Bitcoin support levels

[Paulinerims]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

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[iamaruf]

For long time,this is the best time to buy bitcoin.Bitcoin can fall to 6k$ but can reverse any time.If you want to buy then you can put in three steps 6500,6200,5900 will be good.if bitcoin dumped then it will be best for you.if bitcoin down to 6k& after that pump you can also make some profit. 

[bitcampaign]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

calm down and don't need to panic, the current low price of bitcoin doesn't make a lot of people panic, because the price won't really touch $ 3000, so don't worry about buying it they will keep playing at that price of $ 6000 - $ 7000, so just enjoy buying when the price becomes cheap

[CodyAlfaridzi]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

Breaking the $5800 support would mean a bear trend for 2020, making new low than 2019 low. This is nightmare for bull lol. I really hope it does hold and bounce if it ever touches that level.

We already touch $6800 twice now. Third time's a charm, I think it will break the next time we touch it. See you at $6400!

[bassbity]

Bitcoin is currently still going to continue to fall and to a low of 6800 will soon occur this support is getting stronger because of the opposite direction so it's likely to go down even more.
I estimate the lowest price is 6500 and we only wait for 1 week it will occur in my analysis, but if it does not penetrate then it will be more then the sign will start and in my opinion also 7000 is still the lowest price at this time.

[Fatunad]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

You can slowly buy some btc right now. The price is considered low after it went falling from the $9,000 level. Btc just touched the $6,000 level and there is a very slim chance for it to go as low as $5,000 level. Some of the investors mistake is waiting for the bottom to find a good entry point but failed to buy while the price is suitable for buying.

[BrewMaster]

we are getting closer to the end of the year and the year-end panic is upon us right now and with the latest drop that we had, all the buy supports are mostly out of the window the funny thing is that it is the same for all the resistances. we are yet in another unpredictable situation.

with that said i think $6500-$6700 must be two strong supports and prove to be very hard to break. the next 48 hours will make things a lot clearer though.

[UnDerDoG81]

People still believe bitcoin can be predicted. No price ever of btc made any sense. Few people decide the price of bitcoin.

[The Sceptical Chymist]

I tend to give a big LOL at those supposed support levels, because if they really supported anything bitcoin wouldn't constantly be dropping through them.  It's at $6707 right now, so I guess that $6800 support didn't hold, eh?

But all that TA stuff aside, just remember that bitcoin started off this year at around $3200, so it doubled in price by the end of it.  Yeah, there was that big pop up to $13k, but that was just a crazy mini-bubble IMO.  If 2020 starts off with bitcoin at $6700, I'm hoping we have at least as good a year as this one was.  The market certainly doesn't seem very bullish, but that could change.  The halvening might even have some sort of effect, who knows.

[exstasie]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

No signs of a bottom yet. At this point, I would expect a double bottom attempt off $6,500 but I doubt it'll hold. We probably need a harsher dip below the lows (like the October dump to $7,300) to run stops and shake out all the marginal longs. $6K or the $6,150 level David is watching are both reasonable short term targets.

$5,400 is the next level of interest after that.

[Slow death]

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low.

It seems that Bitmex users are very confident that the price will not fall too much and that will soon have recovery, at least that is what it says in this article:

Bitcoin Price Hits 3-Week Low Even as Investor Bets on Bull Move Surge

I want to see how this will end

Where would be the best entry point till the end of the year in your opinion?

To be honest, if it breaks $6500, then we will see $5600 and if it breaks $5600 then we will see $3000 again, of course it is still very difficult to imagine the price falling below $6000.

[1Referee]

People still believe bitcoin can be predicted. No price ever of btc made any sense.

Every price of Bitcoin makes sense. It's just the supply versus demand that can change quickly, some times even from day to day. On the way up the demand for months straight exceeded the supply. Currently we're experiencing the opposite. People need to calm down and let the market bleed.

When you see the price go up like +300% in a matter of months know that the price will come back down hard. Look at the charts. The year doesn't even matter. All Bitcoin does is pump and dump hard, but it always manages to bottom above the previous bottom. I'm confident that we aren't very far from the next higher bottom.

Few people decide the price of bitcoin.

The whales you mean? I'm pretty sure that whales are being crushed too.

[crossabdd]

yes, bitcoin continues to show a descending pattern and there is no sign of a breakout yet. I think $6000- $5800 will be reached until the end of the year. then at the beginning of the year bitcoin will be stuck to determine the next direction or give a show for a bullish sign. the best entry is $6000- $5800. but still monitor the price of bitcoin. because this is only a prediction and can change at any time.

[micro4lpha]

I'm hoping it does go below $5000. It just seems like the time to sell as it's Christmas and people just want to spend, lol. Just my guess.

[Wexnident]

Welcome to the $6.6k level then. I'm hoping for final bottom to be around $5.9k or $6k at the most. We were around $3k at the start of the year so ending the year with double of that plus entering halving with it seems promising imo. I do hope the next 24hrs could bring a clear indication of where will BTC hit its bottom. I'm slowly buying off every now and then but it still is worth it waiting for that final bottom before BTC performs a push forward once again.

[hugeblack]

Be relaxed and don't let the panic take over, the $ 200 drop doesn't require all that panic.
I agree that we have low levels, but the price is still resisting to rise, so I think that we have found solid ground without collapsing below 4000 dollars and other numbers.
This is one of the analyzes that I consider good and that explains what happened.

Source and more information: https://www.youtube.com/watch?v=HDt3_oNYhEg

[Silberman]

Welcome to the $6.6k level then. I'm hoping for final bottom to be around $5.9k or $6k at the most. We were around $3k at the start of the year so ending the year with double of that plus entering halving with it seems promising imo. I do hope the next 24hrs could bring a clear indication of where will BTC hit its bottom. I'm slowly buying off every now and then but it still is worth it waiting for that final bottom before BTC performs a push forward once again.

People still worry too much about things that are not really that significant, I believe that in the worst case scenario we could see a price of 5000, but as I said that is the lowest I see bitcoin reaching, most likely at some point there is going to be a point in which bitcoin reaches 6000 but the bulls will immediately defend that price and we go back to 7000 just as it has happened all the times we went below that resistance level, so instead of panicking take the opportunity and buy bitcoin when that happens.

[Oceat]

Welcome to the $6.6k level then. I'm hoping for final bottom to be around $5.9k or $6k at the most. We were around $3k at the start of the year so ending the year with double of that plus entering halving with it seems promising imo. I do hope the next 24hrs could bring a clear indication of where will BTC hit its bottom. I'm slowly buying off every now and then but it still is worth it waiting for that final bottom before BTC performs a push forward once again.

People still worry too much about things that are not really that significant, I believe that in the worst case scenario we could see a price of 5000, but as I said that is the lowest I see bitcoin reaching, most likely at some point there is going to be a point in which bitcoin reaches 6000 but the bulls will immediately defend that price and we go back to 7000 just as it has happened all the times we went below that resistance level, so instead of panicking take the opportunity and buy bitcoin when that happens.

Luckily, Bitcoin's support is strong enough to hold at $7k despite of the recent drop it made last week due to holiday season IMO. There's no need to panic selling this month and continue to hold so that Bitcoin will remain just like this until the end of month. But if whales decided to dump then it's still a good opportunity to start buying since the price would go down that time.

[palle11]

People still believe bitcoin can be predicted. No price ever of btc made any sense. Few people decide the price of bitcoin.

That is the point why people lose money in trading and bitcoin investment because they listen to btc prediction. I only know btc has a use case and I just buy low then wait for convenient high for me and sell for profit. The prediction isn't really followed up by the price.

[Febo]

It hit $6600 twice. On 25th November and 18th December. And in both cases it bounced back. Now we are waiting what will happen third time. It can broke down below it or no. If it will get rejected then i double will go down to $6600 again.