Bitcoin Market: Testing Critical Area.

in cryptocurrency •  7 months ago

Hi traders, Bitcoin could be on the verge of a wash out, prudence is advised.

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Here's why.

Bitcoin.

Price is currently testing prior resistance...

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Failure to maintain above it at the end of today would probably trigger a washout although an oversold RSI suggest that a bounce is not totally off the table...

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A washout could send the price tumbling down to previous support around $6000 where I'll have some dip buy orders ready.

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By the way I've closed my small dip buy position I opened yesterday, took a very small haircut on this but nothing that's going to put me on the streets.

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Cheers,

Dan.

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As long as no more Japanese Whales decide to cash out, we may see a bit of an upswing.

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Hi @sirstacksalot I guess you're referring to the Mt Gox trustee? I am really on the fence about how much he really contributed to the crash to be honest with you... I know Youtube is ablaze with criticism against him but i tend to think that most of the price action we've seen since 20k is due to normal market mechanics, trustee or not we would have gone down anyways, although him selling some of the MtGox stash surely didn't help the market. What I think is that most people in Crypto love scapegoating and simple explanations because they can't accept the reality that markets are random and irrational so it's easier to blame one poor bastard for all this bearishness... just my two cents on this :)

oh maybe the bitcoin has to go through some more things, I see the real market at about 8000$. Maybe everyone has to say "go away with the stuff" until they get it right up there.
if all that money wasn't in the altcoin copies, we'd have a better price now.

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I agree with you @erniegreenhill, Bitcoin is still seriously overvalued at $9000, hell I got in at $700 and even that price seemed unreasonable at the time haha

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Thats cool so you are still very happy..Im fine also cause i got in at 4000 in August last Year. Even if it would go down to 2000 i would by some more and got finally more than one bitcoin :)

Not too many of those 100k BTC predictions lately I notice..

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haha, well said @scalerman, most of those who were making predictions have never been through a bear market, they'll learn in time, now the name of the game is $$ and loading up once we reach accumulation again.