Currently I am not in the market. I went short below 3600 when I saw that the downtrend I drew in this chart did not hold.
That position is closed and at the moment I do not have a trading position (i always have somewhat of very large HODL position)
The most likely scenario I see right now is what I drew into the chart I expect price to go somewhere below 3000. It seems to me like the 3200 and 3600 are key levels and since we broke thru 3600 to the downside I cannot imagine that 3200 was the end of it just yet.
Of course we could be reversing already and so I will turn bullish when we breach 3600 to the upside, but at this time I am a bear.
I will likely go short whenever we fall thru the shortterm downtrend getting ready for the next move towards 2500.
What are your thoughts on the current price action?
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I have shorts at $3500 and $3600 (first is active) ...
IMO , as the DOW continues to crash ... n00bies will continue panic selling. I also see us breaking the $3k level. ... crossing my fingers
I will go long at $2482 or somethin like that
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At the start of the rally kind of like last summer, I called support at $1,200-1,500....From current rates, that's barely over a 50% pullback, which we've seen when it finally broke bearish from $6k. I don't think it's likely anytime soon, but that's support. There should also be huge support at $3k. Weekly RSI is now oversold which we've never seen. So, I think potentially lower. For the long term, I hope it keeps going down -- amazing buy opportunities here coming up soon.
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100% agreed.
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I agree with your thoughts on both sides given the support and resistance areas many TA guys have put out there. What I feel is lacking is a defined increase in volume... which I feel indicates that the trend is still lower despite my hopes!
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I want to short yesterday but I’m looking at that short squeeze... no trade zone for me currently 😀
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Trading volume has almost halved from just days ago when it comes to the popular exchanges. Now I'm mostly convinced that we won'see anything major till Q2 2019. I abhor Keynes but there is one quote that I firmly believe in after my ~1.5 years of trading experinces:
Unless I see very strong reason for market to go up, i'm convinced that we'll either go sideways or we'd have another low. There are crypto lawsuits piling up including the ones against main figures of BCHABC. Then there is this news: https://www.ccn.com/uncle-sam-wants-to-snoop-on-your-monero-transactions Only Monero and Zcash are being targeted for now. But it doesn't create good PR.
I also checked https://icowatchlist.com and there isn't much to talk about. @steemhunt and @steemmonsters are better pitches than generic ICOs that might as well be generated by an AI.
Unless we reverse the trend soon I'd say we could have below $2000 BTC until mid 2019. At least that's what I'm personally preparing for. I don't have much money to HODL. I haven't cashed out a single penny into fiat. I've put 99% of my crypto in passive income generating forms such as STEEM, NEO etc. I'm also contributing to World Community Grid Medical Research to earn a little bit of Byteball. But it's barely worth anything (for now)https://steemit.com/byteball/@vimukthi/byteball-leads-world-community-grid-thor-challenge-2018-with-the-power-of-incentives
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I'm with you. I think that it's going to continue to drop for a while. There will be some ups and downs, but ultimately, I think it's going south of $3k.
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