Today, Bitcoin suddently and violently dropped below its longtime $6k support level, punching decisively into the mid-$5,000s.
The drop doesn't appear due to one single factor, though recent concerns around a hostile coup of Bitcoin Cash's architecture strategy may well be spooking holders.
Bitcoin hasn't been this low since Oct 2017, as it ran up to its all-time high/blow-off top in December that year.
Technically, the next support level looks like it's down around $4k.
Meanwhile, the entire crypto complex is currently suffering the same fate (or worse) as Bitcoin:
“The drop doesn’t appear due to one single factor”
Likely to be general lack of interest in an overpriced asset and failure of dodgy manipulation to keep propping up the price with fake unstable Tether.
I still think it’s very closely following the bubble burst of Silver in 2011-2013.
Would not be surprised to see under $5k. And $4k not impossible, but may take a few weeks/months to get there.
Alts can still be fun to play for scalps, especially the ones still generating enough speculative interest…
I got out of bit coin on december,28 of 2017 made some money on it.What I don’t know is what will be maximun loss,80%, 90% or higher? Remember bitcoin has to go up as high as it comes down in order to be a spike. Now the hard part is trying find the bottom?
For retracements from High & Lows, Fibonacci is your friend. Well worth a Google if you want to learn.
Pair that with historical price action on Daily/Weekly closes & VPVR to give areas of support.
BTC is currently in a void, a gap of price action in the pump up from 4.9k to 5.4k back in Autumn of 2017.
4.6, 4.2 and 3k should give some pushback if this winter cold snap continues to bite further.
ps Happy Thanksgiving to you folks.
The bitcoin rescue from 4 days ago didn’t stick. Looks like your $5000 is coming up soon. Maybe we’ll see another rescue there too.
My financial advisor is not a fan of cryptos. A few months ago he said that he wouldn’t be surprised to see a $3k BTC. I’m starting to agree with him.
I started playing with the ETH tokens and made a pretty good profit this last month. I then felt nervous and moved them all into the TUSD stable coin. A few days later I felt like I was being paranoid and moved them back into the tokens on Nov 14th. I’m now down 50%. I guess I didn’t learn a thing from 2017.
Couple of low level layered bull divergences in play, let’s see.
that bull divergence trend I saw forming, broke, hard.
now at 4900 lurking just below at a daily support area, next major support 4600ish
surely we are due a relief bounce at some point.
Skipr – feel your pain, now I know what to see, I’ll post when I see another mini alt season kicking off like I did on Sept17th, predicting October could be a rally for them, we certainly had some nice gains in key alts after they had double bottomed from June, there’s still a couple of strong performers that I’m keen to get back in once the dust settles..
And yes $3k is certainly a possibilty in the coming weeks, months, year. By my reckoning that would be a massive 0.88 fib retracement from a low point of the run up to the ATH.
Not naming names, but seen elsewhere certain privacy coins could have a good period
BTC also is trying a higher timeframe stretched bullish divergence with a inverse H&S trying to form, but still lots of bearish pressure… sideways and slightly bullish would suit alts
I’ve said it before…
What would BTC price have been in 2017 without Tether, what will it be in 2019 without as much manipulation? (US Gov are watching exchanges much more closely)
We are currently under 2x weekly closes of 3.6k
Next major support areas are 2.8-3 2k which is close to the AVG BTC mining costs of Hut8, a well known US miner that I’ve referenced previously.