Topic: Attention! BTC is heading for 8K! (Read 843 times)

That won't surprise me at all.
BTC was heavily pumped for several weeks in a row without any apparent reason, no significant changes, nothing to justify the tremendous price rise.
Therefore, a sudden dump is to be expected...

By the end year most users could have lost hope, because users didn't experience the price increase same as the one they've been expecting. Now this has been getting sought as the price has started to move forward slowly crossing $15000 on several exchanges. In specific there is no reason to see the price reach $8k.

If they drop their support on BTC and fully turn their attention to an altcoin then BTC can really drop bellow 8k

~snip~

Have you guys seen the sharp dips just hours ago? What is happening? According to our analyst, BTC price is heading for 8K, do you think it's possible? Feel free to leave your comments below.

Full version of analysis from Kuang Ren:

BTC:
BTC is very likely to start a new round of downtrend with the bearish news and gently-increasing volumes during the dip.

The destination for the price during such downward move may be around $8,000, which makes it important for us to avoid risks as the overall bearish sentiment is not over yet. I’ve been emphasizing on the fact that prices of all major coins are just bouncing but not reversed.

Altcoins:
The overall trend of altcoins today seemed weak except for XRP, NET, ADA, XLM, LSK and QTUM. Once it becomes weak, funds will get together and push those well-performed coins up.
XRP:
My analysis stays the same, i.e. current strength of momentum can’t set all locked positions at the high level free. Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. Therefore, a new all-time high is a window to reduce your positions.

ADA:
Floor is formed at high level and signs of defending price at such floor by main funds can be observed, indicating that the overall uptrend is not over yet. 2 directions for future market: firstly, main funds will dump their chips without any concerns as the holding costs are extremely low. Secondly, they will dump after another round of surge since profits will be decreased if chips are directly cleared. Lose-stopping price can be set at 0.000025 if you decide to go against the overall downtrend.

XLM:
Flirting with IBM caused the continuous surges during previous sessions, XLM still holds a chance to move in an independent manner as volumes don’t increase at high level and main funds keep their chips in pockets. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend.

LSK:
It shares the same logic with XLM as volumes don’t increase at high level and signs of defending price by main funds can be observed. Currently, price is digesting the surges at the floor formed at high level. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend after the digestion.

QTUM:
ADA shares some common features with QTUM including large-range surges, the continuous sideway move at high level and protection from main funds, which makes further gains possible, lose-stopping price can be set at 0.0029 if you decide to go against the overall downtrend after the digestion
Lose-stopping prices mentioned above must be strictly followed, once broken, positions must be cleared immediately. Keep in mind that information contained herein is strictly for information purposes only.

Original by Kuang Ren, translated and posted by AICoin Jami.

Don't you think it's too much? Yeah bitcoin just came from a scratch and now it's everything but it won't stoop down in that level and investors won't let that happen easily. What happen now in xrp is full of manipulation and it's really hard to tell when the best time for entry and exit. Nevertheless you should be very cautious with it.

Don't you think it's too much? Yeah bitcoin just came from a scratch and now it's everything but it won't stoop down in that level and investors won't let that happen easily. What happen now in xrp is full of manipulation and it's really hard to tell when the best time for entry and exit. Nevertheless you should be very cautious with it.

it looks a lot of people are moving towards new scalable currency and look at this chart how the fee goes down after the ripple was taking the second place in the cryptocurrency,
https://bitcoinfees.earn.com/
Bitcoin started from nothing and there is a possibility if that worth nothing too.

I had watched a video on youtube yesterday and he said that there is a possibility that bitcoin can go down and reach the 8k mark. By When? I don't know that there is a possibility. If this happens, I expected it and I will not be shocked of it.

-snip-

After reading this it looks the coiled market revolves around Bitcoins intrinsic value aka fundamentals which is highly subjective and I personally believe to be overbought and that the market should be heading downward.

Predicting a market is very difficult unless you are controlling it.  Insider trading is an established practice on Wall Street( illegal but widespread). Bitcoin regulations range from little to none depending on the trading jurisdiction.

So the insiders are artificially keeping the price of Bitcoin up hoping to lure traders into buying more cryptocurrency until they dump.

I took your advice and looked it up.  Investopedia defines a coiled market as,
After reading this it looks the coiled market revolves around Bitcoins intrinsic value aka fundamentals which is highly subjective and I personally believe to be overbought and that the market should be heading downward.

Predicting a market is very difficult unless you are controlling it.  Insider trading is an established practice on Wall Street( illegal but widespread). Bitcoin regulations range from little to none depending on the trading jurisdiction.

So the insiders are artificially keeping the price of Bitcoin up hoping to lure traders into buying more cryptocurrency until they dump.

Look into "coiled up" and markets...should help any hodlers on the edge.   

A market that is believed to have the potential to make a strong move in one direction after being pushed in the opposite direction. The idea is that if a market should be headed in one direction based on its fundamentals but is pushed in the other direction, it will eventually make a strong move in the original fundamental direction. This coiled move will often be more substantial than what might have been the case if it had gone in the expected direction to begin with.