BTC Plunging to $6K before Big Recovery

[beerlover]

Right now, we are having a steep recovery and from that I think it won't go below $7k, everyone is expecting it to go back up. Remember the halving is around the corner, only few months is left until the clock strikes and then the price will obviously go up because miners will be getting less money.

Considering all of this it is only natural that bitcoin will go up even before the halving. That is why even if it falls which I started to doubt it will, the price won't go down under $7k. It will start to go back up before that happens, we do not have too much time left to make bitcoin go all the way down to $3k and then back up again. Maybe miners are in this and want to drop the price and take some losses so they can get rid of competition but they know very well that as soon as prices go back up competition will come back online.

[lionheart78]

Damn Bitcoin, again shaming those TA's.  Did anyone predicted this sharp recovery?  Everyone are so focus with the price going down to $6k,  now it is too bad for shorters I guess, hoping that this is not another bull trap.

Anyway got an interesting chart here posted at trading view, one calling for $6k  and another one calling for moon.

THIS IS WHY MAJORITY IS BRAINDEAD RETARDED!!!!!!!

[1Referee]

i'm pretty sure that was the bottom.

the coming days will confirm, but the way everyone and their mom was planning on buying back $6ks.......this was bound to happen.

I'm inclined to think that we still have $6000-$6500 to visit and perhaps even lower if things turn really ugly. If we don't close above 200EMA/MA on the daily, the market structure hasn't really changed, which means that lower targets are very much still in play.

We have seen similar increases back in 2018 where people celebrated the end of the bear market, and that while the price despite the significant increases still didn't manage to close above the 200MA. We all know what happened after months of sideways price action between $6000-$7000.  

you didn't take any profit? ouch. looks like a daily bullish engulfing and likely rejection of the death cross to me. don't wait too long to close.

I didn't take any profits. It's just a 2x short so I'm not in the danger zone. I'll let it open until we get some seriously bullish daily closes, which I don't really anticipate.

[gabbie2010]

Damn Bitcoin, again shaming those TA's.  Did anyone predicted this sharp recovery?  Everyone are so focus with the price going down to $6k,  now it is too bad for shorters I guess, hoping that this is not another bull trap.

Anyway got an interesting chart here posted at trading view, one calling for $6k  and another one calling for moon.

THIS IS WHY MAJORITY IS BRAINDEAD RETARDED!!!!!!!

Many analyst had predicted the price of bitcoin to hit their TA backed support at $6000 not mindful of the support at $7000+ which unfortunately the price couldn't go below that zone thus defying all the technical analysis, it very obvious that all those predictions had been void and null with price heading towards and hitting resistance at $8600+ now, probably if broken the price could head to $10300+

[Wysi]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.
The question is; will bitcoin breakout $8600 resistance level? or it just a short-term increase and bitcoin will tumble again to $7400? For average traders without connection to whales, who know? Nevertheless, It's a good time to take a bit of profits since I've accumulated bitcoin when it was at the bottom

Damn true those who are behind the increase in the price are the same who have manipulated this price in last three days to reinvest into bitcoin at a lower price but the new tactics was not to push bitcoin to very less but rather 10 to 20% dump as they don't want to make people suspicious and I just hope it's not one more trap. I think we should let the market calm down by itself and should not be making any hasty decision.

[jets567]

Damn Bitcoin, again shaming those TA's.  Did anyone predicted this sharp recovery?  Everyone are so focus with the price going down to $6k,  now it is too bad for shorters I guess, hoping that this is not another bull trap.

Anyway got an interesting chart here posted at trading view, one calling for $6k  and another one calling for moon.

THIS IS WHY MAJORITY IS BRAINDEAD RETARDED!!!!!!!

Many analyst had predicted the price of bitcoin to hit their TA backed support at $6000 not mindful of the support at $7000+ which unfortunately the price couldn't go below that zone thus defying all the technical analysis, it very obvious that all those predictions had been void and null with price heading towards and hitting resistance at $8600+ now, probably if broken the price could head to $10300+

That's a big possibility as I look on a swift bounce back of Bitcoin from $7500 to $8500 in just a few hours, I bet a few traders out there have predicted it and now have a big smile on their face after getting a quick profit on the Bitcoin's price movement in the last couple of days. Up up up in the way!!!

[figmentofmyass]

you didn't take any profit? ouch. looks like a daily bullish engulfing and likely rejection of the death cross to me. don't wait too long to close.

I didn't take any profits. It's just a 2x short so I'm not in the danger zone. I'll let it open until we get some seriously bullish daily closes, which I don't really anticipate.

fair enough, 2x won't yield that much pain. but bitcoin already went down nearly 50% in the last 3-4 months, seems crazy to keep shorts open. just my opinion.

i'm seeing a daily bullish engulfing and also a weekly bullish hammer---classic reversal signals. waiting for candle closes is sensible enough but as long as price doesn't go straight back to the $7000s this looks bullish as fuck IMO.

[wheelz1200]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.

It's not manupulation but many shorts being slaughtered. It just takes a nifty market mover to wait for the orderbook to be thin enough to wick the price up and trigger a massive short squeeze.

