As you can see in the chart, bitcoin is clearly moving in a downward channel so possibly it can breakout to upper trend line 8700+ and then came down or can also keep sliding with the lower trendline. There's a long term gap awaiting to be filled at 7400 (good entry point for short term) and btc has to touch that level no matter it goes up for short term or slide. Than 6000-6500 is a very very strong support level which has the ability to change the whole bearish trend. If that level broke than definitely the next support or gap is awaiting at 5500 which can push prices up. This whole process gonna be very lengthy and trend reversal can happens somewhere around next year. But at the end Bitcoin is a dream for people like me poor and middle class, and it's toy for rich people to make money and manipulate market. Big whales can't understand how much it is valuable for us and what does bitcoin means to a middle class person. For them it's just bag of money but for us it's bag of our dreams which we want to carry on our backs for our children future no matter what does it cost us to carry the bag. We will not give up on it because except that there's no hope. It can be a source to buy lambo but it can also be a source for our children's doctor degree, engineering degree. It's the hope for a better future... better future for us for our family and kids. It'll not die and we should not stop believing as I was reading someone's idea and a very beautiful line he wrote "World has enough for everyone's need but not enough for everyone's greed. So don't be greedy for bitcoin you'll get only what you deserve so don't rush for more and invest only according to your dreams. I know it's personal but I want to share something, My son's 1st birthday is coming in Nov, and I bought a physical btc coin to gift him. I know it's too early but I want to give him hope and want him to save till it's 18th birthday and the most interesting fact is I've no investment in bitcoin none of other thing because of my financial situation but as I said I'll never give up it's the question of my son future and bitcoin is the only answer. Thanks for reading :)
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So I think bitcoin choosen to go up for short term. Target 8700+ let's see
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So far we are going in between of downtrend chennal. As support line has been pretty much tested today I think price will go up to test resistance line then down again
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My son's 1st birthday is coming this month. I still don't have any bitcoin sum to gift him. Still fighting financially and I'll not give up inshaAllah, Allah will help me :)
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We are still on track to 6k, possible next month. A briefly week candle close above 8k can invalidate the idea. Ichumoku cloud on week chart has became thin providing a permit way to pass down by next week candle. Another bearish sign
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Another fakeout. Bottome for 2019 is in downtrend will continue until Feb-March 2020.
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As we have seen 10k again but major trend is still down. Price couldn't managed to break major resistance line which is declining from ATH. Resistance line in above chart will play support line act when we decline amd lead the way down to 6k
Salam zia. Nice charts. The price is following your charts. Great work.
I would like to say something about your personal thoughts. I beg to differ with you on that. Bitcoin ( and for that matter any thing gold, diamonds) is good for making money and for a little bit of investment.but it's not the only hope for our kids. Coming from a humble (middle class) background myself, I know it well. The only hope for our kids is education and good manners. If i have to invest in only one thing that would be education for my kids.
Umarzia
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@mmanwar, Thanks.
Ofcourse our childern education and giving them good manners is our first periorty and responsibilities. But if you live in my country you would be well aware of devaluation of our national currency. It has become very difficult for a middle class to provide good education to his childern. If we manage to provide good educationmd high level degrees then their job problem start. Merit has no value in my country corruption is everywhere. For middle class life is very hard. We are left with only dreams which have no reality. In such condition atleast btc give us little bit hope.
ssari
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haychess
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That's a beautiful & unique gift you've given your son - in medieval times it would've been presented in a small brown satchel tied with leather. Lovely to read a story with heart in a left-brain analytical system.