Bitcoin keeps breaking support levels. Further drops expected.
Hello, everyone. I think BTC will eventually go lower, but after this sudden drop we may get some buyers back or shorts will probably cover and we will see the price going higher a bit.
Exchanges may also buy with their own money to save the overall sentiment. It is important to not be a victim and donate money to exchanges at this point in time.
There will probably be more pain, but it seems like exchanges are doing a great job at delaying it.
I personally think market makers and exchanges intentionally delayed this drop to try and get some buyers (suckers) in. This was happening for months, the 6000 level was going to break, after so many visits to that support level, it doesn't take much to realize that it was just trying to break through that level, and it finally did. Take a look at the trend line that is supporting the so called H&S pattern that I've drawn. There were many visits to that trend line, and it kept bouncing off of it, and finally broke through. The same thing happened with the horizontal support at around 6000.
My prediction is on the chart, I think we get consolidation here and not necessarily because of new buyers, but because exchanges (the real winners in this game), do not want to crush sentiment even further and just want to get some buyers in this market. This is what I think is going on, you are free to disagree and call me out on it, but I will be on the sidelines with my small portfolio and no further buying from me.
I think we could see BTC drop to 1900 even, but it won't happen quickly. Also, it helps to just think about things in terms of market capitalization. Does Bitcoin even deserve roughly an 85 Billion dollar market cap at THIS point in time, after all this has happened. I personally don't think so.
Good luck all!
Exchanges may also buy with their own money to save the overall sentiment. It is important to not be a victim and donate money to exchanges at this point in time.
There will probably be more pain, but it seems like exchanges are doing a great job at delaying it.
I personally think market makers and exchanges intentionally delayed this drop to try and get some buyers (suckers) in. This was happening for months, the 6000 level was going to break, after so many visits to that support level, it doesn't take much to realize that it was just trying to break through that level, and it finally did. Take a look at the trend line that is supporting the so called H&S pattern that I've drawn. There were many visits to that trend line, and it kept bouncing off of it, and finally broke through. The same thing happened with the horizontal support at around 6000.
My prediction is on the chart, I think we get consolidation here and not necessarily because of new buyers, but because exchanges (the real winners in this game), do not want to crush sentiment even further and just want to get some buyers in this market. This is what I think is going on, you are free to disagree and call me out on it, but I will be on the sidelines with my small portfolio and no further buying from me.
I think we could see BTC drop to 1900 even, but it won't happen quickly. Also, it helps to just think about things in terms of market capitalization. Does Bitcoin even deserve roughly an 85 Billion dollar market cap at THIS point in time, after all this has happened. I personally don't think so.
Good luck all!
Comment:
Decent chance rallying back to 5700ish levels, then a rejection.
Comment:
This did not go as I drew. For this reason, I am now quite bullish, I'll explain in a new post.
This did not go as I drew. For this reason, I am now quite bullish, I'll explain in a new post.