CaptainQuickWit

Bitcoin flash crash. Watch the 6k support.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The chart speaks for itself. There are several issues with Bitcoin: the triangle, and the declining volume on the 6k support. If no buyers come in then prices WILL fall at some point. Have we reached that point and will the price continue to go down? Who knows. While low volume often associated with declining price, it's also when price is easily manipulated. It is also sometimes the "calm before the storm" right before the price starts shooting up. Maybe there is some whale(s) who was waiting for a dip below 6k to start accumulating again.

Its too early to tell so nobody knows with any certainty where the price will going which is why I am posting this as NEUTRAL rather than short/long, and as such I'm not making any market calls yet just outlining the risks. What we do know is that we are still in a bear market and the odds are stacked against us (at least for now). This is where risk management comes into play. While we don't know how far price will go down technical analysis tells us the price needs to be watched so its much better to focus on risk management rather than overanalyzing the charts trying forecast the price. In my personal opinion, I'm still bullish on Bitcoin over the long run and see this more as an intermediate price decline (IF it stays below 6k).
Comment: disregard the arrow pointed up, it's obviously not going in that direction.
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