Topic: BTC broke all major support lines, and the worse is yet to come. - page 5. (Read 1695 times)
November 24, 2018, 02:55:08 AM
A lot of expectations were put on bitcoin hitting 20k+ this year ending. It only took bitcoin few weeks to brrsk all major support Lines holding it for months. There are those who said we must see 3k before something good will happen. With all indications, it shows that the price of BTC is heading to 3k.
November 24, 2018, 02:25:25 AM
The demand is not there and it seems like there is an over-supply of the coins. The situation will only improve if the big players resume their purchases. And that looks unlikely for the next 1-2 years.
November 23, 2018, 09:37:03 PM
If nothing else it's a fine demonstration that TA is a crock of shit.
There have been plenty of people calling for sub 3 grand lows which is fair enough. I did not see one single example of a prediction for this particular brutality.
There have been plenty of people calling for sub 3 grand lows which is fair enough. I did not see one single example of a prediction for this particular brutality.
I totally agree with you. I have always said that technical analysis is practically useless for crypto exchange markets. The actions of price manipulators are unpredictable.
It used to be taken as stone cold fact that Bitcoin never went below its previous all time high. Post late 2013 no one mentioned the possibility it would go below $266 yet it did by over $100. This is why I don't think there's any point in making strong assumptions about possible bottoms, especially months in advance which is what these support levels are.
I guess that the Bitcoin miners already collected too many coins and they decided to sell BTC in order to pay for electricity or reimburse other expenses.
It also does matter that the Bitcoin inflation is still high. Every day the miners receive about 1800 new BTC coins. To only stabilize the price, it is needed to buy $4400 * 1800 = about $8 millions each day. In fact, the mining industry is centralized in China by several mining pools. It goes without saying, they can crash crypto exchange markets by simultaneously selling a huge amount of coins.
November 23, 2018, 09:02:46 PM
As far as I remembered back into previous months were most people do speculate that 5400 would already be the strongest support yet we are tanking on the price of 6k+
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.
I've always been fascinated by the concept of 'support'. Where does it come from? Who decides? Why is it even a thing?
I've never believed in it. If there's gains to be made by pissing all over commonly accepted barriers then you can bet your bippy someone's going to do it.
It used to be taken as stone cold fact that Bitcoin never went below its previous all time high. Post late 2013 no one mentioned the possibility it would go below $266 yet it did by over $100. This is why I don't think there's any point in making strong assumptions about possible bottoms, especially months in advance which is what these support levels are.
Or we can even conclude that at this point in time, TA is not really applicable because the market is driven by market sentiments. I agree, we never thought that "X" and "Y" price could not be broken but look at where we are right now. All TA's are out of the window, except for those who are claiming that they have predicted this downtrend as early as 2018. So moral lesson here, TA might not work in the long run including support or resistance levels.
November 23, 2018, 08:42:10 PM
As far as I remembered back into previous months were most people do speculate that 5400 would already be the strongest support yet we are tanking on the price of 6k+
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.
I've always been fascinated by the concept of 'support'. Where does it come from? Who decides? Why is it even a thing?
I've never believed in it. If there's gains to be made by pissing all over commonly accepted barriers then you can bet your bippy someone's going to do it.
It used to be taken as stone cold fact that Bitcoin never went below its previous all time high. Post late 2013 no one mentioned the possibility it would go below $266 yet it did by over $100. This is why I don't think there's any point in making strong assumptions about possible bottoms, especially months in advance which is what these support levels are.
November 23, 2018, 08:34:55 PM
a lot of fraud in the crypto business makes people bored to reinvest, and I think, people who are losing money in crypto trading and those who have been deceived in the ICO scam business have traumatized them, not to touch the crypto business anymore, so that asset prices on the market going down,
I am afraid if people are no longer interested in bitcoin and cause the price of Bitcoin to collapse violently, so what will the fate of Bitcoin be in the future.
I am afraid if people are no longer interested in bitcoin and cause the price of Bitcoin to collapse violently, so what will the fate of Bitcoin be in the future.
November 23, 2018, 02:12:23 PM
If we look at bitcoin journey from 2017 to 2018 it might be shocked, but look from 2009, this is not a strange thing where bitcoin falls after ATH in certain years. It is possible to recover in 2019, but indeed 2018 is a year that is quite heavy compared to 2017
This market goes on a cycle. No one expects the 'brutality' that we're going to encounter at the end of the year. Support lines are broken, sellers out number buyers, panic creates more panic and we don't know when this will be over. I personally thought that $5000 support will not be broken, I guess I'm wrong.
And I understand some losing hope. But if you're really in for the long haul, this is far the best opportunity for everyone to be a bagholder. If by chance it went below $4000 and nothing is buying, then I don't know, we don't need to wait further as those are good buying point.
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.
November 23, 2018, 01:57:49 PM
If we look at bitcoin journey from 2017 to 2018 it might be shocked, but look from 2009, this is not a strange thing where bitcoin falls after ATH in certain years. It is possible to recover in 2019, but indeed 2018 is a year that is quite heavy compared to 2017
This market goes on a cycle. No one expects the 'brutality' that we're going to encounter at the end of the year. Support lines are broken, sellers out number buyers, panic creates more panic and we don't know when this will be over. I personally thought that $5000 support will not be broken, I guess I'm wrong.
And I understand some losing hope. But if you're really in for the long haul, this is far the best opportunity for everyone to be a bagholder. If by chance it went below $4000 and nothing is buying, then I don't know, we don't need to wait further as those are good buying point.
