Market ripe for a price drop

[Finance_BitcoinGroup]

Graph Here - https://i.imgur.com/7JSMPwp.png

The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.

It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.

What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level

(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)

[stonerider]

I think you're completely off your rocker. From here, it's straight to the moon!

[ajareselde]

I think you're completely off your rocker. From here, it's straight to the moon!

Doubt we will go higher currently, maybe 250$ max before another dump, and im positive that we will retest 200$ soon enough.
I am waiting for such a drop, if it doesnt happen, i will loose advantage tho, but its all risk with bitcoin, and u are rarely correct short/mid term.

cheers

[WeGotCactus]

Graph Here - https://i.imgur.com/7JSMPwp.png

The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.

It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.

What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level

(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)

Poor analysis. I'm not saying you're outcome is right or wrong, but seems like you could say the exact same arguments to say the opposite thing.

"The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking below the $235 level but failing to stay below it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong selloff in the past week, the likelihood of the price staying below $243 is weakening.

It is definitely surprising for the price to have been resisted by the $248 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing another bounce, this time off the $236 level and 30 hour moving average, this does not exactly indicate a bullish move in the very short term but it does represent a degree of downside weakness in the movement of the past 24 hours."

My point - we're consolidating. Your post has no insights as to why we'll go up or down from here.

[bassclef]

I think we would have rallied past $300 if the Bter news hadn't happened. It was a strong rally with lots of volume and not much selling.

Because of Bter there are additional sellers trading the market, many of whom are stuck in bad positions near $230 and hoping to get out. Just a waiting game at this point.

[Morecoin Freeman]

Nice chart.

[D05GTO]

Think it's in a holding pattern waiting for the Fed coins to be auctioned.   No one wants to raise the price to let the feds get more in the auction.   In other words, there's a price suppression happening right now.

[oblivi]

Bitstamp is showing a big buy wall at about 200 price range, im not sure people is going to sell that much amount of BTC for that low price.

[sniveling]

Bitstamp is showing a big buy wall at about 200 price range, im not sure people is going to sell that much amount of BTC for that low price.

Bitstamp has become a really low volume exchange since the hack. This is the current pecking order - bitfinex, okcoin, coinbase, btce, bitstamp. A big buy wall on bitstamp is nothing on bitfinex. There is a bigger wall at 200 on bitfinex, but I have seen bigger ones eaten through in moments.

[randy8777]

Bitstamp is showing a big buy wall at about 200 price range, im not sure people is going to sell that much amount of BTC for that low price.

Bitstamp has become a really low volume exchange since the hack. This is the current pecking order - bitfinex, okcoin, coinbase, btce, bitstamp. A big buy wall on bitstamp is nothing on bitfinex. There is a bigger wall at 200 on bitfinex, but I have seen bigger ones eaten through in moments.

walls mean absolutelly nothing. if price gets near the larger buy orders they get pulled most of the times.

[pattu1]

Bitstamp is showing a big buy wall at about 200 price range, im not sure people is going to sell that much amount of BTC for that low price.

Bitstamp has become a really low volume exchange since the hack. This is the current pecking order - bitfinex, okcoin, coinbase, btce, bitstamp. A big buy wall on bitstamp is nothing on bitfinex. There is a bigger wall at 200 on bitfinex, but I have seen bigger ones eaten through in moments.

walls mean absolutelly nothing. if price gets near the larger buy orders they get pulled most of the times.

These huge orders are put in place just to mislead the market.

[spazzdla]

I sure do hope so.. I'd like own +10 btc.

[rosh]

Any drop below $200 will attract a wave of buyers. 

[LewiesMan]

Any drop below $200 will attract a wave of buyers. 

And a wave of panic sellers.

[Beliathon]

Graph Here - https://i.imgur.com/7JSMPwp.png

Oh good, more pseudo-sciencey graphs. Just what the internet needed.

[SimplisticStu]

Any drop below $200 will attract a wave of buyers. 

And a wave of panic sellers.

I agree with both but if it does test the $200 level again I shall be buying and holding waiting for the rise.

waiting, waiting, waiting 

[dothebeats]

I think you're completely off your rocker. From here, it's straight to the moon!

Nah. Not with the current market conditions.

I'm still expecting a price drop to at least in the $220 range. If that happens, I'll buy some coins for myself. I still consider that range quite a loss though, but my view is two-sided at this moment. Hoping that it will break resistance and see some coins beyond the $240 mark and at the same time, hoping to buy some $220 priced coins.

[ajareselde]

Any drop below $200 will attract a wave of buyers. 

And a wave of panic sellers.

I agree with both but if it does test the $200 level again I shall be buying and holding waiting for the rise.

waiting, waiting, waiting 

im waiting for buying opportunity @200 also, but recent press is giving me a hard time waiting, even tho im pretty sure we will dive to ~200 before going up, shaking weak hands off.
if the price would dive tonight, what would the traders mind be thinking ? it definetly wouldnt be selling 12% or so under recent price, i bet everyone would bite that cake.
ill wait and see, and hope not to get left behind

cheers

[ndnh]

I think you're completely off your rocker. From here, it's straight to the moon!

Yeah, it got to go to the moon this time.

Market manipulators and whales must be tired of making 1 sided bets.

[bassclef]

I think you're completely off your rocker. From here, it's straight to the moon!

Nah. Not with the current market conditions.

I'm still expecting a price drop to at least in the $220 range. If that happens, I'll buy some coins for myself. I still consider that range quite a loss though, but my view is two-sided at this moment. Hoping that it will break resistance and see some coins beyond the $240 mark and at the same time, hoping to buy some $220 priced coins.

A $20 difference in price isn't really that much if you are long-term bullish, but wait it out if you want. This last consolidation period has been defined by rising bottoms, which is bullish, so keep that in mind.

To put it in perspective, I used to stress about $60 vs $80 coins. Turns out it doesn't matter too much now.