The bears won big time in the last 3 days. I did not expect it at all. First the $9200 support broke, then I thought no way we are going to break the $7600 support, because that is where we bounced from 1 day earlier.
But then $7600 broke with no resistance and we went all the way down to $6088 about 1 hour ago! Looks like nothing is supporting the bulls and it is all bears. The bears are still in control. How low will we go?
Here is the 3 day Bitstamp chart from Bitcointicker.co:
I just watched Tone Vays latest update and he says we have huge support at….. wait for it, $1300! No ways will it go that low. Surely the bulls will return well before that level?
The weekly candle chart is still bearish according to Tone. If we continue with this trend, the first resistance in the next couple of weeks is $4700. If this price breaks we are going to $1300. Ono!
Tone Vays technical analysis video about 8 hours ago:
What do you think of the current bitcoin prices? Are we going to $4700? Or $1300? Or back up?
Please give us an Upvote if you think this info was helpful. It will help my online business a lot and I hope to return the favour soon.
Thank you. :)
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PPS. Hot tip 2, when buying upvotes, do it in the first 3 to 15 min of posting. You get 90% to 100% of curation rewards.
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Colin Brazendale
Email: [email protected]
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I am a successful bitcoin cloud miner and affiliate of Genesis Mining and USI Tech. I have been mining for the last 19 months. I highly recommend Genesis Mining and USI Tech to earn bitcoin and make money online. I believe it is more important to earn income than hold assets. That is why I recommend mining crypto and blogging on Steemit.
Bitcoin Bulls are on hibernation mode and it will take about 6 weeks before they can come back to market.
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6700$ was critical :) The bulls might be back @cryptokraze
https://steemit.com/bitcoin/@pozzecco/6700usd-might-be-dip-of-the-bitcoin-i-don-t-say-it-the-moving-averages-says-so-check-it-out-bitcoin-technical-analysis
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Really that long @cryptokraze? If it takes that long the new up trend will be slow, or recover will be slow.
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The way I see it is it cant get that much worse.
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Hope you are right @braxton101
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When bitcoin was approaching 20K, a lot of people in the crypto community thought it was going up at that rate forever. After a series of healthy, in my opinion, corrections, it seems like bitcoin has surprised us all and that nothing's impossible. So although 1300 right now seems highly unlikely, I've seen so much of the impossible happen that I wouldn't even be surprised anymore. I see it as an opportunity. If bitcoin hits the 1.3K mark, I'll definitely be buying a heck ton of bitcoin.
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Me too @chunger, me too. :)
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Thank you for this info, very useful for us! Yes, cryptos are falling, falling back to the normal state. That high level was not normal! I also learnt from my mistakes, i'll never buy bitcoin for 18000 and then sell it under 10000 :)))
What do you think of the Steem price? Will it be lower, even under 1 USD? if this trend continues, it is very likely...
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Interesting question @kalemandra. So far Steem has fallen with Bitcoin. But with Steemit we can earn more Steem and SBD even with the price at $1. I would like it to see the stabilize even at $1. Then I can work out how much I can earn every week. With the price going up and down the post earning keep on changing. :)
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Damn
How low will it get?
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I hope this is it, but Tone says it might go lower if it does not hold @rowland
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True
On a long run it will likely rise, all cryptocurrencies will suffer now tho. But looking at the other side, it won't be a bad idea to buy some and hold when it drops.
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Crazy Stuff!!!
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i think 1300 is pretty low, 5k should be a swear spot for bitcoin with big support
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I hope we never see that level @h3ck02g
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Oh no, this fall is heart wrenching. What is happening? It's so sad to see that crypto is bloody now. I hope we rise very soon. Why are we breaking with no resistance? We seem to be falling so freely
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Yes @zizymena, this is not pretty. :(
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Bulls are on holiday. Gosh, when is SBD & STEEM going back up?
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It can't go below 0 - that's for Sure!!
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This is me every time I look at my portfolio:
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Thank you colinbrazendale for making a transfer to me for an upvote of 5.71% on this post!
Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem!
The other half helps holders of Steem power earn about 60% APR on a delegation to me!
For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily?
To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
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This post has received a 2.49 % upvote from @getboost thanks to: @colinbrazendale.
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According to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.
bitcoin.PNG
Only Retail Investors chase price and buy high and sell low, while the Professionals buy low and sell high. The Hedge Funds have purposely sold Bitcoin futures to get in a better price.
At the moment, there is a war taking place between the buyers (Hedge Funds) and the sellers (Retail Investors) called capitulation. That line in the sand was at $9000. Capitulation is when investors give up any previous gains, by selling, in an effort to get out of the market. Capitulations are outcomes that result from the maximum psychological and financial pain that can be endured by a group before throwing in the towel. The Retail Investors are throwing in the towel after seeing a more than 50% correction in the Bitcoin price to the buyers, the Hedge Funds. With 100s of millions of dollars to invest, we are witnessing an accumulation phase by the Hedge Funds between $6000 and $9000.
The Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.
The easy money has been made over the last 12-18 months. With the big boys in the game now, the rules have changes. The question is, are you ready to play to win with a new play book?
This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.
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9.57% @pushup from @colinbrazendale
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This post has received gratitude of 3.03 % from @appreciator thanks to: @colinbrazendale.
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You got a 17.09% upvote from @minnowvotes courtesy of @colinbrazendale!
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This post has received a 10.46 % upvote from @boomerang thanks to: @colinbrazendale
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This post has received a 9.02% upvote from @msp-bidbot thanks to: @colinbrazendale. Delegate SP to this public bot and get paid daily: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP Don't delegate so much that you have less than 50SP left on your account.
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I am a successful bitcoin cloud miner and affiliate of Genesis Mining and USI Tech. I have been mining for the last 19 months. I highly recommend Genesis Mining and USI Tech to earn bitcoin and make money online. I believe it is more important to earn income than hold assets. That is why I recommend mining crypto and blogging on Steemit.
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Sneaky Ninja Attack! You have been defended with a 1.34% vote... I was summoned by @colinbrazendale! I have done their bidding and now I will vanish...Whoosh
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Damn
Can only hope for a rise
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This post has received a 4.80 % upvote from @aksdwi thanks to: @colinbrazendale.
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This post has received a 7.69 % upvote from @sleeplesswhale thanks to: @colinbrazendale.
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Bitcoin will be back again. But this is all about investments + panic sells. At the end of it, bitcoin will be stronger than 2017
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I don't think we will get lower than 4.000$.
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Whatever it happens, is not good for mass adoption. I've got plenty of voices saying "you see, it's a bubble" it will be hard to convince people using BTC with all this volatility and problems...
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What if we go all the way down to $500. Even stock market are down since yesterday with no clear reason.
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You got a 2.49% upvote from @postpromoter courtesy of @colinbrazendale!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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