Price
The great bitcoin fall continues. After a month in a lateral consolidation the first cryptocurrency went down, crashing all support levels on its way. At the moment, BTCUSD price on Coinbase pierced the $4500 level, and now is testing $4300, the next alleged stop on the way down could be the psychological level 4000. It is worth noticing, that the growth of the 2017 year, which brought BTC to the unbelievable now $20,000 mark, started somewhere on the $4000 point. Also, $4000 – $4300 zone coincides with the last Fibo level of the whole-chart, the 78,6% retreat from the $20,000 peak. So, what to wait now – the stop on one of the support levels and transition into a lateral movement, the closest support is $4000.
Today forecast
Trading Bounds: $4000 – $5000. Breakthrough below $4000 will lead the price to the $3000 support.
Latest opinions
“1) $4800 was not a bottom by any means - my arbitrary line in the sand was the wrong arbitrary line.
2) Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).” - @CryptoDog
“People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.” - John McAfee
“The price of Bitcoin crashing below $5k doesn't invalidate the need for a secure, decentralized medium of exchange that is digital in nature. It simply demonstrates that speculators and gamblers severely over-estimated how ready the technology currently is.” - Jackson Palmer (@ummjackson)
“Today for the first time in this bear market I saw people capitulate, throw in the towel, ridicule this movement and the technology and vow never to touch Crypto again. Even the bravest went quiet...” - Ran NeuNer (@cryptomanran)
“Historically, bitcoin’s previous parabolic run-ups and declines have typically found support around their 78% retracement values. In our case, this coincides at approximately the $4,400 range…
Given the capitulative nature of this move, it seems likely that the $4,400 zone will hold up nicely as it welcomes a fresh round of buyers. From there, we will have to re-evaluate the market and see how it reacts to the support level.” - @BTC_Schmitcoin
The great bitcoin fall continues. After a month in a lateral consolidation the first cryptocurrency went down, crashing all support levels on its way. At the moment, BTCUSD price on Coinbase pierced the $4500 level, and now is testing $4300, the next alleged stop on the way down could be the psychological level 4000. It is worth noticing, that the growth of the 2017 year, which brought BTC to the unbelievable now $20,000 mark, started somewhere on the $4000 point. Also, $4000 – $4300 zone coincides with the last Fibo level of the whole-chart, the 78,6% retreat from the $20,000 peak. So, what to wait now – the stop on one of the support levels and transition into a lateral movement, the closest support is $4000.
Today forecast
Trading Bounds: $4000 – $5000. Breakthrough below $4000 will lead the price to the $3000 support.
Latest opinions
“1) $4800 was not a bottom by any means - my arbitrary line in the sand was the wrong arbitrary line.
2) Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).” - @CryptoDog
“People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.” - John McAfee
“The price of Bitcoin crashing below $5k doesn't invalidate the need for a secure, decentralized medium of exchange that is digital in nature. It simply demonstrates that speculators and gamblers severely over-estimated how ready the technology currently is.” - Jackson Palmer (@ummjackson)
“Today for the first time in this bear market I saw people capitulate, throw in the towel, ridicule this movement and the technology and vow never to touch Crypto again. Even the bravest went quiet...” - Ran NeuNer (@cryptomanran)
“Historically, bitcoin’s previous parabolic run-ups and declines have typically found support around their 78% retracement values. In our case, this coincides at approximately the $4,400 range…
Given the capitulative nature of this move, it seems likely that the $4,400 zone will hold up nicely as it welcomes a fresh round of buyers. From there, we will have to re-evaluate the market and see how it reacts to the support level.” - @BTC_Schmitcoin
