Today I'm gonna write on current market condition and technical analysis of bitcoin's price.
Recently there comes a news telling that there will be no segwit2x fork on bitcoin. Right after the news Bitcoin Jumpd up to $7901 level. But right now we are seeing some downward momentum in the price. Why is that?
Take a look at the chart below.
I drew a fibonacci level from 6185 to 2973 level. You can see that the price is falling form 7412 level where there was a fibonacci extension level 1.382. And the price also created a long pin on that level, confirming that there was more seller than buyer on that level. And today it is creating a big bearish bar confirming that seller is pushing the market down.
So, we might see downtrend till $6185 level reaches where there is a potential support zone.
So, if you are planning to go long in Bitcoin this level could be promising. What do you think guys?
It's important to remember that it almost never pays to call the bottom of a downtrend. Wait for strong confirmation of the support before taking
Agreed! Without strong confirmation it will be like catching a falling knife :D
Still, what of you catch it without getting a cut? That would be pretty nice:)
Thanks for sharing the information, I followed you. I hope to see some more post soon!
Thanks for following @jmckay. I'll try to post more informative posts soon. BTW, you can also check my daily analysis in another blog. The username is : @rasif Feel free to visit there too :)
Hell yeah. I will check out that other blog as well!
My thinking is that BTC will fall somewhere between 4750 and 5250 near its 100 day moving average. It has consistently bounced off this level. Its hard to say how long it will take to get to that level, days? a couple weeks? If it continues to fall it should be a great opportunity to get in for the long term.
The more it will fall, the more it will give us opportunity to get into it :D
Personally I also think that the price will fall in short term. It's too much momentum for a year already :P
Frankly I think you can try to pinpoint the ups and downs of crypto prices with Fibonacci series with Elliot waves or whatever and you will get no where, crypto moves according to the greed and cunning of the few who have huge amounts of money invested in it, they are the ones who create all the havoc dumping and pumping coins, there is no way you can predict anything here, except if you are a huge whale. If these types of prediction tools were any good most people who dabble in crypto would be rich by now.
I am not quite agree with you in this point. I've been doing TA for last 9 years now and most of the market are similar and BTC's price is no difference. I just see the chart and trade. And yes, it's still a baby market, but 110B market capitalization is something that's not small. :D
Informative, thanks for sharing.
You're most welcome @Chireerocks
👍
img credz: pixabay.com
Nice, you got a 14.0% @minnowbooster upgoat, thanks to @investopro
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @investopro to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Bitcoin will also fall for a certain time so there will be no segwit2x stratification. It will break new records from the remainder and rise above 10 thousand dollars.
Yes. Buy deep and sell at tower gonna be hell of a style for trading :P
You are absolutely right @investopro. Sell you're btc now while its high and buy back again when it settle to 1000 usd mark and wait for another fork pump.
Hahaha.. I'll buy like crazy if BTC Hit's 1000 level for sure :P
But it's not going to be that low. Because even mining 1 BTC will cost higher Electricity cost than $1000 right now :D
If Bitcoin is going to fall, let it fall. I'll be there to catch some.
source
Hi5. We will buy in deep :D
Before New year it will hit 10000 dollars for sure .
You can bet me for beer.
@adarsh02021991 is that your birthday buddy? 02-02-1991? :D Mine is also the same :D
BTW, if it hits 10k then it will be great but bad for people like us. We will not be able to buy much BTC :P
Hahaha.. I will not rather not give it a timeframe :D But BTC will hit 10k for sure :D
@rasif Cool Bro yes we are birthday buddies and @investpro it will hit 10k before christmas .
Cheers!! :D BCH is going up like crazy. :P
Some rich guy is fueling it .
What crypto currency is a better altrnative at the moment?
I don't really judge by that way, there are a lot of crypto and each one is different than others, it's really not comparable. :D
I pray to jesus make Bitcoin fall drastically then I will be right there to catch it.