Previous prediction: 9300 support drop.
Today was wicked...
The prediction I left on yesterday's update was pretty accurate, although we could potentially continue dropping to below 9000. It did happen much faster than usual obviously, due to the large amount of FUD and panic selling from people getting hacked.
The price is currently sitting around 9900 now, I do think this was a very quick and temporary drop. I am looking for the price to stay above the 10000 mark where the upper trendline support lies today.
The low of the day was at 9400, and the RSI on the 4-Hour was way oversold, so there is a high probability that it could be the lowest we will go.
Besides that, its a great time for accumulation of BTC and some of the alts right now.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
I think maybe they will go down a bit more, remember also that bitcoin is an overvalued currency, it is an unreal value, other cryptomonedas have a better future because of that they have low prices and are more accessible for everyone to buy.
bitcoin is becoming dangerous and of much illegal use, on the part of drug trafficking, terrorist, corruption, robbery, kidnapping and much more. by not regulating it, nobody lends itself to that.
i thing lower more price. 8.500
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Current market trend is down. MAs are all down sloping. Has failed to break long term trend line at $11,700 twice. Has failed head and shoulders breakdown. Buying volume is very low, selling volume today on Bitfinex is approaching 50K BTC which is critical level for mass sell offs. General sentiment is overwhelmingly negative. It's going down to around 5K support.
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Not hoping, I'm just stating the probabilities of each and every possible situation that could occur in my analysis. Not once did I state that I was wishing for a certain price movement.
Nothing is 100% in TA, your saying that its for sure going down to 5k - which could happen, but you seem extremely confident about it.
Its why I gave four different situations yesterday, if you look at the end of the last update, I said that we could break 9300.
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Binance was hacked? wow didn't know that
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Not everybody, it was just some accounts with API keys. https://cointelegraph.com/news/possible-hack-of-third-party-tools-affects-binance-exchange-users
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I think the question all us TAs need to ask at any moment is, what would it take to reverse the trend. Not in terms of support and resistance but volume which is the key thing that reverses and maintains trends. Right now sentiment is back to September 2017 levels.
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You got a 7.19% upvote from @mitsuko courtesy of @marcopagan!
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This post has received a 4.88% upvote from @lovejuice thanks to @marcopagan. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.
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2.05% @pushup from @marcopagan
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