Topic: "Bitcoin: Bearish Mood Strongest Since February" - page 3. (Read 446 times)
If Bitcoin goes for 7700 USD, then I would not call it a bearish season. But I am afraid that we can see a lower price than 7700-7000! Last year we saw a major drop in November, this year has the same chance. A bear market is not good for everyone, it breaks some people. Not everyone is a buyer, so, to protect the huge loss, some holders may convert in Fiat on time. This time is very confusing, anything can happen. But 2017 year did not come twice, I hope 2018 won't be too.
My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale.
that's probably what the market needs before a significant recovery can occur---a good high volume panic selloff. just look at the v-bottoms we had in january 2015 or july 2017 or february 2018.
capitulations are great because they flush all the weak hands out of the market. everyone who wants to sell, sells. right now, lots of desperate holders are selling into every bounce to cut their losses. a strong move down will force them to sell.......to stronger hands. once that high volume exchange occurs, all that supply pushing the market down is gone.
so a flush to $6k might be just what the doctor ordered.
I could see $7700 being a potential bottom at this point in time as well, though I do find it more likely at this point in time that we could soon be breaking under that level and into the $6000s. MACD on the daily seems like it's starting to head back down from the green, with the Stoch RSI looking to start downwards as well, and in the shorter term it seems like we've only been in a bleedoff after the brief wick to $8700 several days ago. Nevertheless, I'm still personally dollar cost averaging into Bitcoin still and I plan on doing so for the forseeable future.
My concern is if we break the $7,750 we will see the $7400 and if it falls below $7000 we will be in a very unpleasant situation because we will see the panic sale. so far I am wondering if the reason the price is not falling too much is related to halving, maybe the high expectations people have for halving that will happen next year is the reason we don't see prices like $4000 again
I've bought bitcoin at $7982 quite satisfy with it but still waiting for a lower price, $7700 will be a good price to buy the dip. Bitcoin still holding its territory within $7900-$8000, probably will going lower in the next 24 hours before a bounce back, just don't wanna miss the opportunity to buy more coins fraction.
Quote
Bitcoin is facing strongest selling pressure since February and has potential to drop below recent lows near $7,750.
The top cryptocurrency by market value fell from $8,326 to $8,086 in the 60 minutes to 17:00 UTC on Tuesday, confirming a downside break of the recent trading range of $8,450–$8,250, as expected.
Since then, the cryptocurrency has stabilized around $8,100. Some observers are of the opinion that BTC has carved out a temporary bottom near $7,750 and the drop from levels above $8,300 could be a bear trap.
That argument is logical if we take into account the seller exhaustion signaled by a bullish divergence of the 14-day relative strength index – a widely used technical indicator – confirmed last week.
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What many expected the past few days is now happening with Bitcoin. The mood is now bearish and there is a chance that the dip can even go lower. Lacking any positive development that can push the price upwards, the bear is taking over. As i am writing this post, Bitcoin stands at $8,004.22 according to figures supplied by CMC.
However, as always, this can be an opportunity to get in but many are, of course, waiting on the side line figuring our where is the bottom of this movement is.
So take a good guess...where can we find the bottom of this dip before Bitcoin go back running towards the sky?
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