BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The critical level is at 6200 - the drop below opens the way to 5800. And may be to 5000. The sudden fall is indicative of the great fear.
Comment: Likely, well known Elliott wave patterns 12345 and ABC are completed? Some bounce expected?
Comment: Good. Move stops below 6200.

Comments

It’s not fear. It’s manipulation. Let’s call it with the proper name.
+2 Reply
@amedeomo, Indeed, let us call a spade a spade. Institutional investors (smart money) are rushing the sell-off to create an optimal entry point. It has been manipulation from day one. There has never been a Bitcoin bubble. Institutional investors were mad to have missed the crypto boat (boom) and could not bear thinking they would get in with a BTC worth $20000. Accordingly, they've endeavoured to recreate optimal conditions to go long, with a BTC worth between $3000 and $6000. Plain and simple.
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ambrosia MChiphopotamus
@MChiphopotamus, How do you calculate that evaluation? $3000-$6000?
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@ambrosia, Hi. Well, that's a very uneducated guess but it is more or less the cost for mining BTC. Should the price of BTC go below that level, BTC miners would have no incentive mining it. However, I might be wrong as regards the price. But one thing's for certain is that whales will push the BTC price as low as they can for accumulation and get rid of weak hands.
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