Devastating signal: bear market, 6.4k support, 12.4 resistance

[Bossian]

After a death cross we officially entered another bear market.
There is still hope, if it is a fakeout (happened once) but most likely we are in bear market, and the price to monitor is 6.4k. If we hold that price we are good, if we go below 6.4k it will be a disaster, with probably a price going below 3k in 2020 or 2021.

However, if one day we go above 12.4k it will be an incredible signal to buy, overtaking 12.4k would mean reaching 20k again (and above).

Let's see how it plays out.

[1715182473]

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[exstasie]

After a death cross we officially entered another bear market.
There is still hope, if it is a fakeout (happened once) but most likely we are in bear market, and the price to monitor is 6.4k. If we hold that price we are good, if we go below 6.4k it will be a disaster, with probably a price going below 3k in 2020 or 2021.

Definitely an important level. $6,300 was the sweet spot I was aiming at for quite a while. There are numerous reasons to stop at the low $6,000s: the 0.705 Fibonacci level of this year's uptrend, the apex of the 2018 triangle, a major volume gap, etc.

However, if one day we go above 12.4k it will be an incredible signal to buy, overtaking 12.4k would mean reaching 20k again (and above).

I think we could spike to that level and still stay stuck in a range for months. Breaching the yearly high will be confirmation.

[barbara44]

Do you know why I like the first paragraph of OP? It is because I am expecting bullish trend anytime soon because the moment that we have lots of bearish prediction in the market that is when bitcoin make the opposite direction move.

When the value of bitcoin was around $7k and many people predicted that it could fall to $6k, we were just preparing for this when bitcoin suddenly made a very big surge for $9k + and I think that it is about repeating itself again as there has been too many fud prediction for some day now that looks similar to your first paragraph, but as for me, I think that I will be holding on to the second paragraph which I think that is where bitcoin will be heading towards from now on and make a stop at that by the end of the year.

[Febo]

After a death cross we officially entered another bear market.
There is still hope, if it is a fakeout (happened once) but most likely we are in bear market, and the price to monitor is 6.4k. If we hold that price we are good, if we go below 6.4k it will be a disaster, with probably a price going below 3k in 2020 or 2021.

However, if one day we go above 12.4k it will be an incredible signal to buy, overtaking 12.4k would mean reaching 20k again (and above).

Let's see how it plays out.

If you look at past cycle in 2015. There was golden cross, death cross and golden cross and then bull market really started. And when you talk about golden and death cross you need to explain what day average crossed. People use different daily averages. So it might be death cross for you but not for them.

[Bossian]

Do you know why I like the first paragraph of OP? It is because I am expecting bullish trend anytime soon because the moment that we have lots of bearish prediction in the market that is when bitcoin make the opposite direction move.

When the value of bitcoin was around $7k and many people predicted that it could fall to $6k, we were just preparing for this when bitcoin suddenly made a very big surge for $9k + and I think that it is about repeating itself again as there has been too many fud prediction for some day now that looks similar to your first paragraph, but as for me, I think that I will be holding on to the second paragraph which I think that is where bitcoin will be heading towards from now on and make a stop at that by the end of the year.

Quote my message in 1 month sista, we will get below 7k for sure. Doesn't mean I am not optimistic for 2020/2021.

7k in December, bounce back to 9.5k in February 2020, we just need to remain above 6.4k, that's all.

Why I would buy more above 12.4? Simply because this resistance is very strong and if we pass this, the sky is the limit.

One of the rare situations where I would sell low (below 6.4) and buy high (13k) 

[UnDerDoG81]

So you sold all your Bitcoins then?

[Bossian]

So you sold all your Bitcoins then?

Yes I did, the trend is clearly bearish now. Won't be too difficult to buy back at 7k-ish.

[smyslov]

Quote my message in 1 month sista, we will get below 7k for sure. Doesn't mean I am not optimistic for 2020/2021.

7k in December, bounce back to 9.5k in February 2020, we just need to remain above 6.4k, that's all.

Why I would buy more above 12.4? Simply because this resistance is very strong and if we pass this, the sky is the limit.

One of the rare situations where I would sell low (below 6.4) and buy high (13k) 

Hopefully we will not go down to $7 k anymore, we have the momentum right now I'm looking at $9 k before the end of the year and then everybody will go positive and go buying spree January onward, this is a much better scenario, I'm not saying yours is bad because coming from your words, you are optimistic, we all are, we just have to carry our optimism going to the much awaited halving.

[Bossian]

Quote my message in 1 month sista, we will get below 7k for sure. Doesn't mean I am not optimistic for 2020/2021.

7k in December, bounce back to 9.5k in February 2020, we just need to remain above 6.4k, that's all.

Why I would buy more above 12.4? Simply because this resistance is very strong and if we pass this, the sky is the limit.

One of the rare situations where I would sell low (below 6.4) and buy high (13k)  

Hopefully we will not go down to $7 k anymore, we have the momentum right now I'm looking at $9 k before the end of the year and then everybody will go positive and go buying spree January onward, this is a much better scenario, I'm not saying yours is bad because coming from your words, you are optimistic, we all are, we just have to carry our optimism going to the much awaited halving.