November 23, 2018, 09:28:42 AM
If we look at bitcoin journey from 2017 to 2018 it might be shocked, but look from 2009, this is not a strange thing where bitcoin falls after ATH in certain years. It is possible to recover in 2019, but indeed 2018 is a year that is quite heavy compared to 2017
November 23, 2018, 08:13:41 AM
At the beginning of the year, many people waited at the end of 2018 for a repetition of last year’s bitcoin price increase. Initially, it was clear that after last year’s jump in prices, the market would not recover so quickly. The market is cyclical. Many draw conclusions based on their hopes, not from arguments.
November 23, 2018, 07:20:43 AM
I do keep on saying this, there is no "support line" or "resistance" or anything in bitcoin.
You look at some charts and think that there is, but in reality you are very very much wrong. There is no chart, there is no indicator, there is no support line or resistance.
There are only whales. If a whale comes in and buys 2-3 billion dollar worth of bitcoin in the span of a week, do you know what will happen ? Next week the price will be $10k+ easily.
There is no indicator or support line for "2-3 billion dollar worth of bitcoin bought out of nowhere and none of us expected it". What could happen when someone sells billions of dollars in bitcoin is something we already saw this week so there is no need for an example. So you see, all those things you read on those charts are worthless, it all depends on couple rich people doing something.
You look at some charts and think that there is, but in reality you are very very much wrong. There is no chart, there is no indicator, there is no support line or resistance.
There are only whales. If a whale comes in and buys 2-3 billion dollar worth of bitcoin in the span of a week, do you know what will happen ? Next week the price will be $10k+ easily.
There is no indicator or support line for "2-3 billion dollar worth of bitcoin bought out of nowhere and none of us expected it". What could happen when someone sells billions of dollars in bitcoin is something we already saw this week so there is no need for an example. So you see, all those things you read on those charts are worthless, it all depends on couple rich people doing something.
November 23, 2018, 06:45:51 AM
Yeah we need to be realistic, the broken support line seems going to make more panic situation for every traders, and I believe this is not the end of falling, but everything is just speculation, with this unstable market there are possibilities that the market is going to turn over sooner, so its important ti not fall into the fud news and start the panic sell
I also think like you, another time it will go down, or collapse, everything will collapse
November 23, 2018, 05:49:57 AM
Yeah i feel it too that there is still more worst for this current price will come like if ETF products will be rejected again, the SEC is hunting down crypto related projects that are questionable and the increasing hacked exchanges all over the world. So brace yourselves so that we could endure the worst.
November 22, 2018, 07:16:43 PM
Nit only you expecting bitcoin will stay strong at price value 6000$ upto 6600$ before end of the year 2018
The contrate barrier of bitcoin will completely crack came from the people support
Well its part of volatile currency nibidy can control
All we had to do is kept faith and stay cooll to forget all stress
The contrate barrier of bitcoin will completely crack came from the people support
Well its part of volatile currency nibidy can control
All we had to do is kept faith and stay cooll to forget all stress
November 22, 2018, 06:10:57 PM
many users still continue to dream of crypto and are trapped in a complex set of trends so they find it hard to think logically, when the crypto price drops seriously they cry and make panic sales. Current issues that overwrite crypto force all users to be more selective in choosing which crypto continues to be good and the ecosystem will eliminate many unproductive crypto to scam
November 22, 2018, 05:59:47 PM
" BTC broke all major support lines, and the worse is yet to come. "
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
the only value that BTC can't go to is a negative number. anything from 0 to million is technically possible. when btc dropped from 19k to 10k we thought it was the bottom ! , 6k we were like okay this is the very bottom.
identifying the bottom is really difficult. but one thing for sure. as long as we are above 7500$ "prev high" , we are still in a bear market any there is no limit for how low we can go. but i am placing my bet on 2900-3100 to be the bottom of this bear market, somewhere around mid to end of 2019.
November 22, 2018, 05:42:19 PM
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
It doesn't have to be all that bad, because I am sure that ~$3000 is where bots will start to pool up so much buy support, that it very well may turn out to be the bottom. If you look at the charts of last year august/september, that's the level where the price found a bottom after a pretty harsh selloff tanking the price from $5000 to $3000.
The positive side of this selloff is that it grants investors certain taxation advantages, which somewhat makes me think that we won't be seeing any noteworthy increase this year.
I no longer plan to spend anything on black friday sales, but solely use my fiat to buy myself some more coins. Bitcoin at these levels offers more bang for your bucks.
November 22, 2018, 05:16:41 PM
If bitcoins keep breaking support lines in the next three consecutive support lines, then the hope of bitcoin resurrecting will be death. The worst has already begin with the fork of Bitcoin cash which has shake the crypto market.
November 22, 2018, 03:48:36 PM
" BTC broke all major support lines, and the worse is yet to come. "
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
I can't see the purpose of such posts except to spread the panic. Of course that everything is possible with Bitcoin price but so far there are no indicators that would point to such big dump. And as far as panic selling is concerned we can see that now already.
November 22, 2018, 01:31:39 PM
" BTC broke all major support lines, and the worse is yet to come. "
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
the worst is yet to come? we fall from $ 6500 to $ 4500, is that not the worst?
breaking lower the 4900 will easily take us to 2900-3100 which is a strong support formed on Sep 2017 from a previous resistance formed on June 2017
2900-3100?
this will be very bad, if the price drops to $3100 we will see a big panic sale and it will be very bad, I hope this does not happen and that the price stay above $5000
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