Topic: We are about to hit 8K and below...soon (see charts) (Read 4031 times)

As far as im aware we didnt even hit below $7800 price but now if the current movement will continue on a fast phase then we might able to hit down
that price support of $7500.For now we are tanking on 8k price levels and it seems we are stabilizing these levels but we wont know or lets see on what would happen
on next hours or days.The best thing to do now is to utilize up these movements on making money.Increasing and decrease for 1-2% is already
a worthy reason to short up.

8k and below is about to happen in a few hours. We're already teetering at sub 8.1k levels. It would be interesting to see if the $7.5k barrier can hold back the flood gates or not.

Regardless, people should get into the habit of dissociating Bitcoin from Usd. That way whatever the price of 1 BTC is in USD, it would still remain unchanged - imaginatively.

I say imaginatively because I know very well that is not how real-world functions. You can call this a coping mechanism of sorts.

A small group of people are predicting bitcoin prices to move back to 10K but majority of the users are anticipating a big dump. I read that if this dump continues, we can hit even 5.8K which will really be not good for crypto currencies. If you ask my personal point of view, bitcoin moves mostly unexpectedly and therefore i see bitcoin back to 10K and liquidating the shorters.

Good logic, when too many are anticipating it doesnt tend to happen or it has a kind of magnetic effect to it where support can both attract then repel the price from staying there.   I think 6k is possible but only as a spike, it was a significant price at one point but its already a great pullback by this price and if there is an elasticity to the price its at the extremes to move that far so quickly.   Possibly the Bakkt event is a destination that triggered an unwinding of anticipation and allowed selling to move past support.
  When people start to stay oh it cant happen or we're past that then I think it becomes more probable which is ironic but seems to be what occurs repeatedly.   Its taken from July till now to properly stop trying to go higher after it clearly lost the uptrend back then so the market has waves of various types of buyers who dont at first agree hence we loop for a while seems like.    Nobody agrees on 6k but it can happen as a sell off point.

  The biggest clue for where we do settle after a big sell is to just look previously where we went sideways alot, volume is higher in that point and old orders are possible and interest registers that price as significant to people.  If buyers and sellers agree on that price more often it means price stabilizes.   Then others observe the stability, we get the next wave who are willing to buy hold, it then self builds confidence again.
  For a spike down to 6k I'd want to see a recovery to 9k maybe 10k here which then does not stick, stalls and loses the buyers at that point and makes a lower low more possible

Much closer is how much in the time frame, 6 months, 1 or maybe 2 year? I personally have an opinion that the next big bull run probably has the greatest chance of happening for at least 6 months to a year and a half after halving. If we look at what are predictions from some experts, most of them saying that $100k+ we can expect around the year 2022 or after that.

2017 was a specific year, and rise is starting after 6+ month after halving, with big pump in December powered by Bitcoin futures launch and probably the biggest FOMO effect created by the media. I see special show on my local TV about Bitcoin, and almost all newspapers have reported about this on the front pages.

The price won't go up on its own, a large amount of money is needed to start a new bull run, I think it's totally unrealistic to expect small investors to invest their money so easily after they get burn back in 2017/2018.

I've got something to share here:

BTCUSD Weekly



BTCUSD Monthly



Watching both the charts very carefully, I can conclude that this beast is probably following the older pattern and may form a triangle very soon that could be a deciding factor for the long run of BTC in a single direction (could be up, could be down). But all I can say here is that, OP's prediction of $6800 is valid and possess some weight in it because if it is actually following the older pattern, then I see an extra possible downturn as well as sideways incoming. However, it can't go much down because the previous high (~$20k) was much more higher compared to the lower high we saw this year (~$14k) which lowers down the possibilities of a free fall.

i don't think we can reach $20k this year but it is not at all far away as you think it is. in fact $20k is so much closer than you can even imagine. you are feeling the same as how people used to think about 8 months ago about seeing $10k which also was considered "far away".

i don't think it will be reached only because each time (in each cycle) we get closer to the ATH of previous time it becomes increasingly hard to break it. so the rise slows down the closer we get to that arbitrary number. you can look at $1200 in 2017 and see how that looked like.

