Why Bitcoin Sold Off (Not the Headlines you Read on Bloomberg) 📉
Hey guys,
So what headlines have you read today, trying to explain why Bitcoin and therefore the overall cryptocurrency market has sold off?
Some two bob exchange in Korea that nobody gives a fuck about getting hacked? How about the CFTC actually doing their job and trying to stop price manipulation on Bitcoin futures?
These headlines don’t mean jack shit to price and you’re kidding yourself if you continue to listen to the financial news cycle which is driven by sensationalising headlines.
The drop was caused by the following daily trend line break:
BTC/USD Daily
We can’t use the excuse that we’re in a higher time frame bull market anymore, because that above chart shows you that were clearly not.
That previous swing low support zone is all that’s standing in the way of Bitcoin and sub 5k prices. Yuck.
At least it’s looking like price wants to obey the level. Take a look at the intraday price action:
BTC/USD Hourly
You know the setups that I look for now. See you on Twitter!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
If we follow a similar correction to the last big one in 2014, I'm calling $2,745 as the potential low - about an 85% correction from the Dec. 2017 high. That's still not a big deal. It will go higher again - we'll just have to wait a little bit longer.
Too many noobs thought investing in cryptos was going to get them rich, quick. 2018 is the year of reality: it bites. All this FUD is normal and the pain will only increase in the short-to-mid-term. Only those willing to suffer through the storms will realize their dreams in the end.
There is no part of the BUY LOW, SELL HIGH method which includes bailing out and selling when it's low. But, lots of people still do it.
I don't know if Bitcoin will go that low because then mining even becomes unprofitable. I don't think it will be allowed to.
Oh yes .. bloomberg .. forbes .. and all the thrashy news agencies are just cashing on this crypto rush!! They can be posting bullish reviews this hour and then a 180deg switch to a totally bearish the next.
Nice analysis!
Their 24 hour news cycle bullshit isn't just crypto.
don't you just love the reaosning that people give fro movements in price....AFTEr the price moves. The drop was because the buyers failed miserably multiple times an gave up the levels like above. There is no reason to believe this is ending anytime soon either. My targets are much lower as well!
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post
I'm with you Snuffles.
-pats.
Thank you @forexbrokr . At what price do you think Bitcoin will bounce going $20k again? Is the $3k dip in the next few months possible?
Anything is possible...
I'm not going to make price predictions. Mark your higher time frame support zones and if they hold, trade short term pullbacks. Rinse, repeat.
Thanks for different slant on this
Someone has to give it ;)
Congratulation ! #teamaustralia
Your Post on steemit!
I am @Rihannas! ✅
I Support You on Steemit. Your Post is Good .
You sure that you're not an old, creepy, Indian dude sitting in his Mum's shack?