Bitcoin - If This Level Goes, It Changes Everything
The Bitcoin daily chart just tapped trend line support:
BTC/USD Daily
The trend line that the market is clinging to so we can say that the overall trend is still bullish.
If this level goes, it changes everything.
Now, take a look at the intraday price action on the bounce:
BTC/USD Hourly
Price is bouncing and that is the intraday level that price would retest and need to hold for us to think about getting long yet.
Best of probabilities to you.
Peace ✌🏻.
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It will be interesting to see what happens if it drops below this support. We might have a quick trip to $2500. At this point I’m looking for the cheapest prices possible so go ahead and drop like a brick! Got to be plyaying this for the long haul. Thanks for the update!
$2500?! Yikesss. Reading that number doesn’t make me feel good haha.
I don’t think we’ll get that low, even if this trend line breaks, but we’ve just gotta go with it.
If it gets to 2500, it will either snap right back to 3k leaving a wick, or barrel on to either 1800 or 1400 - there's no strong support/resistance at 2500 to hold it up. I posted the possible areas I'm looking for THE bottom at based on my Elliot Wave counts and the Fibonacci relationships between waves in response to @brettcalloway's comment. I am leaning towards 3k, as it is based on the higher degree waves. The absolutely massive spike in volume (in part form J.P. Morgan buying the dip, right after their CEO talked shit) the last time we approached 3k in September is also quite encouraging.
If it drops through 3k it won't stop at 2500 IMO. I think the move from 11.6 to 7200 an A wave in the form of a leading diagonal. If C = A * 1.618, 1400 is the target. If C = A the target 4000, and if C = .618*A - 5800. That being said, if you look at the higher degree waves - (A) wave from 19700 to 5800 - then the only target for (C) based on the Fibonacci relationship that isn't negative is (C) = (A) * .618 = 3000.
So the possible levels to look for THE bottom are 5800, 4000, 3000, and 1400. 3000 is in bold because it is based on higher degree waves.
I think once we hit 3000 it will briefly fall to 2500 and snap back up to 3000. I think 3000 is a strong enough support without having to test lower, but it will slightly overshoot that support level to the downside of 2500. From there I’m looking for a 10x to all time high. Anything much lower than 2500 will be unexpected from my point of view. Just my thoughts that I’m investing around. Thanks for the response!
My thoughts as well... anything lower would cause far too much technical damage for us to see a new ATH anytime in the next 2 years
Thanks for sharing
it's going lower for now for sure. ALOT of the people who jumped on the train 10k need to be shaken out. Then MUCH HIGHER
https://steemit.com/bitcoin/@heyimsnuffles/the-bitcoin-bubble-4-0-the-best-is-yet-to-come
What does people selling (and their purchase price) have to do with the price heading up? I see no correlation.
Its human nature and emotion. That is ENTIRELY what trading and the price of assets is based upon. So Everyone who chased the move from 10K to 19K underwater now need to panic and cause some real selling pressure before the bottom is in.
Hahh I got into cryptos in April 2017 and since then everything was just going up :D If feels almost unfair that we've been falling for 3 months now already ...
That's not what I've signed up for :D!
Correction sucks but I still think long-term...I'm also a terrible trader so I can't do anything else :D
Hmm, if everything you’ve said there is true, maybe you’re in the wrong place?
Hmm I don't get what you mean...wrong place? U mean Steemit? Or cryptoworld?
I was obviously joking about feeling unfair etc...It feels weird though cuz I really got used to going just up...but ofcourse it's not unfair :D
Guess it wasn’t obvious to me 🙃✌🏻
Would you think that current crash is related in any way to Mt Gox and Bitcoin futures?
It seem that those 2 are main reasons why entire market is dropping.
Yeah, all of the above contributed. But it’s just all about positioning of smart money. I’m not worried too much.
Thank you for your kind reply.
I decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Cheers,