BTC broke all major support lines, and the worse is yet to come. - page 6.

Vishnu.Reang

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Quote from: gabmen on November 19, 2018, 10:00:31 AM

Aaaand support lines keep getting broken it seems. I thought a new week would see us recover from that sudden plunge but the trend hasn't changed. Hopefully you're wrong dude but current happenings point out to exactly what you said.

That's true, but still I am optimistic about the future. All it takes is a major trigger and the prices can easily cross the five-digit mark. Miracles can happen... such as an ETF approval from the SEC, or legalization in China.

pundit

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Quote from: MFahad on November 21, 2018, 04:31:27 AM

Quote from: gabmen on November 19, 2018, 10:00:31 AM

Aaaand support lines keep getting broken it seems. I thought a new week would see us recover from that sudden plunge but the trend hasn't changed. Hopefully you're wrong dude but current happenings point out to exactly what you said.

The Support lines were broken all of sudden. This is not natural dump at all. I think it was manipulation by the big whales who want us to be panic and sell in panic. Once people will sell in panic, those whales will buy back all in cheap.

I agreed, this is a sudden dump after a long side trend, it seems manipulation by big whales, people will start selling in panic and it will become a good chance for these whales to buy it at cheap price, BTC will recover soon or later, it make take from some months to year, we should remain patient.

gentlemand

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Quote from: macstrong12 on November 21, 2018, 01:57:45 PM

The next major support based on trading view analysis is around 4100$ and if it breaks to 3000$ channel , It could goes back around 2500 once more , and that would be tragic!

As long as it's rapid and brutal enough I could live with it. What would suck enormously is if it took month after nothing month to get there. That could be all too conceivable sadly.

macstrong12

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The next major support based on trading view analysis is around 4100$ and if it breaks to 3000$ channel , It could goes back around 2500 once more , and that would be tragic!

Shay1ynother3904

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Olalomi

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Bitcoin has been defying all sorts of technical analysis right from onset thus its more of fundamentall analysis tends to be inclined to its Price Actions whenever there is a massive dump major support lines are easily broken by the price thus sending a wrong signals for TA traders that is why I prefers forex trading to crypto trading.

jrrsparkles

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Quote from: Indrawan77 on November 21, 2018, 03:40:48 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

FOr a trader they should react for this kind of news in my opinion because we are predicting that the price not yet hit the bottom so it makes no sense to hold or buy more coins for traders so they should sell it and wait for the bottom to buy it back.I hope the bottom will not be too far from the current prices if not then the crypto market takes huge time period to get back the the cap same values as 2017.

panganib999

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Quote from: Indrawan77 on November 21, 2018, 03:40:48 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 think the supporting lines are just getting preparing for what is we are waiting for, the bull run. It is not panic that caused the trader and holder to sell so but the urge to push the bitcoin on its trigger point for skyrocketing. Bitcoin will not fall down as it already has the place to reign for so many more years even the market is really unstable. Market will bounce and that's for sure.

Cryptomilz

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Cryptos slowly cascading into the realm where Technical Analysis don't determine price actions. For crash that was grossly manipulated, TA don't play any role in determining how high or low it would go. I mean at the ATH $20K, no TA specialist will boast of prediction prices to get those levels.

MFahad

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Quote from: gabmen on November 19, 2018, 10:00:31 AM

Aaaand support lines keep getting broken it seems. I thought a new week would see us recover from that sudden plunge but the trend hasn't changed. Hopefully you're wrong dude but current happenings point out to exactly what you said.

The Support lines were broken all of sudden. This is not natural dump at all. I think it was manipulation by the big whales who want us to be panic and sell in panic. Once people will sell in panic, those whales will buy back all in cheap.

Xavofat

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Did you see that ludicrous display last night?

A huge amount of different people who are supposedly great at technical analysis have repeatedly got their price predictions wrong. It certainly feels like any successful predictions they're making are by chance.

