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📉 Bitcoin Heading Down? 👎 How far? Hey guys - After what seems like an eternity trading sideways (with a few minor swings up and down), at last, we think there may some news, good news if you're a trader too! Possibly not so good if you're Hodling! Looks like BTC may be heading down in the near future. We've been following a strong line of support all the way up from the lows at $4000 back in March, now our ascending triangle is nearing "pinch" point, so we should be trading in the same direction as the breakout, and we have broken out, it's downward. This may be a classic "fakeout", in which case the price can expected to rise, but as we all know you should never try to catch a falling knife! Our Crypto Tipster Strategy is showing a Short on BTC daily chart, and after getting chopped out of a few trades recently (which is unlike our Tipster!) it's now time to catch a big swing! As you can see from previous support and resistance levels there's quite a large area that could get filled sometime soon! Possible lows ranging from $8700 all the way down to $6500! This is a huuuge movement from where we currently are, there's been cries of "above $10k" for some time now, if that's the general sentiment it's clear the majority of traders would be Long right now - remember the most important rule of trading? Do what others don't do! We're Short, and think you should be too! Time will of course tell :) theCrypster
KRAKEN:BTCUSDShort
by theCrypster
3
I see a us moving below the 8k zone.I am fairly confident that the next 2 months we will see a decrease in bitcoin price. People will be panic selling and strength of bitcoin will get lower. I could see us getting down to the 7k range, I have a purple rectangle where I am assuming price will be going. The reason I feel this way is because of the indecision candle we just made on the monthly, and the shooting star candle on the weekly. Usually we can't assume things with an indecision candle, but with the shooting star candle on the weekly followed by the current red candle and the 6 month run up we just had. I'm about 95% sure we will drop back down to the 7k regions.
COINBASE:BTCUSDShort
by Goldkodak
BTC ... what becometh of you? Here we are, what should I do?Hello everyone! So here, we are ... BTC, tried to get to 8100 on an IHS (see chart). Stalled just over 7.7k territory. Now what? A few days ago, I posted an idea about a back test of the 7k bottom ... I also didn't like the fact that we didn't quite hit the rising 6 month trend line (now almost 9 months long!), which was sitting at 6.9k. So, I do think we are in the wave that will take us down to that trend line ... by the time we get there, it will be at around 6970 to 7000. Here's why: - I've gone back and checked all the subwaves of the main drops (20k to 6k, up to 11.7k, down to 6.5k, up to 10k, and now down to ??). - the sub waves are NOT likely ABC corrections ... they seem to be WXY corrections. - an ABC correction is a 5-3-5 system (so check if we have that from 20k to 6k)?? - a WXY correction is a (5-3-5)-(3)-(5-3-5) system ... which fits better for all the main drops and rises. - for this correction I see a WXY pattern forming from 10k ... and we've done (5-3-5)-(3)-(5-3 ...), so I think this is the final (5) .... which I've plotted in the gold line. - note that I like showing alternatives on my chart ... there's one interpretation that shows we did complete the full 5-3-5)-(3)-(5-3-5) system down to 7k ... could be, but I say lower probability, particularly because we didn't touch the bottom of the triangle ... and we still have 2 days left until the close of the cycle on the 5th of each month ... (every reversal ended on 5th of each month, and the market flipped on the 6th from bull to bear, or vice-versa). Also, a back test of 7k bottom is confirmation ... much needed confirmation. So, we can get that now, with the trend line being so close to 7k. But, if I'm wrong about my primary interpretation, then this is WAVE E, another WXY up to the top of the triangle ... and the next move needs to be up to minimum 8100, and real confirmation is really above 8300 .. it really does need to go there and not much lower than it is now. So, we should know by tomorrow. In the meantime, I suggest it's going to drop further, and the targets are 7270, 7040, 6980, 6425, 6000, 5400, 4400 ... as we go down that chain of targets, the probability lowers ... but I do have the highest probability as somewhere between 6900 to 7100. Remember, only a fool relies on one potential outcome. Do not use this information for financial decisions. For educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
