$5,000 - $6,000.. here we come.

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Be prepared for Bitcoin (and all other cryptos by default) to experience further rapid drops in the coming days/weeks.

At the very least, it's almost certainly coming to $7,200 - $7,500 now to test this:



And I personally think this is likely:

 
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Hope we go to 1k
 
And people say it is not a gamble.

Trade in products without an underline hard asset and you deal with this.

Not good, not bad but things are what they are.
 
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Hows Monero and Grin doing, I haven't been keepin up
 
BassTrackerBoats said:
And people say it is not a gamble.

Trade in products without an underline hard asset and you deal with this.

Not good, not bad but things are what they are.
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If it was purely a gamble the blue lines on the bottom chart wouldn't matter though - but you can see that after the downwards trend line was formed, the third time the price came to it led to a reversal in trend.

You could predict that ahead of time, not always with 100% accuracy, but there's indicators you can trade off that make it less of a gamble let's say :D.

Trading in tangible products and services is for sure more reliable than digital assets though.
 
Large H&S on the BTC daily takes us to 6s. Let's see if we make 7.8-7.9 temp support and go from there. Maybe back to 8.7 and short again
 
Exciting for bitcoin. I have heard that it is not something to dabble in, but this is promising for them.
 
ChesterF said:
How heavy is the resistance at $5k
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I think support at $5k it strong.



You've got:

a) The upward long term trend line
b) The fibonacci retracement 0.786 level exactly on $5k as well
c) A lot of previous activity around April - May 2019 at $5k

If $5k broke significantly there would most likely be a huge selloff following that. I think $5k is the best entry point that whales could realistically target getting the price to for accumulating before another bull run.
 
VSYNC said:
I think support at $5k it strong.



You've got:

a) The upward long term trend line
b) The fibonacci retracement 0.786 level exactly on $5k as well
c) A lot of previous activity around April - May 2019 at $5k

If $5k broke significantly there would most likely be a huge selloff following that. I think $5k is the best entry point that whales could realistically target getting the price to for accumulating before another bull run.
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If it goes through 5 where do you see it going?
 
ChesterF said:
If it goes through 5 where do you see it going?
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Hard to tell. Like I said it would have to go through significantly.. a drop to ($4,500 > $5,000) could be used to shake out weak hands one last time before pumping back above $5k and then moving up...

Alternately though, going through the long term uptrend on the chart I've shown would signify a fairly significant collapse in demand or a fairly significant push downwards from whales. I personally don't think it would go through $5k in any major way, because of what the longterm implications would be, and also the halvening will almost certainly (like 99.99%) lead to the next bull run so this could only be a temporary move below $5k, and any whale would be thinking that as well.

I think there's going to be a large play over the next few months to shake a lot of novices out of the market before the big one - there's only one way to do that.
 
BassTrackerBoats said:
And people say it is not a gamble.

Trade in products without an underline hard asset and you deal with this.

Not good, not bad but things are what they are.
Click to expand...
I don't think the Bitcoin volatility issue is because it doesn't have an underlying hard asset.

Remember, the USD isn't backed by anything either; no fiat currency is. Do you really think holding USD is gambling?
 
Chart looks promising but don't risk only basis on this charts it may go straight up without testing the trend line and never come back again but yes if it test the trend line and get support than may be buying opportunity.
 
thevideoguy said:
Remember, the USD isn't backed by anything either; no fiat currency is.
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Currency is backed up by the country... It's like saying stocks ain't backed by a company. Stronger the company performs the better the stock does and visa versa. Same applies to currency and rates.. Governments literally print money, it's backed by them.

Currency used to be backed up by gold, it's not anymore. It's backed up by the whole country / economy it's issued by. You could argue the USD is backed by debt but to say it's not backed by anything is not exactly true..
 
thevideoguy said:
Remember, the USD isn't backed by anything either; no fiat currency is. Do you really think holding USD is gambling?
Click to expand...

That is the most ridiculous statement every other crypto believer parrots in order to try and somehow validate crypto "currencies" in their mind.

EVERYTHING is backing the usd or any other fiat currency, everything that the according state has or will have as in near future estimate as material (or brain power) goods or resources. Everything. From the food in your stomach to the internet broadband you use to post here.
Every single action taken or thought developed by a state citizen in order to create or produce a good, service, invention or in general something of value is directly backing their state's national currency. Ya'll don't have a clue what are you talking about.
 
t2van said:
Currency is backed up by the country... It's like saying stocks ain't backed by a company. Stronger the company performs the better the stock does and visa versa. Same applies to currency and rates.. Governments literally print money, it's backed by them.

Currency used to be backed up by gold, it's not anymore. It's backed up by the whole country / economy it's issued by. You could argue the USD is backed by debt but to say it's not backed by anything is not exactly true..
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I didn't mean that literally. But yes, I do agree that it is backed by something, and that something is called belief in it's value - faith in the issuing government. No hard asset beyond belief in the currency as far as I am aware. There's supply and demand, and there's also a backing of debt as you say.

redjebo said:
That is the most ridiculous statement every other crypto believer parrots in order to try and somehow validate crypto "currencies" in their mind.

EVERYTHING is backing the usd or any other fiat currency, everything that the according state has or will have as in near future estimate as material (or brain power) goods or resources. Everything. From the food in your stomach to the internet broadband you use to post here.
Every single action taken or thought developed by a state citizen in order to create or produce a good, service, invention or in general something of value is directly backing their state's national currency. Ya'll don't have a clue what are you talking about.
Click to expand...
I don't even know how to respond to this.

Testing the logic; does it mean that every single thing Bitcoin is used for backs up it's value? Or am I misunderstanding the arguement. It almost sounds like you're saying that US GDP is what gives USD it's value but I'm pretty sure it's the other way around; USD can fluctuate which causes GDP to change. It's not causal.

Let me ask you this; when the USD was backed by gold, it was backed by gold. When they moved off the gold standard where it is not backed by any physical commodity, you think that it's now backed by everything? That doesn't make any sense.
 
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