I don't think technical indicators are really very useful for predicting the Bitcoin price. They're very overused.

Indrawan77

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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

bkbirge

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Quote from: gentlemand on November 20, 2018, 05:23:22 PM

If nothing else it's a fine demonstration that TA is a crock of shit.

+1000

gentlemand

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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.

mikeywith

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Quote from: The Sceptical Chymist on November 20, 2018, 12:38:58 AM

Quote from: mikeywith on November 18, 2018, 08:43:45 PM

A few days ago i was still bullish on bitcoin as it stayed strong above major support trend

Doesn't the fact that bitcoin went below these "support lines" argue against the validity of using TA to trade? I'm a long-time skeptic of technical analysis, and this just shows me that the market does what it wants with no regard to these fancy voodoo TA techniques and terms.

Quote from: mikeywith on November 18, 2018, 08:43:45 PM

we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.

You got that right, although I'd argue that "the world" is hardly even aware that there are any cryptocurrencies other than bitcoin. It's a very small population of people who are even aware of these shitcoins, ICO scams, and now this hash war thing. Shitcoins are destined to crash to zero--or at least most of them are, and I don't need TA to verify that for me. One of these days people are going to wake up and realize that no merchant is ever going to accept them and there's no practical use for them, not even as a store of value because of the extreme volatility.

well indeed the market does what it wants to do, it does not really react to charts, but charts react to price. we as TA people in most cases see the same chart and think that same thoughts, when price broke the trend line bottom which was about 5900$ i personally sold out, and obviously i was not alone in this as my whole worth of btc is not even 0.00000000000000001% of the market cap. but it does accumulate with other traders. causes the panic and price dips.

fundamentals are of course way stronger than Technical, if tomorrow satoshi comes out and prove himself and say BTC is scam, no support and no TA will hold btc from going to 0. on the other hand if we get ETF approved, prices will care less about any Resistance on the chart and will shot to surpass ATH.

but in normal market condition TA does work "not all the time tho Cheesy

" . and if you use it right, you simply end up with more BTC in your wallet.

cheers.

The Sceptical Chymist

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Quote from: mikeywith on November 18, 2018, 08:43:45 PM

A few days ago i was still bullish on bitcoin as it stayed strong above major support trend

Doesn't the fact that bitcoin went below these "support lines" argue against the validity of using TA to trade? I'm a long-time skeptic of technical analysis, and this just shows me that the market does what it wants with no regard to these fancy voodoo TA techniques and terms.

Quote from: mikeywith on November 18, 2018, 08:43:45 PM

we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.

You got that right, although I'd argue that "the world" is hardly even aware that there are any cryptocurrencies other than bitcoin. It's a very small population of people who are even aware of these shitcoins, ICO scams, and now this hash war thing. Shitcoins are destined to crash to zero--or at least most of them are, and I don't need TA to verify that for me. One of these days people are going to wake up and realize that no merchant is ever going to accept them and there's no practical use for them, not even as a store of value because of the extreme volatility.

Strongkored

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Quote from: shield132 on November 19, 2018, 06:13:15 PM

Breaking lower the 4900 <-- not 4900 but if price falls below 4000, it will be a very bad moment. There is no doubt it will cause massive panic in people and a lot of them will sell bitcoin, which, in fact will speed up fall process instead of recovery. On another hand we have miners, they need profitable mining, maybe big players will still mine while bad prices but there is no doubt it will rise soon, at least on point where mining will be profitable.

Seeing the current conditions is very likely to drop to below 4000, and certainly will cause panic, at the moment I just keep on monitoring the market, it might start entering the market when prices are below 4500. Many expect prices to improve in 2019 it might happen but not in the early months.

mikeywith

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13bitcoins

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cryptoblue77

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Well, bitcoin coming down below $6k is not a good sign, it will definitely come down even further in coming days and may be heading towards $2k or $3k.

Topic: BTC broke all major support lines, and the worse is yet to come. - page 6. (Read 1695 times)