Last week, I recommended two set-ups and price breached both levels.
There is another demand zone below at $7900. I'm not in love with the structure at $7900, but it might serve as a good level based on the fact that the other levels, when breached absorb sell orders. Thus, the sellers might be near exhausted.
The $7900 level serves as the last defense. If this level is breached, price will certain head lower to the next demand level at $6850.
If the $7900 level holds and price starts to move higher, the buyers still have to battle it out with the sellers at $9300 and $9800. Thus, price is not out of the woods yet. Before price ultimately move highers, the key level to take out remains $10k.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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What are your thoughts on the MTGox trustees and their regular sales of 2000 ( last week) or more ( 16000 a couple of weeks ago) BTC in big chunks. Are these what are hitting the btc price so often?
thanks
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I think $10 was a key level many people were looking at to take profits/sell. I don't think the volume MTGox trustees is enough to move the Market, but when people here at about, I think many people get scared and sell.
What are your thoughts?
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I think it's an overhang, for sure, and there is another more than 100000 to sell. However, you are correct, it's a tiny % of the market and should not affect it, but crypto and BTC price is driven on hearsay, rumour, and superstition, so anything can shift it. There was some blah about a Korean exchange last week as well.
However, there is also the prospect that the big players ( the whales, as it were) push the price about for their own benefit, and finally BTC had recovered +50% from it's $6k low, and this might just be a healthy pullback.
So...I think, like one of those annoying chart people who covers their ass, I've just listed every possibly!!!
I've confused myself now :)
But, I'm hodling my different positions in the hope that the long or medium term trend is up.....although, as I asked in my first crypto post, how does that $1Million target really stack up, as in, is it physically possible, even if the market drove it there?
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