Bottom of BTC descending channel is 3000$? - page 6.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: darkangel11 on August 17, 2018, 12:46:10 PM

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015.

It wont happen, at least for now. The drop happened till 5995 USD and then umped back to buying pressure and now bitcoin is over 6.3k USD at the time of writing this post. Bulls are ready to buy back whenever the drop happens and happens significantly. Its not a surprise that people had buy orders set at 5.9 K USD mark and they got filled in at that time.

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The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months.

What also changed is the mainstreaming of crypto and crypto related topics. Almost every 1 out of 3 internet public are now talking about ICOs, bitcoin, ethereum and all. This was not the same in 2016.

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IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

Pure market sentiment would push it back everytime it went down. Simple observation.

darkangel11

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Quote from: atrocityx on August 15, 2018, 03:23:39 PM

Quote from: ?? on ??

I doubt that this pattern will happen. Although in TA, I most likely look into the pattern so I can speculate what could it be in the next days in succession but 6k is like the solid floor now of Bitcoin this year. It should have dipped to 3k already before since Bitcoin was playing around that price before, but it didn't. The bulls are kinda in resistance for these that's why it is staying flat in 6k most of the time. If there will be case that this will be the price next, then I'll hoard on it.

Yeah I agree.. its clear that the people manipulating price with these extreme bart candles intend to keep the price stable atleast with bitcoin over the next 2 months waiting for ETF decision.. but know a flash crash down to 3-4k would send us further down the rabbit hole of bear market (maybe even as long or bad as 2014-2015).. I believe the millionaires out there that can actually move the price, know whats best for the long-term and tiptoeing that edge of getting the most out of their position in bart candle shorts and longs margined, but also the common sense enough to not spiral sentiment further.

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015. The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months. IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: CryptoGuro1 on August 15, 2018, 03:44:08 PM

I used to follow magicpoop, I have to say he gets a lot of crap from other "traders" on his charts, but to be far during our rise in April/May I think it was, when everyone and their mother was saying "bear is over" he stuck to his guns and said it was not over yet, so fair play to him, his calls are good.

Be careful following any trader. Most of the trades posted there will be given after they have completed that trade so you wont actually be able to "Copy-trade" them. Rather you can analyse and try to find out why they did that trade or the motive behind the trade - whether it was for a short term gain or a long term hodl.

Quote from: shulio on August 16, 2018, 06:24:46 PM

It is not important where the bottom is. When we will see a new ATH is more important.

Both of them are important. The ATL in a short period of time is the point where new traders are going to come in and fill the market. Then the ATH is the point where most people exit the market. Its important to watch the market cap during these times even though it is highly manipulated to get an idea of the amount of cash coming in or going out.

bohr

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Quote from: Kavallo on August 11, 2018, 05:13:08 AM

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

I think that you are right when you say many people are letting their personal feelings interfere with their analysis, but a bottom of 3000 dollars? That is too low, we will need another panic to see that price and the question is what could cause that panic? Even if the SEC did not gave to us a positive outcome at worst we are going to see prices below 5500.

shulio

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It is not important where the bottom is. When we will see a new ATH is more important.

Fenixsfeather

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Looks like bitcoins course has jumped from the bottom in 6000$. Course has stopped in 6300 and what will happen later is a good question.

drmasa

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Quote from: tesla80 on August 15, 2018, 03:07:40 PM

I promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

I would buy if it fall to 5000$ Cheesy

but there would be needed some really cataclysmic end of the world news to come to that, literally impossible!

Kavallo

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I am happy that my thread is getting so much attention and it is very interesting to read all the posts since this is giving a good picture of the overall mood and opinions.
Regarding one argument which has been made that the whales don't use TA to decide their moves, this is true on one side but incorrect all the same. It is true that they don't take decisions based upon TA, but they still time their actions according to TA so that they can better manipulate the market. This his how they can better setup bulltraps, beartraps and short and long squeezes.

Oasisman

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Quote from: tesla80 on August 15, 2018, 03:07:40 PM

I promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

What if it will never drop to $3000? And then Bitcoin price suddenly pump up to $30,000 in December lol.
Im just kidding anyway, but there were cases like this where people didnt buy during the dip because theyre waiting for the targeted bottom price.
On the other hand, when Bitcoin hits $3k, I guess ETH would sit at $50 or worst and majority of the alts will have their all time low.

cryptothreads

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Quote from: manggis97 on August 15, 2018, 09:35:16 PM

I seen demand of BTC now is increase and we can see it from BTC dominance more than 53% in crypto market. I think the price of BTC really according to fundamental analysis. And the bottomed of BTC price we will know after decision of Bitcoin ETF on 30 of september. If Bitcoin ETF denied the price can be go lower to $5000 and if approved will be bull run to 10 times more.

I am sure this fund will invest in this market and we should have good hopes for the future of Cryptocurrency. I think the ETF's investment fund is huge and they want to invest in this market but are having a lot of obstruction from the SEC. I hope the SEC should have a better view of this market as it may be the future of the world in the future

manggis97

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I seen demand of BTC now is increase and we can see it from BTC dominance more than 53% in crypto market. I think the price of BTC really according to fundamental analysis. And the bottomed of BTC price we will know after decision of Bitcoin ETF on 30 of september. If Bitcoin ETF denied the price can be go lower to $5000 and if approved will be bull run to 10 times more.