10
BTC ... how low will WAVE C go??From 10k, we are in wave C of an ABC correction (see purple line) ... heading to the lower line of the triangle .... completing cycle WAVE E (red line). The ABC correction is comprised of a 5-3-5 sub wave system. Renko diagrams support that we have completed wave A and B of the ABC taking us to the bottom of the triangle (see my previous idea). It's possible that wave E extends past the bottom of the triangle, and there are three key support points, 6.425k, 6.00k and 5.45k. Plotting the impulse wave that makes up wave C gives clues to the bottom ... and 5.45k is possible. I won't get into much more detail, for fear of confusing everyone ... but my main point is, I don't think this drop is anywhere near over, unless massive manipulation steps in. To invalidate the continued drop, we need to really go above 8100 points ... while dropping below 7200 will confirm the continuation of the correction. Those are the key levels to watch. Anything, in between is gambling, with the bias being to the downside. Remember only a fool relies on one potential outcome. Do not use this info for financial decisions. For educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
11
BTC WAVE E ... consumed by fire, give rise to the Pheonix!Hello guys. So here's an update on my idea ... some polishing up done, with the new data, but the concept still remains the same. For those looking for a summary only. - we are likely forming wave E of a triangle pattern (see red wave) - we are likely in an impulse wave, where wave 3 ends and wave 4 starts (see purple wave). - the purple line is my highest probability, but the two black lines are other possibilities. So likely bottom is 6.9k (after a rise and then fall again), but 6.5k, 6k and 5.4k are also possibilities (the paths are shown in the black lines). - overall I see after this bottom, a nice bull market ... and look forward to the second half of 2018! OK so here is a more detailed explanation: We hit 7270, and came within 380 points of the triangle bottom. Not much left to go. But it is clear, two things are happening ... likely it's mostly shorts closing their positions (buying back bitcoin), and perhaps a bit of FOMO starting (people jumping in long guessing it's the bottom). The red wave E shown in my chart will likely be made up of an impulse wave (shown in purple). After reassessing the wave, I believe we are due for a wave 4 (UP) soon, before a final wave 5 down. That coincides with the bounces we are seeing (from 7270 to 7532 so far). But still not enough to convince me we are in wave 4 ... I look for breaking the current channel we are in, and the upper parallel is currently sitting in the 7600 territory (so I want to see it above that to confirm we are in a new wave up). Wave 4 will obviously take us higher, and my rough estimate at this stage is 7800 - 8100, with the most likely target actually being the higher end of this range. I'll know better once we've cross 7600 to see how much steam the bulls have. I strongly believe because we are only 380 points from the triangle bottom, the bears want to test that. If that's correct, a great play would be to short from the top of wave 4, and then close profits when the final wave 5 gets close to the triangle bottom, then look to long when wave 5 is close to finish (perhaps ladder in your buys at key levels). Wave E's (red wave) can extend past the triangle bottom (would be a great fake out ... and one last squeeze of longs looking to get in at triangle bottom). So I've shown a black line (one on the right) which extends to test the previous bottoms (6.4k/6.5k territory), before a bounce up. Please note, as I indicated we do not have solid confirmation that wave 4 has started. This could easily turn south again and wave 3 continues. That is the black line I've drawn on the left. This would eventually lead to wave 4 and then a wave 5 could take us down much further, where I have a possible bounce at 6k and even 5.4k is a possibility for me in this scenario. I do believe this triangle is a large continuation pattern. After a nice impulse up to 20k ... we break up out of this triangle once we complete WAVE E and to new highs. I am look forward to the second half of this year. Remember only a fool relies on one potential outcome. Do not use this information for financial decisions. For educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
