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.
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Comments

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
baff1ed dralerte
I'm also not seeing decentralised cryptos replacing current financial institutions any time soon. I mean at least as long as we have nation states that need to control money flow. I see it as evolution as you say @dralerte. If you think of the evolution of life, new organism grow on complexity around legacy systems. The brain is a good analogy, let's say the financial institutions are the reptilian brain with their COBOL legacy systems and crypto the neocortex :D.
Reply
Hardhat CaptainQuickWit
@CaptainQuickWit, When Blockchain distributed apps prove themselves and follow with hybrid crypto---gold---fiat that the generations behind will except, you will see the digital transformation completed---when Exxon Mobil says they look to Silicon Valley and start up tech companies for their Digital Transformation--- you know that the times we live in today confirm the revolution is happening.

I am not a millennial but one of my co-founders of a to be announced D-app start up hits the market and replaces a multi-billion $$$ industry you will see that this revolution is the real deal!!!!

Digital Transformation is now--- face it--- except it or be crushed by it!!! Spoken by a person who is 53 years old who has 1 successful Silicon Valley entry and exit for 300 Million.

How do ya like them apples?
Reply
@Hardhat, I agree with what you are saying but I also cannot see the banks and governments giving up control over money flow. We will all have to use the mandatory blockchain based funds transfer system - whatever that will be.
Reply
MykalTaing CaptainQuickWit
@CaptainQuickWit,
I like to formally apologize Mr Wit, but I didn't stated that cryptos will take over what the general consensus consider as money. And since you brought up the top. What is money? It's simply a form of exchange and what is crypto currency?..... Yea it's that too

I'm not saying crypto currencies will make the fall of banks, I am well aware of the economical power banks posess. I am a business owner and I can see several use cases for crypto currency to help me save thousands of dollars on just transaction fees with my merchant facility.

However those who think it will happen in the near future would be disappointed. The general consensus of cryptocurrencies to the general public is that bitcoin and anything associated with Bitcoin is a scam or a Ponzi scheme. These world's get thrown around at my shop all the time.

Blockchain Innovation and mass adoption will take some time to such a time where our world governments or a large world class industry announces just how efficient and effective blockchain tech is compared to what they are currently invested in.

And yes I also use PayPal for a online transaction on a daily basis. Again it's only when a cryptos attract a mass audience is when mass adoption shall occur.

I genuinely believe in this technology as the benefits far out weigh the downsides to this new innovation. It really is a modern day miracle.

I'm a person who is open minded, I respect everyone from all races to their respective careers. Whether you're a humble Gardner to the owner of Mercedes. Just so long as you treat others equally. I honestly won't judge you based on what you have stated.

I'm just sharing my thoughts on the cryptosphere, I love what is happening right now and I can't wait to see what unfolds for crypto in the next 5 years.

I'm not sure if we will see abother bull run anytime soon? But I see believe in blockchain technology. Even if the crypto price of Bitcoin goes to 3k. The lower it drop will only encourage more investors to pump the market back up.

Just like traditional stock and property investment. When people see a opportunity too good, then they will all rush in at the same time to surge up the market.

One of the biggest differences with crypto is that is instantaneous and worldwide. Once mass adoption occured with crypto market cap reaching well over 30 trillion. The market will be hard like a rock. It might be the most stable investment by that time. But I'm no genuis so don't listen to me. I'm no financial advisor, just sharing my thoughts and talking to you and everyone else as a good freind.

It's the whole reason why we are on trading view right?

Enjoy the weekend! Peace
Reply
Thanks Marc.

The most valuable thing you are pounding on again and again is to not follow the herd but deal with the prices as they are now and as they are developing. Gazing longingly at the ATH past charts does nothing for today and tomorrow.

The nice thing this attitude does is insulate traders from the stess of figuring out "why" and "when" prices are moving. Who cares if whales are pushing the price around? Who cares if the SEC is making some ruling? Who cares if some tech news happens? As long as one just picks the buy/sell/stop levels - and has the discipline to stick to them - and watches the price action you will win more than lose. So simple in concept yet so hard to do in practice.
+3 Reply
raghavgrover013 theredbaronZ
@theredbaronZ, Exactly.
Reply
allanrcferreira theredbaronZ
@theredbaronZ, I spent near 6 months to understand what you are saying... Is very difficult for anyone to understand the logic behind technical analysis. I realized it when I understood this equation:
Profit = winning ratio x reward - (100 - winning ratio) x risk
I always try to risk 0.5% from account to have at least 1.5% reward, because my winning ratio is 35 -40%.
In short
Profit = 35%×1.5% - 65%×0.5% = 0.2%
In 40 trades per month, that means 8%.
I can tell you, 40 good trades in a month is not easy. There is months with 60-80, and months with 20...
Reply
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