Bye Bye to the $7,250 Level on Bitcoin - Next Stop ?
Well clearly bitcoin did not hold the nearest possible support level of $7,250. Unless we get a miraculous rally in the next few hours here, we will move forward assuming we have closed under that level.
Bitcoin's Next Stop
When it comes to charting we generally look at prior resistance levels as now possible support. Given there is clearly alot of price action at that level and it has acted as a pivot point before, there is a likelihood it will act as it again.
With that said, when looking at the daily chart above we see the $6,750 price area is our next possible target on the downside.
If that doesn't hold then we start flirting with that mess in the $6,400 area, which if you recall were the lows from April.
Either way, the positive price action Bitcoin had finally developed has been washed out in one fell swoop. Back to the drawing board!
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only
Seems to me there's a lot of money waiting to get OUT of Bitcoin, every time it shows even the slightest signs of life.
But that's probably to be expected... the NASDAQ made a number of "false bottoms" on the journey down in 2000-2001.
Agreed, and if you look at the price move over the past two years. Pattern looks very similar to the Nasadaq back then. Took years for it to recovery, not months. Me may need to be very patient.
I'm going to guess that we have a pretty firm bottom somewhere in the region of what it actually costs to mine one Bitcoin. Anything below that would suggest (at least to me) a loss of confidence not in the market, but in the entire crypto concept.
Unless somehow the entire world production of Bitcoin moves to Venezuela (which doesn't have the electrical infra structure to support such a thing) I'm guessing $4000-ish would represent an absolute bottom, although I don't like words like "absolute," when it comes to markets... people are fickle.
I agree, bull markets last longer than 7 or 8 months, in general.
The $7k area is a big round number and a major psychological support, so we might see lots of buyers coming in that area.
Fingers crossed my man!
This will be the year we earn our stripes Cat... this is it.
Market is testing my stripes for sure! I think it's gonna be a grind until last couple months of the year.
I am waiting for 5K before I go "all in." In the 2 years since I started, price is still way up.
Just hodl on strong, the more time the prices stays at this low level the more cryptos i can buy at discount price!
BTW what is your opinion about the ETC going to coinbase? Will the price rise like crazy on listing, will we see a massive dump some hours before... i got me stack on ETC atm, don't know what to do with it, it's holding strong in this crash but i need to plan my exit strategy of when to dump them for my actual holdings...
Most of the reaction was off the news of it. Oddly enough I don't expect a big move one way or another when trading on coinbase goes live. There may be a very short spike up or down (intraday). The good part is it brings a whole new pool of buyers so maybe that bud can get it to break that $14-$18 range it has been stuck in for sometime.
I'd keep an eye on those levels to see if either is broken on the up or downside.
I have a stop limit at 15.2 just in case. This market bleed actually got it down to 15.8 but it went all the way back to 16.5 fast, while other coins got a 5-10% loss and are still struggling, i'm thinking of waiting until the day before the listing and drop it then... and from what i've read the listing will be on coinbase premium day 7 but only 1 week later will it be on coinbase consumer, so i'm expecting 2 dumps, one on day 7 the other on the actual listing, so i might try to scoop up some extra between both dumps
It looks to me like we might get a new low...
It didn't even come close to the previous high of the previous attempted recovery. That does not bode well. Of course, it's fully possible that it could bounce off that resistance line and go right back up to finally test that previous rather low high.
Yeah, anything can happen but I share the negative sentiment. I think the market will continue to be heavy for another few months.
My question is...if it does reach a new low...what will happen? We're already in August. If it takes too long to reach it's low, we might not have the whole December pump. Or if it does happen, maybe it won't be as insane as last year. If we don't have the December pump, will we have the New Years crash? Or will the pump be even more insane, and rise way too fast for everyone?
In my opinion we have plenty of time to for it to fall down the the high 4's let's say and then rally in the last few months of the year. I'll be super excited if we are above 10K at the end of the year. All this 25k talk from tv analysts is crazy. I'll bet anyone 100 steem that btc is sub 25k at year's end.
That's a scary bet if Steem rallies.
I think it's all up in the air. The talk of the insane BTC prices might just be enough to spike it up there. All the people being like "Oh! Here it comes! We're going to the moon!"