DLavrov

Bitcoin: It Looks Like The Bottom Will Be Reached

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I think the market is going to move downward within these two weeks. Just look at the price action every time when the price bounces from support zones. We don't see any attempts to develop an upward movement. It can be a signal that buyers are not ready yet, and they don't have the power to push the market upward. It does not mean that in the long run the market is not bullish . It is bullish and keeps potential. But for this the price will have to break important trend lines and resistance levels. It looks impossible now, and that's is the main reason why the market can reach 6500.00 and 6000.00 support zones.

In order to do this, the price will have to break only the local uptrend line and 7000.00 round number levels. Without it, I would like to talk about the sideways movement between 7300.00 and 7000.00 levels.

And what do you think about the next market steps within these two weeks of 2019? Please, share your thoughts in comments below. Let's discuss this!
Comment: Well...

Another strong bearish signal.
Comment: The price reached the 1st target support. It is not so interesting as the 2nd, but price bounced from it in the past.

But the 2nd support at 6500.00 it is good target for sellers.
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Comments

It needs to drop a litle further, you all watch the wrong lines , the bottom is not horizontal , its upwards sloping, it was last time touched at 3.3k after that huge pump to 13.8k , now it will touch it again around 6.6k , depends on when it drops to that multiyear bottom line , thats where the buyers are , and there are many many buyers waiting to hit the buy bottom when it touches that multiyear bottom upward sloping trend line .
+4 Reply
Savoid plumrambo
@plumrambo, that support line currently is around 6.3k, although I have it on the log chart.
+2 Reply
Yes, I think the bottom already has been reached

+4 Reply
TacticalTrades EternalSunshine
@EternalSunshine let’s hope so
+1 Reply
BTCsurfer EternalSunshine
@EternalSunshine, If you draw it perfectly you'll see that you don't actually have many touches in the beginning, and the trend line should be slanted slightly more upward, and so in 2019 we would technically be starting to break below it, not sitting on it.
Reply
@BTCsurfer, That's a good point, nevertheless the price was following this trend line for several months, so I really hoped that this support would not be broken
Reply
Thanks for sharing. We agree.
+3 Reply
Short version is that if BTC shows a daily candle close below $6900, fasten your seatbelt. Sub $6k much more probable in that event.
+3 Reply
David_Aus quantumfly
@quantumfly, might be a bounce off $6500 but I agree with fastening the seatbelt.
+1 Reply
DLavrov quantumfly
@quantumfly, yes!
Reply
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