Topic: When will the price of Bitcoin break below the $6,000 support level? (Read 391 times)
November 20, 2018, 08:06:23 PM
Congratulations to the 1 person that voted on November for the month that Bitcoin dropped below $6000. I personally thought it would happen in October so I was a little off.
October 03, 2018, 06:18:35 PM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
I agree. Even though $6k has been upheld as support for the majority of this time that we've spent in the bear market, it's hard to say for sure that it's going to continue to be that way in the medium term future.
For me I'm looking at a potential breach of the $6k support by the end of the year. It's not guaranteed, but if it was to happen, it would be in the next few months.
You really can't be more specific than that. All we know at the moment is that prices are very near bottoming and recovery is probably going to go underway some time mid to late last year given the last bear market's trends.
October 01, 2018, 12:31:56 AM
So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.
Miners buying to support the price? Highly unlikely. I'm even of believe that they aren't really that worried about the price to drop because that forces less profitable miners to turn off their machines.In that case it means the difficulty goes down which makes mining slightly more profitable for those who continue mining, and that slightly better profitability is enough to counter lower exchange rates.
I think it's more the overall trend and support levels that traders respect. The market has been taken over by bots and whatnot operating within a safe range they aren't willing to break.
regarding miners, people are usually looking for some sort of reason to speculate about the price and how it is going to change. in this case they are using mining, difficulty and cost as a reason for justifying the bottom at $6k and reason why it won't go any lower than that.
right or wrong of it rarely matters as it creates market incentive to react in certain way. for example the Mt Gox case was completely FUD since they weren't even selling on the market and their sell-off has been going on long before it became public or even drop started. but enough people believed it is the cause that THEY sold and caused the drop. in comparison enough people believe miners won't let the price go down that THEY will buy bitcoin and won't let it go down!
of course that is not always the only reason. there are a lot of reasons for every rise and fall.
September 30, 2018, 06:34:53 PM
Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.
there was no bullish run 
the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".
2016: >$300
2017: >$900
2018: >$5800
thats a bull run
the movements in between are just cubs and calves playing (small bears and small bulls)
September 30, 2018, 05:06:03 PM
Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.
there was no bullish run the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".
2016: >$300
2017: >$900
2018: >$5800
thats a bull run
the movements in between are just cubs and calves playing (small bears and small bulls)
September 30, 2018, 03:47:29 PM
So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.
Miners buying to support the price? Highly unlikely. I'm even of believe that they aren't really that worried about the price to drop because that forces less profitable miners to turn off their machines.In that case it means the difficulty goes down which makes mining slightly more profitable for those who continue mining, and that slightly better profitability is enough to counter lower exchange rates.
I think it's more the overall trend and support levels that traders respect. The market has been taken over by bots and whatnot operating within a safe range they aren't willing to break.
September 30, 2018, 02:54:45 PM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
The market is completely speculative and the price is controlled by large holders. I think that crypto-millionaires will not allow the price to fall below 6000 dollars.
September 30, 2018, 01:37:33 PM
I think, It never may see under 6K level again. Because 6200-6300$ has a natural support anymore.
September 30, 2018, 01:30:43 PM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
I think never. That below $6k levels are long gone. Even if it goes below that it will be instant and not stay there for even 24 hours at all.I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
I think we are solid and fine for this level and from now on we will keep seeing the $6.2k and $7.7k levels and stay in between that for a long time until the price goes berzerk once again and goes crazy high, don't know how high but it will go really high enough to call December not that big. So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.
September 29, 2018, 07:15:39 AM
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
There could be a possibility of seeing that happen, no doubt and judging from the way things have been thus far, we will see clearly that the upper line of the descending triangle has been acting as a very strong resistance. Generally, descending triangles have always been a bearish signal for a market, but that does not mean they cannot be invalidated if the market peradventure, tend to break out to the upper part and may be go test some higher resistance. We cannot say when anything we happen, but however and whenever it happens, we will definitely witness it.Do you agree and if so, when do you think it will drop below that key support level?
Probably next month it will drop under 6000 but hard to say. I hope it never gets that low again.
It is really hard to say and nothing can be guaranteed yet, looking at the way things have been so far. Secondly, depending on how you want to see it, the market is in a two different sentiment, and then, we can see clearly there could be a possibility of a falling wedge which may be bullish or a descending triangle, however you want to plot your chart. Although, we have seen several attempt to break the $6k support, but that does not mean we would not see a clear signal where we are headed to next when it comes. Let's see how things would be like anyway in the long run. 
