Will bitcoin drop lower? 🦑

bitcoin
priceprediction

#2869

I’ve never seen that, so I’m not sure I know what you’re talking about! I’ve always seen B higher than a in a 1-5 abc pattern


#2870

yes yes, I was seeing a declining ABC wave, not the 12345 Elliot up wave.


#2871

Looks like the risk of crypto coming down hard is increasing by the hour again.

Won’t pretend that I had any idea it would happen though, I’m stuck HODLing again even if we drop to 4k.


#2872

I guess I am moving to Arizona


#2873

I like how this guy provides perspective from both sides,

"Hi friends! Welcome to this update analysis on Bitcoin! As you can see, the bear flag is now breaking to the downside, and wouldn’t ya know, the 50 EMA (in orange) was the catalyst. =D If you recall from my last post, I said “Also, you can see that the EXTREMELY RESISTIVE 50 EMA is about to intersect with the bear flag price action. That could easily be the catalyst that sends BTC -6.59% falling from the flag.” If you want to step your analysis game up, you need to be able to spot catalysts like this, when you’re looking at the charts. Now that BTC -6.59% is breaking down, we need to assess the downside potential. To do this, I want to draw your attention to the entire breakdown move, from the symmetrical triangle. You can see that BTC -6.59% formed three bear flags. Each bear flag produced a decline that was greater than the height of the prior flag’s pole. In other words, each flag pole was longer than the prior flag. What that is telling us, is that (if this pattern is to continue) we can expect a decline that is greater than the current flag’s pole. As you can see, I have copied the current flag pole, and pasted it to the breakdown of the flag, to give you an idea of how a breakdown equal to the current flag’s pole would look. Keep in mind, though, that we’re in a pattern that is producing down legs that are longer than the current flag pole, so it could be deeper. With that said, you can see that my “head & shoulders + symmetrical triangle target” has not yet been reached. Perhaps, this is the move that will finally reach the target, and the bulls can begin to work harder on forming a bottom in this market. For reference, Litecoin is the only one that actually reached my downside target, and it has had the most powerful reaction to the upside, since Tuesday’s low. It seems like the market just wants to hit the MPC 1.67% targets. =D Remember all of my analyses on fractals, and the fractal symmetry of the markets? It seems as though the fractal symmetry wouldn’t be complete, without a full retracement to the targets. Looking at the MACD , you can see that it’s starting to roll over, as it prepares for the next crossover. Volume is rapidly declining, but it may begin to pick up, if BTC -6.59% starts to accelerate to the downside. Volume is going to be an interesting indicator to watch on the way down. If it’s relatively light, and BTC -6.59% sort-of drifts to the downside, that could be a powerful indication that the market is bottoming. Don’t forget, we have a huge bullish divergence on the MACD , signaling a widespread decline in underlying sell-side momentum. Divergences like this can be a powerful indication of an impending rally, and in this case, it could be an indication of a bottom forming in the market. For now, let’s keep an eye on the downside.

On a more bearish note, we did just confirm the green dashed trendline as resistance, which was long-term support for this market. That, in itself, is a very negative sign.

This has been your not-so-humble market wizard, droppin’ knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

This information is not a recommendation to buy or sell. It is to be used for educational purposes only.

-MPC loves you-

-JD-"


#2875

What do you mean hold now and buy in later? As in you are completely out of btc at the moment?


#2876

I am not sure how to understand this post. You should make a small clarification for noobs at the end :stuck_out_tongue:


#2877

What specifically are you confused by? This is a pretty advanced post, so if you’re struggling with paricular phrases or words, I suggest you either post those words here so I can clarify, or just google them :slight_smile: I’d be happy to explain.


#2878

I understand the words but the general message is what i can’t put together in my head.
You mentioned that we just confirmed trendline as new resistance which is a very negative sign. Which makes me think that we are going nowhere but down.
I bought in three days ago and so far i have red so many different opinions on the current market state that i am nothing else but confused/worried.
I dont know if i should look long term and not worry about current market prices as every year everything goes up anyway or i should be worried that i could loose my investment and think about selling on a loss and entering the market when we hit new low.


#2880

I bought around 7800$ again using all my gains from yesterday i’m not feeling good but buying it from a lower price than the price i started yesterday is already a good thing so i guess it’s a matter of time whether we gain something or it will drop more by the end of the day.


#2882

What resistance are you looking for? There seem to be various possible areas


#2883

What is current resistance?


#2885

Climbing up quite fast now, but not much volume


#2886

The real question is should we sell.
I am awaiting our specialist @tomchristian96


#2887

not unless you are UP.


#2888

I am down by 50%, but still wondering about selling if there is a turnaround…but hard to know where that is


#2889

Yes but then if the downtrend will continue im not sure if just holding is the way to go. Thats why i said im confused :stuck_out_tongue:


#2890

I’m down a lot but I am not watching it everyday. I set a goal and I’m going to hold. The CryptoMarket can change daily. I suggest chilling out and HODL. (hold on for dear life).


#2891

don’t sell for a loss, EVER.

*correction, unless you own Bitconnect


#2892

No I didnt plan on it. i just wanted to catch a turn to the downside, and then set a limit buy for the same price I sold. So if it goes much lower in the next days or weeks I can buy in lower, but if it rises again I will automatically buy back. But its timing it that feels impossible! Missed the prime chance at around 9k yesterday!