Which momentum? The price has now lost 1k in less than 2 weeks time, the momentum is for a downtrend clearly. Always the same:
-lower low
-lower high
-lower low
-lower high
etc
What I love with Bitcoin is that it's much easier to trade than a stock. Bitcoin trading is a gold mine. If one day Bitcoin becomes stable in terms of price we'll be missing the 2017-19 period.

[fabiorem]

Market looks bearish right now.

There is a spam of threads talking about six digits.
The more I see of these threads, the more I'm convinced we will have six months of a secondary bear market.

[s1lverbox]

Thanks to BTC dropping many ALTs will fly. Dominance drops also.
Beside you can always hedge 1:1 on any leveraged exchange
 . Nothing is lost . Money can be made both ways.

[Bossian]

Market looks bearish right now.

There is a spam of threads talking about six digits.
The more I see of these threads, the more I'm convinced we will have six months of a secondary bear market.

Yep. Bearish or +- stable until end of 2020. If big run happens won't be before end of 2020.

[buwaytress]

I wouldn't call 6.4k devastating, really. Seeing the price teally fighting on the weekend (and failing) takes us closer to that reality, sure, but let us contend with 7.4k first, which is where we were a month ago.

6.4 would be a heck of a drop, but still over 100% more than the 2019 low, so hardly a devastating price.

Buyers setting sights there will be filling orders though. 10k as we can see is achievable in a day.

[daarul50]

I wouldn't call 6.4k devastating, really. Seeing the price teally fighting on the weekend (and failing) takes us closer to that reality, sure, but let us contend with 7.4k first, which is where we were a month ago.

6.4 would be a heck of a drop, but still over 100% more than the 2019 low, so hardly a devastating price.

Buyers setting sights there will be filling orders though. 10k as we can see is achievable in a day.

people need to understand that the latest spike from $7000 to $10000 was mostly is not organic move.

what i mean is that was a temporary hype as a response on china move treating bitcoin differently , actually they mention it as a blockchain support in china will get accelerated. that was a moment where manipulators -whales- takes full advantage on it as if the market in the bull run heading the halving event with a lot of positive sentiments which it still in doubt , as a proof we are struggling now keeping the support unbreakable at $7000 , the trends over the week shows it continue goes down.

nothing we can expect during this month until the end of this year possibly even until early 2020 -i wish i am wrong-

[Wexnident]

Do you know why I like the first paragraph of OP? It is because I am expecting bullish trend anytime soon because the moment that we have lots of bearish prediction in the market that is when bitcoin make the opposite direction move.

Oof moment to that. Though it is the trend back then when BTC went down to 7k then spiked to 10k. Though unlike the downtrend when it was 7k, we could see the current market finding a stable position to stop. With it going up and down a few 0.0 something percent every time, I really hope it finds its way back once more.

people need to understand that the latest spike from $7000 to $10000 was mostly is not organic move.

THIS. People overestimate how BTC ran from 7k to 10k in a matter of a few hours, and only that. They didn't see how the market was unsatisfied with its sudden run, so they made it go back down, no matter how slowly it was. If the run back then didn't occur, I'd expect a similar price as of now which is around 8.5k tbh.

Yep. Bearish or +- stable until end of 2020. If big run happens won't be before end of 2020.

Bearish, please. I wanna enter more investment into the scene so I might as well wait for that possibility.

[NeuroticFish]

Interesting. Just a few days ago I've read an analysis telling that if Bitcoin drops more it has a good chance to shoot over 12k quick.
Now suddenly there's bearish market.

I don't know. I think that's really hard to predict what happens next. I surely hope OP is wrong, I'd like to see Bitcoin over 10k before the end of the year.

[fabiorem]

Market looks bearish right now.

There is a spam of threads talking about six digits.
The more I see of these threads, the more I'm convinced we will have six months of a secondary bear market.

Yep. Bearish or +- stable until end of 2020. If big run happens won't be before end of 2020.

Actually, its the same thing.
Bearish does not always means it is going down to three digits or some other apocalyptic scenario. It can also means a hybernation: the price tanks between 5k and 8k, for several months, and thats it.
People expecting six digits next year will sell out of impatience.

[STT]

Correction can occur over time as well as price, that is something I have heard traders operating in markets for years saying more then once.   I think many would like the more exciting route of something like a rollercoaster but it could just be a quieter drift over months also.   I think anyway we tend to operate in a price range and just bounce between the lowest point and high in that box, occasionally we change the range a bit.    The safest bet is to be in the market when its in a clear trend, we dont have that right now.

[boltz]

Looks like we have another bear market with low buying support building around 6.5k~ area which is not good as I was hoping the bear was done and moved away but it was just silent so a BIG drop could happen anytime now with a flash drop in 7.8k$ and from then slowly going towards 6.5k$. Selling Bitcoin as a speculator involves a lot of risk so why take it ? And why not simply buy more on lower price ? But yea , if you're a master in trading and you can read the patterns well , you have a chance here to increase your Bitcoin's.

[Bossian]

With a sudden move down to 8.1k area, would not be surprised to see a fake recovery towards 8.5k-ish.

But the trend is still clear towards the 7k area.

I would advise to still sell at 8.2k and buy back below 7.5k.