BTC Triangle Wave ... pretty much confirmed.Well folks, that last drop into the 75xx area, pretty much confirms we are heading to the bottom of the triangle. I took a long at the 0.618 fib as it was possible the correction was over ... but not without a stop, and those triggered just now. I still have some alts (EOS) that have found support ... but I'm not sure those will hold. Stops ... set them, and I don't adjust them. If there's a bounce, I'll wait for my re-entry. Anyhow, back to the wave ... in my previous ideas I indicated there is a possibility BTC would correct 0.618 from the rise from 6.5k to 10k, and then start a nice impulse up. Based on the wave count, the lowest BTC could drop to keep this option alive was estimated to be 7644. We broke the 0.618 fib true and well (no question about it) and we invalidated the impulse wave that could have stopped it at 7644. There's not that much support at the 75xx level, and they key one is probably just a psychological support of the 7500 price. The real support is at the 0.786 fib and 72XX level. That get's BTC close enough to the triangle bottom, which is defined by the bottom bold green line labelled "6m Trnd". This is a trend line that I believe represents a good value for BTC according to a 6 to 8 month projection from last year. So going to 72XX, will put this bottom in site at around 6900 - 7000. The bears will be that close to the goal line ... do you think they'll stop shy of that goal? I don't ... So, I've deleted the bullish blue line scenario. We are most probably following the red wave I've plotted, and the question is how low can we go? My thoughts are we could get a bounce at: - 7200 where there is support and the 0.786 fib. - 6900 where the bottom of the triangle is. - 6500 an extended wave E and do a double (triple?) bottom test, and also makes the length of wave C the similar to wave A of this ABC correction. I expect a bounce up from one of those points ... and the question is, do we enter a bull market, or will it be temporary relief? If it is temporary relief (drawn in dashed lines on my chart) ... we can turn this ABC correction down into an impulse, and head to 5.4k (or lower) after a small bounce up! As usual, only a fool relies on one potential outcome. Do not use this information for investment decisions. For educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
3
Looks like my initial prediction will come true. BTC to 6k/7kI haven't had a lot of predictions/technical analysis done but in the ones I have done, I've been calling this since Feb. Not claiming to be a pro but glad that my initial analysis is right. Strong support at 8k but if that breaks through, then we will hit support at 6.8k. That should create a double bottom and we should see a bounce back from there. That should hopefully be the end of the bear market as well. Let me know your thoughts on this. As always, just my opinion, not advice.
BITFINEX:BTCUSDShort
by GBBBKSA
2
BTC/USD. Is this the right time to short?! Lately Bitcoin is really confusing ,at least to me , as I am so eager to short it. But may be I was wrong, or right but with the wrong timing .The 4h charts presents an ascending pennant pattern that follows the trend line since 15th of September(refer the fork). I believe that now we have reached the bottom of the fork and we are facing 2 options as always up and down. As it is ascending and we have bull market for 45 days and we expect the segwit2x I believe that we will need to reach 7k before going down. In opposition to that idea - Since 1st of September 2017 the crypto market cap hasn't grown and moving under 180 billion. And in order Bitcoin price reaching 7000$ or 7500$ ,we need to attract fresh money (15%-25% = 15 - 25 $ billion ) or squeeze out the Alts. I believe that both things will happen if we go in that direction. J coinmarketcap.com !!! HAVE IN MIND!!! I am just sharing my point of view , I am not professional, just enthusiast. Cheers!
BITSTAMP:BTCUSDLong
by SlaviToskov
1
Bitcoin $7000 by Oct 23rdIf Bitcoin carries on its recent orm then expect 7000 to be breached before the fork on 25th October. I am expecting a sell off after the fork and this money should be put back into the alt coins to make another profit opportunity in the Alt coin markets as they have taken a beating over the last few days. Ultimately its my long term opinion that BTC will be the champion of cryptos and i even saw a report about bitcoin on sky news this morning. They are warning the general public of a bitcoin bubble but as in previous years btc can retrace up to 20/30% but usually makes new highs afterwards. it is a fact that everyone that has ever invested in BTC to this date is Winning. Lets continue to win people!!!
Long
by acdmbe