I think there might be a little too much traditional market analysis happening here. Bitcoin is super speculative and therefore follows many algorithmic models due to the number of bots doing the trading. Therefore, it will probably only dip down to about 30k before another pump and dump and then hopefully to 100k in December.
However, If it does crash below 30k, I think your idea will likely play out and drop to some unbelievably low number. Which I kind of hope happens as I'm fairly liquid right now and wouldn't mind loading up a few whole bitcoins :)
BitcoinMillio18
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@tothemoonftx, true, but starting from last year, institutional players entered the game. That's why this wyckoff method became popular. They have different rules and wyckoff exposes their footprints. You can see these patterns all over the stock market, now in Bitcoin too.
ApeTrader77
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@BitcoinMillio18, Agreed, It has been showing up as of late. I still think there is a good ways to go before it can be traded like a stock though. It seems that crypto is mostly risk management and betting still.
But I am a beginner when it comes to trading so take what I say with a grain of salt, I have held BTC for the past 2 years and am doing well. Just started trading a few months ago for fun. I enjoy your analysis and am learning a lot while making some serious gains.
BitcoinMillio18
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@tothemoonftx, good timing!
UnknownUnicorn10828932
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@tothemoonftx how do you conclude bot traders doesn't allow the price to drop lower than 30?!! "therefore"!!
ApeTrader77
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@reza_1515, First, I didn't say it is not allowed. I said it is probable for a dip down to 30k and then back up.
Second, they trade off of indicators and one of the big ones is the extended golden ratio multiplier that is used for tops and bottoms particularly in bitcoin. Currently, a band sits at about 31k on the weekly. So if it is mainly bots trading on algos and indicators, then there could be another move before it dumps below it.
In summary, this is bitcoin and no one can predict what happens next unless you are a whale that can influence the market. Us small fish just get to go along for the ride. You just have to be right 51% of the time.
UnknownUnicorn10828932
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@tothemoonftx know about game theory it's not about indicators
UnknownUnicorn10828932
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they are market makers, did you listen
ROI_Crypto
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I am following you for quite some time.
The shift from: it is Wyckoff we are about to shoot up to hold me mommy we are going down to 10-14K is amazing.
One of the most important things for a success in this market is not holding on to dreams with dear life.
However, If it does crash below 30k, I think your idea will likely play out and drop to some unbelievably low number. Which I kind of hope happens as I'm fairly liquid right now and wouldn't mind loading up a few whole bitcoins :)