The question is; will bitcoin breakout $8600 resistance level? or it just a short-term increase and bitcoin will tumble again to $7400? For average traders without connection to whales, who know? Nevertheless, It's a good time to take a bit of profits since I've accumulated bitcoin when it was at the bottom

Considering that the price has been bought up by shorters because they were forced to, it's probably safe to say that it will not be sustained for long.

The only way for this increase to have a bullish end, is to close a daily candle above the 200EMA (~$8600) and then close a daily candle above the 200MA (~$8900). If that happens, then I'll be opening a thick fat long, or else I'll just keep my short at ~$8700 open and ride the market down.

Moving averages and technical analysis is great but while you have some people charting showing bitcoin "should" drop, you have the same amount of people charting bitcoin "should" rise.  Crypto markets are still to young to lean entirely on things like 200 MA.  I can show you instances both ways in which the market completely went the other way than the tradition stock TA charts showed that it should have went the other.  Too much manipulation still going on

[AliMan]

Should we consider $6000 as the bottom of this ongoing dip?

Well, I don't think so cause in my side, I'd still want to get more coins before finalizing my entry to the market. Not gonna lie though, the dip was way too sudden and it doesn't look like its gonna stop anytime sooner. Although this could be considered good news since its kind of like the build-up before 2020 halving where we could expect a price hike that could probably exceed 10k$

The price expectations is our freedom to speculate for good, and I think more than $10K this time is nearly possible. Gladly it doesn't plunge to $6k, because on previous dip of btc price it was going down badly in which we're heading downward to $7k yesterday. It was just an amazing scenario looking back on the price surged upward until $8.6K today as of latest checking, and I foresee the positive trend which is going to initiate for the upcoming days. What's important now, is we should hold our asset and while we're not at top price we should top up our btc holdings.

[Pearls Before Swine]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.

Not necessarily about the last part of the above statement.  It could be manipulation, but it could also be whales or other traders scooping up bitcoin at what they believe to be a bargain price, just as I've been saying for the past couple of weeks.  Some traders know good deals when they see them.

I wouldn't say this is a big recovery, but it's better than the alternative, ie, continuing to drop to what op predicted.  And it still could, but this rally does look kind of promising.  Then again bitcoin could also swing the opposite way and could head toward $6000.  Why am I trying to think out loud about the price of bitcoin again??  It does what it wants and usually surprises people, including me.

Going to keep my fingers crossed that we'll keep going up. 

[sunsilk]

Woooahh. As we are just discussing about $6,000 again bitcoin never fails to amazed us. Bitcoin heard me that I dont want to see it coming into the price range of $6,000. lol.

Within less than 24 hours, it showed on how strong it was moving with more than $1,000 increase. I dont want to get into expectation that this wont end but at least those who bought under $8,000 are smiling now.

[exstasie]

I'm inclined to think that we still have $6000-$6500 to visit and perhaps even lower if things turn really ugly. If we don't close above 200EMA/MA on the daily, the market structure hasn't really changed, which means that lower targets are very much still in play.

We have seen similar increases back in 2018 where people celebrated the end of the bear market, and that while the price despite the significant increases still didn't manage to close above the 200MA. We all know what happened after months of sideways price action between $6000-$7000.  

The long term structure hasn't changed yet but this pump is a huge warning sign for bears. Sub-$7,700 levels were just rejected hard. There are loads of trapped sellers from the $7,000s now, and breaking above $8,800 will trap all sellers from the past month. That's major fuel for a rally above the 200-MA.

As long as the market doesn't quickly bleed back to the $7,000s then we're gearing up for a mid-term bounce here.

[error08]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.

It's not manipulation but many shorts being slaughtered. It just takes a nifty market mover to wait for the orderbook to be thin enough to wick the price up and trigger a massive short squeeze.

Yes, it's proven bullish full of manipulation, we're on pump movement. it doesn't mean a bad thing for us who have bought bitcoin at the bottom, time to wait where it will stop as the peak before starts to drop again.

Considering that the price has been bought up by shorters because they were forced to, it's probably safe to say that it will not be sustained for long.

The only way for this increase to have a bullish end, is to close a daily candle above the 200EMA (~$8600) and then close a daily candle above the 200MA (~$8900). If that happens, then I'll be opening a thick fat long, or else I'll just keep my short at ~$8700 open and ride the market down.

Now bitcoin above $10000, what do you think?
Seems the whales' group in action right now, keep pumping the market, is it because of Bakkt daily trading reach a new ATH?

[exstasie]

Considering that the price has been bought up by shorters because they were forced to, it's probably safe to say that it will not be sustained for long.

The only way for this increase to have a bullish end, is to close a daily candle above the 200EMA (~$8600) and then close a daily candle above the 200MA (~$8900). If that happens, then I'll be opening a thick fat long, or else I'll just keep my short at ~$8700 open and ride the market down.

Now bitcoin above $10000, what do you think?
Seems the whales' group in action right now, keep pumping the market, is it because of Bakkt daily trading reach a new ATH?

Nobody cares about Bakkt. This was a simple case of seller exhaustion. See this little dip below $7,700 and how short-lived it was?



