Bitcoin Forecast: Bearish Breakout Below $6360 Support Level

DJohnson

jr. member

Activity: 31

Merit: 1

I think 6360 is a little high based on my lines. I'm looking more toward 6240 if it were to be today.

That being said - I don't think there is a good position to be had at the current price and would rather wait until resistance at around 7k and slightly above to consider a short, or back to that support line at 6240 for a long.

The support that is being referenced has been hit over and over again as volume has been decreasing. Whenever the volume comes it will be interesting to see which side it favors.

erickkyut

hero member

Activity: 1176

Merit: 509

My opinion is that the bear market is already over and the bull is ready to run anytime soon. Why did I say so? Recently, I always read positive news about Bitcoin and most of them is that a certain country or state is already using and/or creating their own blockchain. Those are all positive news which can be considered as a sign of a near bull run.

Kemarit

legendary

Activity: 3080

Merit: 1353

LOL, Bitcoin surges ahead again, and will probably breaks the $6,600 barrier again. So the OP's bitcoin forecast is wrong to say the least because the price didn't go below $63xx. I haven't nothing against the OP but it just shows how difficult to predict the price and not even a good TA will likely help us out.

@Fenderr - good call getting at $6400, I'll hope you are going long this time. Others are expecting that the last quarter will bring a lot of cash again so if you're correct that bitcoin will get to $10000 then its instant profit for you at the end of the year.

Fenderr

jr. member

Activity: 293

Merit: 4

Quote from: sonewaneaman on October 03, 2018, 07:02:10 AM

Bitcoin currently saw a sudden drop in price below $6,500 level and following the bearish trend. Are the bears getting ready to pull the Bitcoin price below $6,360 level?

Read more at https://atozmarkets.com/news/bitcoin-forecast-bearish-breakout-below-6360-support-level

What's your target for Bitcoin? Comments and suggestions are appreciated Wink

Bought yesterday at 6400 level and I'm just part of my accumulation plan in the anticipation of a price increase towards the end of the year. I'm looking at a $10k by year end

Javi_Anibarro

sr. member

Activity: 1540

Merit: 282

tBTC - https://dapp.tbtc.network/

For me personally,i do not think it will happen because based on our current weekly chart in here;
https://bitcoinwisdom.com/markets/bitfinex/btcusd*(i saw it here,it depends on your style).
The bear is starting to lose their momentum,just look at its volume.It declined a lot compared to a few months before,but everything is possible.
Even though everything is possible,for me it's very likely for us to see another upward movement in a couple weeks because the chart shows us that way.

Also we are getting closer into the end of the year and usually the price is increasing a lot whenever we are getting closer to the end of the year.
especially when we are in the black friday.

dulinivanrus

jr. member

Activity: 210

Merit: 1

I already bought it for $ 6800 and I think I need to keep it ! I think that coaches should already very soon I remember ! Bitcoin is firmly entrenched at the level of 6 000 $

spiker777

sr. member

Activity: 1004

Merit: 279

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Bitcoin was forming a wedge pattern over the last month or so, so it was clear that either a big break up or down was coming. Since there was no good news around, the tendency is to follow market sentiment which is bearish. All the luddite idiots remain bullish, making the market easy pickins for savvy shorters.

GirlBitcoin

member

Activity: 210

Merit: 10

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Quote from: sonewaneaman on October 03, 2018, 07:02:10 AM

Bitcoin currently saw a sudden drop in price below $6,500 level and following the bearish trend. Are the bears getting ready to pull the Bitcoin price below $6,360 level?

Read more at https://atozmarkets.com/news/bitcoin-forecast-bearish-breakout-below-6360-support-level

What's your target for Bitcoin? Comments and suggestions are appreciated Wink

My goal is simple. Now that Bitcoin's prices are at the bottom and very cheap, I just want to invest as long as Warren Buffett. I think that is a good investment and we do not have to think much about the price of Bitcoin.

ranman09

full member

Activity: 756

Merit: 112

Target high on bitcoin by the end of the year is at 15000. But that depends on many cases, plus the truth that we can't predict bitcoin market that much.

I hope it doesn't go lower than 6000.

sonewaneaman

newbie

Activity: 45

Merit: 0

Bitcoin currently saw a sudden drop in price below $6,500 level and following the bearish trend. Are the bears getting ready to pull the Bitcoin price below $6,360 level?

Read more at https://atozmarkets.com/news/bitcoin-forecast-bearish-breakout-below-6360-support-level

What's your target for Bitcoin? Comments and suggestions are appreciated Wink

Topic: Bitcoin Forecast: Bearish Breakout Below $6360 Support Level (Read 160 times)