Topic: Crypto Market Update: BTC continues to drop lower, where next? (Read 410 times)

How has it been proven wrong? The only thing wrong is that I expected lower within 48 hours; doesn't mean it still doesn't get there. Here we are back to $8100 after a brief rally. RSI is just something I keep an eye on for divergences, not really used.

A week has past since this article was created and the market has proved his analysis wrong. I have to admit it that I just read his article now only to find out that I wasted my time, this wasn't an educated analysis at all and he only had used RSI as an indicator whoch he didn't even mention in the article. If you are reading the article now you might just see that it might just be FUD so that the OP will get the 7,000$ price he wanted.

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.

People are still too bullish and that concerns me---the sentiment whenever we bottom always has been very toxic where people were expecting much lower lows, and that's something we're missing here.

Remember the sentiment when we hit $31xx? People were speculating about $2k or even sub $1k prices.

Well, you indeed predicted it right but that doesn't really mean you could predict the next one correctly and the next and the one after that right? Besides, I doubt the bitcoin price would breakdown to 6k. I'd expect it to go below 7500$ but not anymore below that amount. I'm still hoping that Bakkt could come back from its disappointing launch and even if not, from what I experienced in the past, Q4 is the time for the price to increase or at the very least, progress on a steadly line instead of crashing down.

I don't think I agree. I'd been posting for a long time that I was anticipating a breakdown. No one's ever going to predict the day it will happen but I called for it and didn't waver from that call. As far as the suddenness... if price has bounced from the same level that many times, when it does give out it's going to be violent. The same thing with the 6k breakdown.

the problem with bitcoin price is that you can never predict the sudden drops. what you can predict is the downtrends and uptrends but never the sudden movements.
what we had was a sudden drop which didn't even take a full day to get to the bottom of it! there is no way you could ever predict that.
on top of that, calling this a downtrend and "continues to drop" is a bit odd to me.

Still think there's more downside, though I've described my conditions for when I'll consider flipping bullish in my latest post here:

Well, considering OP was expecting his 7000 to 7350 buy orders to be filled in the "next 48 hours" 2 days ago we can say that his bear call was for nothing and he turned out to be wrong. Now I am not saying he will always be wrong but that is what happened for this time only.

It means as you can see even the people who are really good at these kinds of stuff could turn out to be wrong in bitcoin world because it is not like the fiat markets which does what is expected of them. If you master forex you would be hardly ever wrong because it really does what it is expected (unless some president does something crazy, yes I am talking about Trump). So all in all we do expect a bear run soon but it may not be as soon as we imagined it would be, it may take some more time to come.

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.

Well, considering OP was expecting his 7000 to 7350 buy orders to be filled in the "next 48 hours" 2 days ago we can say that his bear call was for nothing and he turned out to be wrong. Now I am not saying he will always be wrong but that is what happened for this time only.

We could base this pump in price on people buying BTC due to the recent news about ETF (how it has now moved pretty quickly ahead), but it's not huge news and I'm not sure if that's 100 percent the reason of the pump.

I personally am bearish on the future and I don't think BTC will be able to hit anything above the 10,000 mark, and I think it'll end the year with a slight drop in price - maybe around the 6-7k mark.

And here we are, I even didn't check the market price for the last 12 hours but recently woke up, the price of bitcoin has reached $8600 and now sitting at $8550.
Well, it might not correlate to ETFs at all, just the usual market movement to break the barrier instead of hold on the resistance level. The question; where it headed next? whether bitcoin will be stuck at $8500 for days, rise up over $9000, or get back to $8000. Need to check some TA analysis.

Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500

Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 although we know the ETF proposal will be rejected again.
If the market still stuck at this point for 7 days, the price will drop again for sure.

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

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.

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

Bitcoin doesn't give a fuck about TA.

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 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.

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.

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

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?

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

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

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

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.