Typically when a month-long trading range breaks down, one would expect strong selling momentum as panic sets in and price gets marked down. But when that doesn't happen, it's time to pay attention because reversal is close.

That immediate reversal back above $7,700 is called a "Wyckoff spring." A bear trap, essentially. It's a massive warning sign that there's no supply left at these levels, and that price is about to be marked up. And that's exactly what happened.

[ReiMomo]

Therefore, now I conclude that no one can give accurate predictions even how good they are in technical analysis. Bitcoin price doesn't even touch to $6k and now suddenly pumped up and almost in $10k just a short period of time. We don't know yet what make triggered this now and there are a lot of reasons and probably coincidence to China's announcement. I guess we are now stepping on a big recovery and it will continue rising up.

[maydna]

Therefore, now I conclude that no one can give accurate predictions even how good they are in technical analysis. Bitcoin price doesn't even touch to $6k and now suddenly pumped up and almost in $10k just a short period of time. We don't know yet what make triggered this now and there are a lot of reasons and probably coincidence to China's announcement. I guess we are now stepping on a big recovery and it will continue rising up.

Yes, no one can give accurate predictions. Finally, the bitcoin price gets a pump so high, and in only 1 day, the price can increase from $7000 to $9700. But bitcoin still needs to struggle to break the higher price, and I am sure it will happen. We are now almost at the end of this month, and we can hope that in the next month, the price can get a pump again and increase the higher rate. I hope that this is the sign for the bull market for bitcoin that will happen in nearly.

[error08]

Nobody cares about Bakkt. This was a simple case of seller exhaustion. See this little dip below $7,700 and how short-lived it was?



Typically when a month-long trading range breaks down, one would expect strong selling momentum as panic sets in and price gets marked down. But when that doesn't happen, it's time to pay attention because reversal is close.

That immediate reversal back above $7,700 is called a "Wyckoff spring." A bear trap, essentially. It's a massive warning sign that there's no supply left at these levels, and that price is about to be marked up. And that's exactly what happened.

Finally, it stops around $9570 level
The bitcoin market has been in the same situation many times but rarely had such a pump situation, $7400 to $10,200 > bitcoin price increase $2800 or 30% within 12 hours, there must be something happen than just "Wyckoff spring", simply to blame whales group who plans all of it, or institutional investors buying a lot of bitcoin due to bitcoin futures contract.

[watergold]

Therefore, now I conclude that no one can give accurate predictions even how good they are in technical analysis. Bitcoin price doesn't even touch to $6k and now suddenly pumped up and almost in $10k just a short period of time. We don't know yet what make triggered this now and there are a lot of reasons and probably coincidence to China's announcement. I guess we are now stepping on a big recovery and it will continue rising up.

Yes, no one can give accurate predictions. Finally, the bitcoin price gets a pump so high, and in only 1 day, the price can increase from $7000 to $9700. But bitcoin still needs to struggle to break the higher price, and I am sure it will happen. We are now almost at the end of this month, and we can hope that in the next month, the price can get a pump again and increase the higher rate. I hope that this is the sign for the bull market for bitcoin that will happen in nearly.

Maybe it could be bitcoin next month pumped again because of a lot of positive news today, with the rise of almost 30% the market situation to be safe, whatever happens at the end of this month bitcoin can reach $ 10k I predict it.

[Taskford]

Therefore, now I conclude that no one can give accurate predictions even how good they are in technical analysis. Bitcoin price doesn't even touch to $6k and now suddenly pumped up and almost in $10k just a short period of time. We don't know yet what make triggered this now and there are a lot of reasons and probably coincidence to China's announcement. I guess we are now stepping on a big recovery and it will continue rising up.

Yes, no one can give accurate predictions. Finally, the bitcoin price gets a pump so high, and in only 1 day, the price can increase from $7000 to $9700. But bitcoin still needs to struggle to break the higher price, and I am sure it will happen. We are now almost at the end of this month, and we can hope that in the next month, the price can get a pump again and increase the higher rate. I hope that this is the sign for the bull market for bitcoin that will happen in nearly.

Maybe it could be bitcoin next month pumped again because of a lot of positive news today, with the rise of almost 30% the market situation to be safe, whatever happens at the end of this month bitcoin can reach $ 10k I predict it.

Maybe we could see it by next month but we shouldn't expect  to much since maybe another correction strikes and we will be trapped for holding to much, But I will still stand my ground on this since I 100% positive that next year is a good month for bitcoins and most provably we can see a huge change by December.

[BChydro]

Many analysts are now saying that soon Bitcoin will be breaching the $6000 territory before the coin will have the chance for a remarkable recovery due to the coming halving next year. I don't want to believe that $6000 can be possible but I think this is now the consensus of many people so there is a big possibility for this to happen soon.

The analysts that predicted the bitcoin market to breach $6000 will be hiding by now as the market recovered in record rally in a few trading hours  .
Will see another set of analyst coming forward to explain why the market soared right now and the story contiues for long time and if by chance the market reaches their valuation they will cite their prediction and attract new investors to purchase their tips  .