Crypto Market Update: BTC continues to drop lower, where next? - page 2.

magneto

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Quote from: cryptoadvocate on October 06, 2019, 10:11:45 PM

Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.

https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19

Pretty accurate predictions actually. You called the rally in Chainlink as well, kudos.

Resistance at $8.2k is still extremely strong, it doesn't seem like BTC will very easily break through that level at all. There is simply not enough bullish momentum to get us going anywhere near the 5 figure psychological level that would signal the resurgence of a bull market at the moment.

I think that the more likely outcome is probably a dip below $8k, testing the $7.2k support that you speak of within your article. If that holds up we could see a very slow and stretched out recovery, and if not, there could be an extended period of bearishness. But I wouldn't be so quick to call this market right now a bear market, though.

timerland

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I could see Bitcoin getting stuck at around the 6,500 to 7,000 mark where the support from buyers would be enough to stop it from dropping further, but other then that, I don't see it going down a lot further, and a possible quick rebound back up to the 5 digit area is possible.

Me and a lot of my other trader friends are all saying we've set up buy walls or would buy BTC when it's below the 7,000 mark, and I'm assuming a lot of other people would as well.

gantez

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Quote from: darkangel11 on October 09, 2019, 05:48:04 AM

Bitcoin doesn't give a fuck about TA.

It doesn't respect any prediction, yes I'm yet to see bitcoin following with TA prediction. This is because it doesn't really work with economic indicators. It is a typical example of a free flowing market.

darkangel11

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2 days ago you wrote

Quote

and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so

How's that prediction looking for you? Mr. Bitcoin Bear put his bids at 7300 when we were at 7700 and bitcoin went up to 8200. I hope you weren't shorting with leverage Cheesy

We all learn at some point in time that Bitcoin doesn't give a fuck about TA.

Taskford

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Quote from: posi on October 09, 2019, 04:17:31 AM

Quote from: bitbunnny on October 08, 2019, 03:12:04 PM

Quote from: target on October 08, 2019, 01:29:17 PM

If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these?

Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol

Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear.

I believe the statement about traders accumulating more altcoin isn't truth cause I couldn't see such sign in the altcoin market and with the dump resistance posed by the Bitcoin ever since it reaches the $8000 price range I think we have reach the bottom price.

I wonder where that info came from since I myself cannot see any good pump for the potential alts which is listed on top of market list, Maybe some of the traders are bag holding since they can't afford to lose on this current dump happening on the market and I can't see any point why we will go dump more deeper since at the first place there is a good indicator coming which can give huge contribution on upcoming pump.

posi

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Quote from: bitbunnny on October 08, 2019, 03:12:04 PM

Quote from: target on October 08, 2019, 01:29:17 PM

If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these?

Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol

Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear.

I believe the statement about traders accumulating more altcoin isn't truth cause I couldn't see such sign in the altcoin market and with the dump resistance posed by the Bitcoin ever since it reaches the $8000 price range I think we have reach the bottom price.

sana54210

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Quote from: cryptoadvocate on October 06, 2019, 10:11:45 PM

Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.

https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19

Majority of us have actually prepared our minds toward this drop already as we had already for seen this happen long time ago even when the price soared high to $13k, at that point, I knew that Bitcoin was already over bought, and there was possible means of it dropping back to $7k and since then, I have really not made much investment in Bitcoin until now that the prediction is finally becoming a reality.

I believe too that based on some analysis that I have seen in the past in this forum,and also done personally that Bitcoin could drop low to $7k, so it is now that I am just making some investment which I believe that many people will also make any investment at the price, so I am really expectant of fomo buy at this price drop of Bitcoin now.

pooya87

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what's up with people and the word "continue"? this is not the first time i see someone make this mistake. price dropped from $10k down to $8k on 24th and that whole thing took only one day. price has been down ever since with less than 5% fluctuations. you can't call that "continues to drop".

Quote from: target on October 08, 2019, 01:29:17 PM

BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these?

it is just you and what you are saying here is contradictory.
if bitcoin were to drop then altcoins would drop harder so there is no point in buying them as it is pretty much a guaranteed dump. additionally if traders weer accumulating altcoins their prices should have gone up as their markets are so much smaller and their accumulation phases are short leading to fast pumps. but none of it is happening.

exstasie

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Quote

I'm heavily eyeing up the low $7,000's and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so.

That's the first support zone to watch. We've got the June monthly pivot and the 0.618 fib there. Knife catching there is dangerous though considering the momentum of the weekly downtrend.

So the next zone to watch is the low-mid $6,000s. That's the apex of last year's triangle, the 0.705 fib, and the May monthly pivot.

I have a high level of confidence that's the lowest we'll go. But worst case, the 200-week MA and 0.786 fib level should provide some serious price support.

bitbunnny

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Quote from: target on October 08, 2019, 01:29:17 PM

If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these?

Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol

Yes, Bitcoin might go all the way to 6000$ although some are even talking about 3000$. Still I don't think the price will drop that low. Accumulation of altcoins doesn't seem so important to me and I don't think it will have some significant influence, it's not in that ratio. I think in next week or two everything will look much more clear.

figmentofmyass

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Quote from: error08 on October 08, 2019, 11:29:44 AM

I don't think it will happen in 48 hours, bitcoin will tank above $7,700 and $8,000 still the resistance point. Bitcoin may reach over $8500 in a couple of days.
Especially with the hype of ETF approval by SEC, or probably not. You may want to consider this into your prediction.

https://www.cnbc.com/2019/10/07/on-bitcoin-etf-approval-closer-than-weve-ever-been-says-bitwise.html

we're gonna need more than that to turn this market around. Roll Eyes

everyone knows the chances of approval are close to nil. the only one hyping up the application is bitwise. the SEC chairman reiterated last month that ETF approval isn't coming anytime soon. accordingly, the market stopped pumping off ETF hype like a year ago.

illyiller

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Quote from: cryptoadvocate on October 06, 2019, 10:11:45 PM

Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.

https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19

We're in a bear flag. These patterns usually break down, hence the name. We've already been in this range for 2 weeks, building up supply for another big move down. I was originally aiming for $7K but the longer we hang here, the lower we could potentially go.

Sub-$6K is beginning to look possible. Undecided

target

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If you say so. The charts are telling differently about what are being spread. BTC price could dip back to $6k, traders seem to be accumulating altcoins this time unlike what they were doing the last time that they exchange it with USDT. Or is it just me noticing all these?

Prices had been holding for awhile. It sucks to think the people I tried convincing to invest are rolling their eyes now lol

lionheart78

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We have seen some recovery after that price fall. See this analysis: https://www.newsbtc.com/2019/10/08/bitcoin-price-btc-rebounding-but-8-5k-resistance-holds-key/.

Important Notes:

Quote

Bitcoin Price Analysis

The pair even climbed above the $8,200 resistance and tested the $8,350 level. A swing high was formed near $8,348 and the price is currently correcting gains. It is trading towards the 23.6% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. It seems like there is a rising channel forming with support near the $8,200 level on the same chart.

If there is a downside break below the channel support, the price could correct lower towards the $8,150 level. The main support on the downside is near the $8,050 level and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high is close to the $8,060 level to provide support.

Therefore, dips towards the $8,050 level might find support in the near term. Any further declines could push the price towards $8,000 or the 61.8% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. On the upside, there are many hurdles near $8,350, $8,400 and $8,500. A successful close above the $8,500 resistance is must for the price to move into a positive zone.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower towards the 60 level.

Major Support Levels – $8,150 followed by $8,050.

Major Resistance Levels – $8,350, $8,400 and $8,500.

It seems BTC will be in the Average range of $8.2k for the next days until these support or resistance breaks.

hugeblack

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I do not think that just posting and then asking others to visit your site is the goal of the forum, you should share some ideas.
Returning to the $ 7,000 barrier takes a lot of time. The price seems to have proven to be at the resistance levels of $ 8000.
Even if we reach those levels, historically the price is rising rapidly.

error08

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I'm heavily eyeing up the low $7,000's and have bids placed in the vicinity of $7,050-$7,350 which I'm expecting to be filled in the next 48 hours or so.

I don't think it will happen in 48 hours, bitcoin will tank above $7,700 and $8,000 still the resistance point. Bitcoin may reach over $8500 in a couple of days.
Especially with the hype of ETF approval by SEC, or probably not. You may want to consider this into your prediction.

https://www.cnbc.com/2019/10/07/on-bitcoin-etf-approval-closer-than-weve-ever-been-says-bitwise.html

el kaka22

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Well, right now we can drop as much as to under 6k, I am not saying we will, but that seems like the first point of drop if the drop happens, then we can go further down but without going to 6k and staying there for a while we won't be going down to 5k or 4k directly, that is not happening.

So, if you feel like you want to put a stop loss and make sure you don't lose too much then you can literally just put a stop loss under 7.4k and the moment price reaches 7.4k you should sell and get out and wait because it will be under 7k very very quickly after that and even could go under 6k if panic sellers jump in. However, none of this means bitcoin will be going down, it could continue to go up and have a 10k+ price very soon as well, that is till the biggest possibility.

SM23031997

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Bitcoin price dip is good as it always brings new people to a new world. Whenever the price goes down, new people invest in it. That is ultimately good for it as we go a step closer to mass adoption.
Don't think about dip think about how many people it will bring into the digital currency era.

CryptoBry

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Judging from your published piece, Bitcoin can not yet be considered out of the woods with this pullback and today's little pump can be a preparation for another dip soon. Of course, we are all hoping for another course of action that Bitcoin will be taking but as always we have to get prepared for the "worst" though we know that a dip can always be an opportunity actually to make some money and that is why many traders and investors are maybe just waiting on the sideline looking for the best time to get back on the game. I am personally hoping that within a week or two, Bitcoin can be back and be moving upwards even just a little bit.

cryptoadvocate

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Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.

https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19

Topic: Crypto Market Update: BTC continues to drop lower, where next? - page 2. (Read 387 times)