CryptoGuro1

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I used to follow magicpoop, I have to say he gets a lot of crap from other "traders" on his charts, but to be far during our rise in April/May I think it was, when everyone and their mother was saying "bear is over" he stuck to his guns and said it was not over yet, so fair play to him, his calls are good.

atrocityx

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Quote from: ?? on ??

I doubt that this pattern will happen. Although in TA, I most likely look into the pattern so I can speculate what could it be in the next days in succession but 6k is like the solid floor now of Bitcoin this year. It should have dipped to 3k already before since Bitcoin was playing around that price before, but it didn't. The bulls are kinda in resistance for these that's why it is staying flat in 6k most of the time. If there will be case that this will be the price next, then I'll hoard on it.

Yeah I agree.. its clear that the people manipulating price with these extreme bart candles intend to keep the price stable atleast with bitcoin over the next 2 months waiting for ETF decision.. but know a flash crash down to 3-4k would send us further down the rabbit hole of bear market (maybe even as long or bad as 2014-2015).. I believe the millionaires out there that can actually move the price, know whats best for the long-term and tiptoeing that edge of getting the most out of their position in bart candle shorts and longs margined, but also the common sense enough to not spiral sentiment further.

tesla80

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Quote from: Kavallo on August 11, 2018, 05:13:08 AM

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

I promise I will buy if it drops to 3000$

I want to see it

I can't imagine altcoin prices when bitcoin is 3000$

atrocityx

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This is true from a TA standpoint but I'm just not buying it.. bitfinex basically determines market price, and the only way you're gonna get even in the 4000's range is everyone will have to capitulate out of their long positions and go short.. as soon as that happens whales who've been manipulating will make an epic short squeeze to wreck everyone. I just think the fundamentals of whats going on with who determines price is a lot more of a solid foundation to make decisions on right now over the charts. Hold out for 3k if you want but I just don't see it.

Lanatsa

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Quote from: Kavallo on August 11, 2018, 05:13:08 AM

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

Basing on the technical analysis that 3k price would be the last strong support which would possibly we would heading but currently seeing on bitcoins price it do still plays on 6k support and wont tend to go deep even more which is good but still we might see the probability of a breakout so its still not sure that we will not go down into that price because there are rumors that before institutional money would set in they would plan for that cheap price entry.

BTCballa

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Quote from: Kavallo on August 11, 2018, 05:13:08 AM

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

Actually we can never know that because there are some supporting levels on bitcoins price that we know about but it is already going through $6,000 and lower so nobody is confident in the bottom point.

BTCLovingDude

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BTC to the moon is inevitable...

one thing that i have found out about TA is that you can always draw your lines in a way to hit any price that you want. but that doesn't make it right. in case of bitcoin, there is no descending channel. there is a strong bottom instead which is not being broken so far.
the only way it will go below $6k at this point is if ETF is rejected or some other bad news comes out. not to mention that we might see a rise to something like $8k before the ETF rejection and that can only bring it back down to $6k again so we may not even see lower prices ever!

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: r1a2y3m4 on August 12, 2018, 07:21:27 PM

I think so. It's probably the worst scenario to think of. That is the worst of them all but let's just pray for it not to happen. May God help bitcoin.

God? LOL
Only time will help bitcoin. If you are dumb enough to believe in people's made up rumors and FUD then you will also think that bitcoin is a shitcoin. While if you are experienced trader you would look into the 3-4year charts of bitcoin and make predictions on where the bear market might end. I was thinking it might touch 5k USD yesterday but seems like as soon as the 5990 USD figure touched there has been a buying run on bitcoin and the price is now +10% around 6.3k USD.

Dont listen to FUD makers dude. Listen to the market cap and the movements.

nl247

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Quote from: aoihs00 on August 12, 2018, 06:52:50 AM

I have see this kind of technical analysis all the time in the forum and people have put forth many detailed graphs like that one. I guess these analysis will never work because understand this, "Crypto is many times dependent on fundamentals rather than technical stuff". This is completely different world from the stocks, forex etc. and you can imagine that by seeing how fluctuating the market we are in and how it create versatile graphs each time. No theories can explain properly what is going to come in the future so dont bother yourself with such analysis.

Are you really sure about that? There are so many times that the movement of bitcoin and the general crypto space has failed fundamentally. Sure, we have not gotten some pretty huge news for a while now that could skyrocket the market, but at least we have heard some pleasing ones that still had the possibility of bringing some ease to the market, but it just seems the bear market won't just stop.

Nevertheless, with respect to you saying technical analysis fails, no it does not. I have been using TA for a while now on bitcoin and some top cryptocurrencies with good volume and it has been fine with me. What a lot of people always fail to understand is that in any market, you cannot just 100% depend on your analysis coming through, and which is why the stop loss should be as active as buying into the market based on your signals. With this, at least, 80% of the time, I have made the right call technically.

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