Whales push Bitcoin down so they can buy cheap and then pump and dump. They have no interest in bull run or breakout. Their dream is to pump and dump alts at their whim. Bitcoin breakout means alts will die.
They push the price down breaking the floor. $6000 is not the floor, that is an arbitrary number! The floor was the 500 daily moving average. Now having closed under and retested, this crucial support has become resistance.
Bitcoin is likely to test 800 daily moving average.
@mljones, Good question wish I knew. Just works like that for me
mljones
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@natterjack, I was thinking it might be 5 and 8 are in the fib sequence. What other charts have you used 500 and 800 on?
mljones
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@mljones, We're also coming into the 987 EMA which is also a rare thing for BTC
SellHope
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@natterjack , your prediction is interesting. are you using machine learning for price prediction?
UnknownUnicorn3348480
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@stevenpiao, I compare this Bitcoin bubble (we can be mature and call it what it is) with previous bubbles in other markets such as gold and silver. I also compare long-term trends with US indices and the dollar. I see the 500 daily MA as a key level for Bitcoin, based on it's support at the end of the bear markets in 2012 and 2015. Once it has acted as support, the 500 was never lost. This time it has and now I think it is very likely we will see the 800 daily MA for the first time in Bitcoin history. Of course there is also a (smaller imo) likelihood that we will break back above the 500 MA, which would be perfectly ok with me.