Bitcoin Thread

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It's been sitting on the support for a few hours in a bear flag. Think another $100 drop is imminent.

What's also interesting over the last few days is the big volume buys but no follow through. Price dropped immediately afterwards. To me it shows whales losing their manipulative power and that people don't want to buy here.

3UE9HTXO
 
SaiyanZ said:
Selling on the hope that it dumps more so that I can buy back for cheaper is pure gambling.
Click to expand...

Actually it's the same as going 1:1 short. It's not gambling at all. Perfectly logical decision if you think a price drop is on the cards.
 
saor said:
Yeah.
Possible bounce at $8160 before continuing down?

(4HR)
View attachment 523239
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I think it might have a mini bounce at $8270. Could also not bounce much and make a bear flag there though.

WBmxrfFT


I'm going to sit out till the end of the week though. The buy zone I'm waiting for is around $7300/$7400 where the recent and long term supports converge. My guess is that we will reach that region this coming weekend.

ujKdAyZi
 
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Volume on Bitfinex just went through the roof for 10 seconds. Price didn't move much. 2.5k BTC. Whales vs whales.

bKTtqtOv
 
SaiyanZ said:
I think it might have a mini bounce at $8270. Could also not bounce much and make a bear flag there though.

WBmxrfFT
Click to expand...

There's the bounce from that region. Just happened 6 hours later than expected. Didn't bounce too high though so will probably go more down from here.

S90xjLRB



Edit: support broke. Next test at $8200:


8ZVq5Oek
 
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will she get it over and dump already....

one 10% down day .... thats all i ask
 
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If it can break the top of the channel we might see a $100 spike or so to $8400. Too much resistance now though I think. Downtrend forming.

qGr6tz7s
 
SaiyanZ said:
If it can break the top of the channel we might see a $100 spike or so to $8400. Too much resistance now though I think. Downtrend forming.

qGr6tz7s
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When do you think it will go up again.. to $10K levels or above...
 
Hxx said:
When do you think it will go up again.. to $10K levels or above...
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hmmmm....there is no way of telling this. Bar a whale playing with a crystal magic 8 ball.

thats it -- this is a question for a magic 8 ball!!!

at current order book density not taking into account any hidden orders

would take the buying of 6500 -7000 (at one go) bitcoins to move the price to that level.
 
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Hxx said:
When do you think it will go up again.. to $10K levels or above...
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Not for a while. It's all up to the whales with big money. If there were no whales I would think that it might not go above 10k for a couple months at least. If we go up without whale power it's more likely that we bounce down from the resistance which is now below $10k.

At this stage I would say $6k first is more likely than $10k.

JYOZ0W91
 
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There's opportunity for a wedge to form here. Down to $8100 and then up to $8300.

Edit: But it has to drop in the next few minutes. Otherwise just more sideways then down.

aODWs6VZ
 
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SaiyanZ said:
I'm going to sit out till the end of the week though. The buy zone I'm waiting for is around $7300/$7400 where the recent and long term supports converge. My guess is that we will reach that region this coming weekend.
Click to expand...
Will probably exit BTC at either of these two positions.
Not sure if that bounce will play out, but either way it's likely going down so will need to exit somewhere.

(4HR)
exit.png
 
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I really enjoy your charts but can you please make the price go up again ... this down trend is depressing
 
watch 8400 ish for the nastiest ass h&S you will ever see... that could be the final nail.
 
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