MarcPMarkets

BTCUSD: 6K Psychological Support Attractive For? Buyers.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Bearish momentum is still asserting itself and price may be entering the 5956 reversal zone boundary. Often movements like this will have the attention seekers out in full force screaming that 3K is coming. Pay attention to the price action and nothing else. In terms of probability, price is now in an area very attractive for buying, not selling.

The two most important levels at this moment are the 6K psychological support and the 5956 reversal zone boundary. It is the extreme price scenario that I have been writing about. Since the move is quick, their will be many weak hands dumping their coins at the lows. Great time to be looking to buy.

Now keep in mind, I do acknowledge the bearish momentum. Lower highs often lead to lower lows, but what makes this situation unique is the broader location.

Price is in a broad support zone . 8171 to 4983 is the .618 of the entire bullish move measured from the 150 lows. I have been writing about this area constantly because it should not be overlooked. Even though it it is very wide, and price can move lower within it, it is still a place to be accumulating.

The reversal zone boundaries at 5956 and 5669 are very probable if there is not a quick recovery over the next few hours.

At S.C. we are managing long term inventory and not selling it. As I wrote previously we have been watching for an opportunity like this to add, but carefully. We are specifically waiting for some form of reversal either off the 6K support, or within the reversal zone boundaries below. Otherwise we wait to see how much lower this market can go.

In summary, what has occurred on a chart is now history. Do not make the typical herd mistake of projecting old information forward and instead consider the probabilities. At 18K, we knew the probability of higher prices was limited, and at these levels, we have the opposite scenario. People can say whatever they want or feel, but we only listen to what the market says as it expresses itself in the charts.

Extreme prices often lead to new opportunities and at S.C. we are waiting for these to appear. It starts with the level, and then the formations. If criteria is met, you know where we will share it.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





Moin I see 5600 In Daily a Gartley Pattern perfekt Point B at 5600 Good Luck
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@MarcPMarkets I do agree that people should not sell at the lows and that this could be seen as a buying opportunity.

However, they are broad indicators that we are in the middle of a bear market, to cite only one very obvious, the volume is getting lower and lower week after week.

Knowing these, the price is very likely to go much lower, and not just stop here.

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do you think this is the bottom or not? we could be looking at a corrective wave up

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Look at my new idea about MARKET MANIPULATION.I wrote this from long time ago and every time something make me stop to publish this.finally i post it now and all of you need to know manipulators of this market better.they are here among us.
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anybody knows what is the lowest price to bitcoin that is worth of being mined?
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Be patient guys, a retracement to 5000 - 5500 is necessary to get a suistainable buyers momentum in this currency
+1 Reply
There are several reason why 6k is the main support line for Bitcoin.

The way I see it is that MT GOX sold as a strategic move. The reason for selling is unclear, but it's all market manipulation. We have been advised they won't sell any Bitcoin til September and yet they sold during this bear period. Who would sell when they know this correction we are currently having is cmnothing compared to previous corrections.

We are seeing interests from economies around the world, partnerships from every industry.

Don't believe in any fud from Banks as they have controlled our economy for over 100 years, they won't give it up without a fight. The blockchain will force world bank's to restructure in a proportion they have never or will ever encounter ever again. It's this devastating fact where they will do their best to make sure blockchain innovations will not survive.

They are protecting their profits and maintaining there stature as banks.

Also governments don't have a plan of to repercussions of innovating the blockchain.

Just like Elon Mush wanting to push for autonomous driving, that will essitalially wipe out 50% of employment in the first 5 years of it being readily available. The blockchain will have the same effect with every service based industry in the world.

World institutions are more than aware of this and can't allow blockchain to innovate and grow too quickly. The problems that will follow will be astronomical.
+5 Reply
@MykalTaing, I'm sorry but if you think that cryptos are going to force banks to change then you don't really have a good understanding of Economics. Banks are so deeply ingrained in our economy, you can't replace a regulated currency with BTC or some other crypto just like that. And while paper currency still exists (which will be forever) people are not going to make the transition from currency to crypto, simply because cryptocurrencies are by definition not money. There are some niche uses, such as sending money overseas but honestly most businesses governments and people are just gonna stick to what we have today. Cryptos in most cases would unneededly complicate everything so your average person would just opt for PayPal, and because of the fees and hassle of associate with converted fiat to crypto and back to fiat most situations companies and governments will just stick to fiat. Replacing fiat and banks with crypto/restructuring banks because of crypto will be a very rough transition with lots of problems. But right now there aren't even enough real-world uses or benefits for us to even consider going that way. Cryptos are a supplement to currency and the banks, not a replacement. There is no evidence to suggest that it can and is thus only hype. Cryptos are revolutionary, but not for the same reasons people think and banks have no reason at all to fear crypto.
+1 Reply
dralerte CaptainQuickWit
@CaptainQuickWit, I respectfully disagree.

I'm part of a younger generation that is very comfortable receiving payments in Crypto and paying for goods/services in crypto.

There are multiple advantages to working with crypto, particularly if do a lot of traveling.

Crypto currency certainly has the ability to be a worldwide (universal) currency, and in many ways, already is.

Adaptability and acceptace of crypto currency is nigh. Those who refuse to acknowledge the evolution of a new world monetary system will sadly be behind the times.

Take care.
+4 Reply
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