Topic: Market ripe for a price drop - page 2. (Read 3128 times)
Bitstamp is showing a big buy wall at about 200 price range, im not sure people is going to sell that much amount of BTC for that low price.
Think it's in a holding pattern waiting for the Fed coins to be auctioned. No one wants to raise the price to let the feds get more in the auction. In other words, there's a price suppression happening right now.
Nice chart. 
I think we would have rallied past $300 if the Bter news hadn't happened. It was a strong rally with lots of volume and not much selling.
Because of Bter there are additional sellers trading the market, many of whom are stuck in bad positions near $230 and hoping to get out. Just a waiting game at this point.
Because of Bter there are additional sellers trading the market, many of whom are stuck in bad positions near $230 and hoping to get out. Just a waiting game at this point.
Graph Here - https://i.imgur.com/7JSMPwp.png
The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.
It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.
What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level
(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)
Poor analysis. I'm not saying you're outcome is right or wrong, but seems like you could say the exact same arguments to say the opposite thing.The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.
It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.
What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level
(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)
"The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking below the $235 level but failing to stay below it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong selloff in the past week, the likelihood of the price staying below $243 is weakening.
It is definitely surprising for the price to have been resisted by the $248 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing another bounce, this time off the $236 level and 30 hour moving average, this does not exactly indicate a bullish move in the very short term but it does represent a degree of downside weakness in the movement of the past 24 hours."
My point - we're consolidating. Your post has no insights as to why we'll go up or down from here.
I think you're completely off your rocker. From here, it's straight to the moon!
Doubt we will go higher currently, maybe 250$ max before another dump, and im positive that we will retest 200$ soon enough.
I am waiting for such a drop, if it doesnt happen, i will loose advantage tho, but its all risk with bitcoin, and u are rarely correct short/mid term.
cheers
I think you're completely off your rocker. From here, it's straight to the moon!
Graph Here - https://i.imgur.com/7JSMPwp.png
The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.
It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.
What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level
(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)
The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.
It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.
What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level
(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)
Jump to: