Why bitcoin will go down below 6000 (explanation) - page 4.

crypmike

sr. member

Activity: 910

Merit: 371

Quote from: atrocityx on June 15, 2018, 10:41:24 PM

I personally think it holds.. but will go back to retest to make everyone panic.. it can certainly fall through I just personally don't think so.. Its easy to see that the price is being manipulated when you see huge read candle spikes on 1 min candles that are 50x the volume of any other on bitfinex. Since I firmly believe the price is being manipulated.. I think it makes the most sense to not spiral us into a bear market that could last upwards of a year to squeeze just a bit more gains out of it.. If we break I think 5500 could happen in a flash crash but will quickly wick up. Either way if we need to get lower, lets get on with it.. if it would just flash crash, it would quit hurting the alt market so much as this long drawn out death.

retest to make panic? not sure. panic will be when the price will go below 6

atrocityx

member

Activity: 336

Merit: 71

I personally think it holds.. but will go back to retest to make everyone panic.. it can certainly fall through I just personally don't think so.. Its easy to see that the price is being manipulated when you see huge read candle spikes on 1 min candles that are 50x the volume of any other on bitfinex. Since I firmly believe the price is being manipulated.. I think it makes the most sense to not spiral us into a bear market that could last upwards of a year to squeeze just a bit more gains out of it.. If we break I think 5500 could happen in a flash crash but will quickly wick up. Either way if we need to get lower, lets get on with it.. if it would just flash crash, it would quit hurting the alt market so much as this long drawn out death.

bob3772

full member

Activity: 415

Merit: 100

I think if 6k falls that the resistance at around 4,5-5k will have a difficult time in holding. 6k has become a significant support with it being tested multiple times and it will cause a lot of panic if that support level does break. Also drawing comparisons with 2014 is only good to an extent, this is an entirely different market situation we are in now compared to then.

xitrum

member

Activity: 392

Merit: 10

Quote from: crypmike on June 15, 2018, 05:33:10 PM

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

Of course, this is nothing more than theory. But I hope that was at least interesting.

You can see that the market is down in the long term, bitcoin price after the gas milestone reached $ 19800, then at the current time is constantly falling and stopping at the $ 6500 level. With bitcoin prices still not going through their counterfeit cycle, I believe the market will continue to fall and bitcoin prices will fall further in the coming days.

crypmike

sr. member

Activity: 910

Merit: 371

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

UPD: 1a) also found GOLD chart — https://imgur.com/a/k6AzZPc — looks also familiar, right?

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

UPD: 4) https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..

Of course, this is nothing more than theory. But I hope that was at least interesting.

If you found his post interesting, I will be really appreciated for +merit. Wink

Have good profits!

Topic: Why bitcoin will go down below 6000 (explanation) - page 4. (Read 719 times)