing. Nothing more to it than that.  

It is literally impossible to account for enough of the economic activity in crypto to generate any meaningful numbers. There is still nothing wrong with it. Guessing is fun.

[exstasie]

PRO-TIP: all bitcoin TA and speculation is just guessing. Nothing more to it than that.  

It is literally impossible to account for enough of the economic activity in crypto to generate any meaningful numbers. There is still nothing wrong with it. Guessing is fun.

There are guesses and there are educated guesses. Good TA practitioners fall in the second category. They acknowledge that markets are unpredictable, for exactly the reason you mention: markets are composed of millions of variables and no one can account for them all. But I strongly believe (as someone who has traded successfully for almost a decade) that rigorous application of back-tested TA methods can achieve success > 50% of the time. Over the long run, that will equate to a sustainable win rate for traders who employ proper risk management.

[Danslip]

PRO-TIP: all bitcoin TA and speculation is just guessing. Nothing more to it than that.  

It is literally impossible to account for enough of the economic activity in crypto to generate any meaningful numbers. There is still nothing wrong with it. Guessing is fun.

There are guesses and there are educated guesses. Good TA practitioners fall in the second category. They acknowledge that markets are unpredictable, for exactly the reason you mention: markets are composed of millions of variables and no one can account for them all. But I strongly believe (as someone who has traded successfully for almost a decade) that rigorous application of back-tested TA methods can achieve success > 50% of the time. Over the long run, that will equate to a sustainable win rate for traders who employ proper risk management.

The mentioned back-tested strategies are based on the strategies which generated after analyzing the price patterns. If the market repeats the cycles and bull-bear zones are crossed several times in a year, having a long term trading strategy is not enough in this case. The market bias happens at the every opportunity caused by the weakness of the bulls or bears. If there is no bias exploring market strategy, choosing the timeframe for short/long term trading will not help the trader. Just my 2 cents.

[peter0425]

After f the September 5th prediction now we have new one,but this is more safer than before because atleast now we have no specific date so whenever it happens the prediction will comes reality 😂

When I read your first thread I come to think of selling part of my bitcoin for safe keep but lucky that I did not act  too fast because maybe I regret the action today(I’m not saying that I don’t believe or trust you mate I was just being true here)
Anyway still looking the market from time to time so I will be updated Incase what you’ve said will happen

That's what happens if you use your full-ass instead of half-ass for predictions...

We seem to be going up....  

Many of us believe that we really are in Bullmarket and anytime soon Growh is what we will having 👍👍👍

[South Park]

No way we are breaking positive from this descending triangle IMO.

Fake news!  

LOL it's Friday and the price is going up, as expected from the majority of users. If the trend continues we'll hit 11k in a few hours  

How can some people expect a bearish season with these sort of price movements? *sigh*

Because each time we see that is becoming harder and harder for the price to bounce back, the price is producing new lower highs, the volume is going down and the volatility is going down as well, so when you take all of this into account I do not see how the current price can be sustained, as such it is completely reasonable to expect a decrease in the price of bitcoin during the next months, but do not worry it is not going to be a crash or anything like that, however there are good reasons to be bullish about the prospects of bitcoin during 2020.