Remaining calm and patient is important. Impossible to know where we are in the bear cycle: maybe Bitcoin bottomed, maybe not. For exemple, IF, then this would be the bottom : And this would not
This is impossible to know for now. But the bottom is most probably not far. We need to study the incoming local pattern, and possible new lows. Nobody serious in there wants to gamble buy the dip, as "buying the dip" in a bear market can make people lose all their money if you intend to trade and not to invest. The current areas are interesting for long term holding, if this space has a future, and if some capital is remaining for the interested investors. I will post what i think of the evolving pattern in this TA. So far, 3600$ was reactive, finally some bounce since the loss of the 6k support.
sorry mate, TA has been too vague for a while. unfollowed.
Giovi6969
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@sonofjack,
No worries, perfectly understood.
I am not a Capital manager nor a Financial advisor (i do not have any license), which is why i am only posting very summary content, as i am posting for free and do not have any group or anything.
Take care of you.
Giovi6969
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@sonofjack,
(not allowed to post too accurate work nor give targets too often as it could be interpreted as an illegal form of undeclared work)
Gruntle
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@Giorgioversace, I agree we've entered a strong reversal zone. My TA does point to further downside, but there's also plenty of fundamental support to say that we've potentially hit bottom. None of us are fortune tellers, we just try to identify patterns and probabilities. I've enjoyed your TA, and the perspective you provide, for a while now. Best of luck.
Giovi6969
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@Gruntle,
Fortune tellers are many, but it generally does not end well for them right? lol
Yes of course it's possible that Bitcoin did hit it's market bottom
And yes the odds favor a move to the downside
I am "strongly suspecting" that we are in the range where we have a bounce then a last leg down to new lows, possibly to the 2970$ range
Thank you for your warm comment Gruntle
AlexKuptsikevich
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As I said 12 days ago, we are rolling down to collapse by BTC)) Now I'm out of market... Because it is worth to pay attention to how the market players behave near $3500. Now I think like this:
Do you agree?
SebastianofMoon
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Let's hope your're right :) I don't wanna see a long and stretched out bearmarket.
Giovi6969
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@FlaviusTodorius67,
Well... this is what futures normally do to markets after a bubble cycle bursts: a slow and long decline (uranium silver gold...)
Could be wrong but i am absolutely not expecting any sort of brutal bullish reversal anytime soon.
Everyone and his mother bought bitcoin, odds favour more downside.
But i am open minded of what a market is telling me with the charts
SebastianofMoon
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@Giorgioversace, Yeah, the bottom could stretch out for quite some time, in the most extreme scenario we get a flat period until 2020, and only after the halving we'll see a real reversal, but it will start slowly and not noticeable, and will take quite some time to pick up steam.