DLavrov

Bitcoin What Is Going On

POLONIEX:BTCUSDT   Bitcoin / Tether USD
News from China pushed the markets down. Bitcoin dropped below SMA100 and 4400.00 support level . It's a signal that now we should expect further downward movement. The market can reach 4000.00 support level one more time. This support level is strong and we have to watch for price action closely. Also 4000.00 support level is the key level for future price movement. If the price bounces from it, it will be a confirmation of possible upward movement and new buy opportunity. Indicators will have to confirm price reversal. If the market breaks it and moves lower, we'll see falling to 3700.00 levels and even lower. Will it be a short term downward movement or the same correction like it was in June? We'll get more understanding within several days.
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I'm not so sure it was the news, EW was signaling a pullback for 2 weeks now long before the news broke. I believe the initial target prior to the pullback was $4300 but it overshot that which is not uncommon with impulsive commodities. Markets are cyclical and we were at $1600 just months ago.
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where is bitcoin going any idea ? it seems like sellers and buyers are looking at the bitcoin without any action
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@badeggs, $2700 area many EW analysts have on their charts
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badeggs goldbug1
@goldbug1, thankyou
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@badeggs, $2700 is the "C" in an ABC correction pattern. I'm not sure I'm selling here, just not adding. When everyone is telling you it will correct, usually the correction ends up being higher. This may be an exception all together.
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badeggs goldbug1
@goldbug1, hmm !!!
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@badeggs, What they call a crowded trade, so it will be short lived ;)
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Interesting, as 4000 level also marks the completion of left shoulder for a larger H&S pattern. We saw a smaller H&S on 4hr chart complete on 09-03 when prices hit 4500. Volume wasn't great, but the 4000 price target hit on 09/05. If we see confirmation beneath 4000 we could be looking at a new target around 3000 based on H&S starting back to August. The battle at 4000 could be epic.
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okcoin price dumped to almost $3500~$3600 level and it is still falling down.
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Regulations are starting. Today China, tomorrow... China, USA, UE? Technical analitics don't serve against this. In traditional stocks exchange we have whales and sharks. In cryptotrading, whales and sharks are little fish against governements regulations. I loss confidence in cryptos. I don't keep my money in a market dominated by non democratic governments. Bye Bye Cryptos
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