September 28, 2018, 07:43:41 AM
I really doubt it will happen, and even if that really happens this should take a very short time.Just because even Bitcoin mining costs now more higher than before and in the current period it is about 5800$ and this is determined that this support is much stronger than others think.
September 27, 2018, 07:09:46 AM
Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.
there was no bullish run the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".
2016: >$300
2017: >$900
2018: >$5800
thats a bull run
the movements in between are just cubs and calves playing (small bears and small bulls)
September 27, 2018, 06:41:20 AM
I don't expect Bitcoin to go below $6,000 again and if it happens Bitcoin would go back up anyway because it's always short-mid term losses. Few months back Bitcoin hit below $6k and it didn't last that long.
The thing with markets is that in case they test the same lower support levels over and over again, they eventually break. It doesn't autmatically mean it will happen to Bitcoin, but with how there is very little support to keep the price above the $7000 level, we shouldn't discard it. The bias definitely hints towards more bearish price action rather than bullish price action, but there might be some bullish action coming up very soon.
Realistic possibility right now is to have seasonality kick in somewhere next month to lift the price.
Past Q4 seasonality increases that started in October;
2014 $300 > $450 = 50% increase.
2015 $230 > $500 = 115% increase.
2016 $600 > $1100 = 80% increase.
2017 $4500 > $19,500 = 330% increase.
September 27, 2018, 06:18:36 AM
the correct answer is even if by some chance bitcoin price did go below $6000 you wouldn't be able to know it now because based on things that you can see and know and analyze right now the conclusion you can make is that it is not going to happen.
even the charts show the accumulation phase going on instead of anything else. and bitcoin's unique unpredictability makes it so.
even the charts show the accumulation phase going on instead of anything else. and bitcoin's unique unpredictability makes it so.
September 27, 2018, 06:01:47 AM
Do you agree and if so, when do you think it will drop below that key support level?
Voted for never on the poll. I don't expect Bitcoin to go below $6,000 again and if it happens Bitcoin would go back up anyway because it's always short-mid term losses. Few months back Bitcoin hit below $6k and it didn't last that long.There are many pleasant news coming on board, so the hope is high. Some of my useless tokens are getting good values and rising fast. I think the break out from the $6k zone will come next month. I expect a massive inflow of good funds from next month.
You might've misread the title. 
September 27, 2018, 03:02:06 AM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
How soon is soon?I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
The truth remains that predictions around the price of bitcoin have always beaten everyone hallow till date. It hasn't ever been predicted right and I am not perturbed with what anyone says. Yes, price may be trading low now but a break up trend could still occur especially as everyone awaits the outcome of the ETF this September.
Bitcoin doesn't need an ETF. If more rejections by the SEC come, then who cares. Bitcoin will always recover, and every weak hand who let go of their coins will regret it. But what can we do. Weak hands buy high and sell low as a default. Hahaha.
OP, no one knows. But if it does, buy the dip!
September 27, 2018, 02:35:57 AM
I am not a skilled trader, I will not analyze too much data, but I hope that the price of Bitcoin will not be less than $6,000, this is my hope!
September 27, 2018, 01:47:48 AM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
Bitcoin is a highly promising platform so it will reach 6k again it will going to moon. So I don't think it will be possible in future because most of the investors are investing this platform and slowly Bitcoin adoption is increasing in the market. If you think it will be going to below 6k USD you should said one valid reason. I hope Bitcoin is a most recommended cryptocurrency in the market so this reach 10k USD soon. I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
September 27, 2018, 12:13:45 AM
For now the bitcoin is good and it is really amazing that we should make a good strategy for investment in crypto
and holding now is providing you a better alternative for losing money while people are scared of it when the bad news related to market comes and different rumors created but for now bitcoin price will never breakdown $6000.
and holding now is providing you a better alternative for losing money while people are scared of it when the bad news related to market comes and different rumors created but for now bitcoin price will never breakdown $6000.
September 26, 2018, 11:49:22 PM
If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months. If I can find a good chart to post, I'll add it in later.
I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
How soon is soon?I believe that this is a bearish signal that the price could likely break below $6000 soon.
Do you agree and if so, when do you think it will drop below that key support level?
The truth remains that predictions around the price of bitcoin have always beaten everyone hallow till date. It hasn't ever been predicted right and I am not perturbed with what anyone says. Yes, price may be trading low now but a break up trend could still occur especially as everyone awaits the outcome of the ETF this September.
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