you don't even show a support level here, and it doesn't say anything.
Your mistake is that you base your decision on graph analyze only, as when trading in the cryptocurrencies market there is a huge amount of parameters that should be considered, and if you don't consider at least most of them ,then you call you analyze true gambling.
anyway, you don't consider any resistance levels in your graph analyze, as 7800$ should be a point that would be really hard to break and catch up as there was a strong support level their that later switched into resistance level.
Topic: Bitcoin price chart (What is next?) (Read 159 times)
The argument of 'every time it's fallen it's recovered so it will recover again' is so primitive and flawed. Eventually history will not repeat itself. I'm not saying I don't believe in bitcoin, I do, but not because some graph shows that it's recovered after previous drops. Each and every situation is unique and you need to consider them as so, if you continue to try and see the past in the future you will never find it.
Don't take my word for it, check the following chart
I don't think that a few arbitrarily placed red lines drawn on a chart is going to convince me of Bitcoin's future price movements.Bitcoin's price movements are based on a combination of its functionality and what speculators perceive could be its functionality in the future (and admittedly, often what speculators think that other speculators will think in the future). This perception could change at any time.
You can't use the past to predict the future, and if you keep trying to, you will end up losing money.
Even though it can't be done, more and more people will try to do it. That's how it works, people think that charting and all these weird techniques are actually going to show them the way with trading. The people that are charting know that it's not working -- they're just going to sell their services and methods to make money cause their charting can't do it.
It's smart for the people selling, they're able to make money off of fake lines and calls.
Don't take my word for it, check the following chart
I don't think that a few arbitrarily placed red lines drawn on a chart is going to convince me of Bitcoin's future price movements.Bitcoin's price movements are based on a combination of its functionality and what speculators perceive could be its functionality in the future (and admittedly, often what speculators think that other speculators will think in the future). This perception could change at any time.
You can't use the past to predict the future, and if you keep trying to, you will end up losing money.
I know there has been a lot of fud and panic recently in crypto markets, for this reason I would like to share bitcoin price chart during the time (source coinmarketcap) where it's obvious that Bitcoin price has been growing steadily with major drops in prices right after the major bounces and growths. I'm absolutely sure it will be the case again as it's been proven in time that always after Bitcoin drops, it grows even more. Don't take my word for it, check the following chart:
https://i.imgur.com/iVfaBvc.png
https://i.imgur.com/iVfaBvc.png
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