Bitcoin
Out of context: Reply #1320
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- sarahfailin0
I know you guys love my predictions, so I've got more for you. The 64,000 question right now is: How low will bitcoin go??
I don't actually think it will go to $2k, despite my previous post. One big reason is that the altcoins and BTC are tied together, and although BTC was moving inside that wedge, the other major coins did not make the same shape.
We're at a new low since April of this year as of today, and when I started writing this post BTC was resting on the support of its historic support level in April, at ~6400. Just this minute it broke through that and is throttling downward! There is no historic support level between this and $5800, meaning BTC will see another 9 percent drop today, and find support probably between 5800 and 5900, where it found support back in November 2017. Will that be the bottom??
Well this break is particularly hairy for BTC, because we've also broken the long-term uptrend for BTC. This uptrend is what caught us back in April, and no matter how you draw the trendline going back to early 2017 or before, we are dipping below. So it's a very meaningful break.
The next historic place of support after 5800 is 5400, and then below that there's nothing until we reach 4000. I'm expecting falls until 58XX, and then I'll be watching closely. We could see a bounce up followed by more falls. Since I'm making predictions, I'll say by August 1st I think we'll be back in a bull market.
- "Seems crazy to me, but there's evidence to corroborate this prediction."monospaced
- yep. that is what i said. one can take into account multiple perspectives when assessing a situation. in fact it's a good idea.sarahfailin
- like I've been saying, you can find any number of analysts making ANY prediction that makes your balls tingle at any given moment ... "multiple perspectives" LOLmonospaced
- your perspective on the dubiousness of TA is not without merit. but TA does have some value. here's an interesting article on it:sarahfailin
- https://www.irishtim…sarahfailin
- Ummmm ... charting stocks is a lot more reliable for embarrassingly obvious reasons. This bitcoin stuff is absolutely NOT TA and not comparable.monospaced
- If bitcoin were a legit company, with product and employees, prospectus and a board, then it would be subject to actual analysis ... but it’s not.monospaced
- You can’t apply real TA to bitcoin ... its more comparable to a classic bubble, like the tulips or beanie babies ... at the whim of he market and feelz. Sorry.monospaced
- you're entitled to your opinion mono :) given that bitcoin *has no fundamentals* other than media coverage, blockchain integrity, and usefulness of the coin...sarahfailin
- ...i'd argue that TA has outsize importance for it compared to companies, because the chart is really all you have to go on other than headlines.sarahfailin
- You’re so cute. Have you ever traded anything long term before?monospaced
- You don’t see the connection between headlines and the ever changing charts? Mine isn’t only “opinion” it’s just the truth. Sorry to burst your bubble again.monospaced
- no need to belittle me mono, i'll talk to you with respect, even if you don't do me the same ;) but no, this is my first foray into market tradingsarahfailin
- I do respect you. But you’re taking about an intangible that has a short history and a 1 year chart that shows a classic bubble pop.monospaced
- There are no “historics” beyond a 1000% pop last year. That’s why all this analysis is so cute, especially talk of a bull run. It’s only happened once!monospaced
- it's actually happened about 10 times. the price of a bitcoin started at $.008. Since then it's peaked and fallen just like now many times.sarahfailin
- *$0.08, not $.008sarahfailin
- Not really. Nothing like last year.monospaced
- I’ve seen the chart. It’s batantly obvious what has happened. :)monospaced
- time will tell if BTC rallies again above $10k. How low do you think the price will go then in the next year?sarahfailin
- I have no clue. If you understand anything I’m saying it’s that it’s not logical to predict the price.monospaced
- It depends on how many whales decide to bail out now or buy cheap. Nobody actually knows. And then of course there are the stragglers, who scramble to keep up.monospaced
- But without an actual intrinsic value, it’s nothjng more than Monopoly money with a price attached.monospaced