Since we broke down from the symmetrical triangle our last line of defense here is really 7,900$ which is just around the EMA 50 moving average. If we don't recover at the price soon and we retest the 7,900$ support level and BTC failed then expect it to go down as far as the 7,200$ which is the next know support level for Bitcoin. Right now I don't see any indicators pointing out another sell off will happen but I won't get too complacent on BTC not retesting the EMA 50 level.

Given the current situation, $20k seems pretty far away, and $40k doesn't look real at all given what timeframe you placed it. The effects of halving have so far come after halving, not before. I think you should look at halving 2016, nothing significant has happened before, but we have the big pump in December 2017, although the price was slowly rising throughout the whole year before that.

Expect the unexpected is something to consider when it comes to Bitcoin, maybe it just happens the opposite of what most expected.

I hate to accept but it seems that we are heading that way now,Bitcoin at $8,300 this point and looks lowering by midnight again just like last night

But on the side this is advantage to m because I have been siting for a fall to reinvest again as half of my holding has been sold when the price reached $13,000 mid this year

I believe we are heading back to 6.8k range. Not sure when yet. But I think we go lower from here.

Looks like a relief rally to me too. We haven't seen a capitulation-like reversal yet, no strong bounce, no hammer or dragonfly candle. The current bounce looks like a dead cat bounce. Chopping around before another attempt downwards.

They have prediction and it looks much closer to me than yours $10k

bitstamp hit $7998 so technically he's already hit the mark.


all eyes are on his next call now. down to $6800 on the way up to $60k+. i doubt we'll get that low myself but hey, he's the nostradamus of the day, not me!

OP, I gotta hand it to you.  I don't believe in TA, but I wrote this not too long ago in this thread:


And I have to say, your prediction of "soon" was pretty accurate (although bitcoin hasn't actually hit $8k yet).  Bitcoin is at $8500 or so as I'm writing this, and I'm not sure what's going on besides there being more sellers than buyers right now.  If this continues, we definitely could hit $8k although I'm hoping bitcoin rebounds instead of dropping further.  We're all probably hoping for that.

Instead of panic selling, I bought some bitcoin instead.  Not too much as I don't have a lot of spare money for investing, but I figure this is a fire sale.  Bitcoin's probably going to get back above $10k fairly soon.  Got any predictions about that, OP?

Im not going to say you are wrong to buy because its always a personal choice and management of your portfolio, cash flow and all sorts of considerations.   However I'd rather not buy early, its much harder to do but I'd like to get the spike down as I often have the trend on my chart but it happens when I'm not looking most of the time.
   For now I dont think we get much of a spike, we get what I think is called a relief rally.    Its a retraction of the down move though it doesnt mean its over but its natural we rise before any further action.   However I'm still learning so I'm never quite sure I've put the right piece in the right place and time of course.



So its a break above 2 day average and for a long I want to see it stay above that measure on this 1hr bars.   I'm too busy to watch it, Im not a great fan of stops and off hand approach but thats my take anyway for today going into tomorrow.
  It got to 50% recovery earlier or immediately after, this now also adds some time so it could get back up.

Much fear and panic in the hearts of men today. A famous oracle once said "Buy more bitcoins when they are selling in fear, sell them when they're buying in euphoria," or something like it.

I'm buying more today.

I predict $20k bitcoin by end of this year. Probably $40k or higher. Don't forget the halving in 8 months or so.

Anything can really happen into this speculative market.Ive seen how OP being bashed down when the price didn't able to hit on a certain point but now
it did happen but we aren't still below it as stated on the title.

Technicals can either work or not and it isn't really bad to give out our own views but people do really love to criticize on what others trying to share up.
We are all speculators on here.

Going below 8k is too far down stretched but its still possible.

Sometimes TA analysis works out and sometimes it doesn't work out,  in the scenario of OP he got it right,  and it's quite obvious that his chart explains it way better, not just a guess work,  some even went ahead to predict as low as $4k, it's gonna be bad for the market,  $13k your speculated was what someone said is all time high price for bitcoin in 2019, I'm hoping he's wrong too, ain't feeling good seeing Btc down

Including the possibility of a "false breakout." I was on the lookout for this possibility before yesterday's selloff:


Further downside below $8K is possible, and even likely, but I believe it will be pretty short lived. That's usually the case in the latest phases of accumulation schematics.

Interestingly, in Elliot Wave, Bitcoin's chart wouldn't have been deemed a triangle at all.