Bitcoin next moves and price levels-HIGH VALUED/UNDERESTIMATED
Updated
Bitcoin is still rebouncing in a channel (7800-8400), it could stay there for a couple a few days, but when breaks trendline market will be pulled downwards with 40-45% price drop which might cause panic sell and lower the price (5800 level even deeper).
Everything with Bitcoin would maybe look fine (if we deny fact that sinked already from 19.000 level to 12.000 level, some rebouncing, dropped to 10.000 level and continued to go with downward pattern all the way down to the price 6.000 level making him lose 70% of it's ATH value.
Then rebounce to 8,500 level.
So, what now?
People are talking that this correction is finished, but it seems they are actually confused in general, because EVERYONE WAS BULLISH TILL WEEK or TWO and now suddenly EVERYONE IS BEARISH.
How come?
What that means?
That means that people who are trying to predict either Bitcoin movement or some other altcoin movement (which 100% depends on Bitcoin) DON'T UNDERSTAND movement in general, because whenever some big green candle appears in downtrend they state " correction is finished" " Bitcoin to the moon" etc.
They would not be changing their minds or statements in the matter of day or week if they would be able to see bigger picture.
This is bussines enviroment and in situations like this you better don't take advices from a guy who had C- from STOCKS :).
No matter people don't understand stock exchange, they can see if they portfolio increased or did not in past few weeks.
I belive drasticaly decreased.
That happends because when people are uncertain, they take advice from someone who stands out as "high reputated" or "expert" in order to make decision in their name.
And fails few times in a row, losing for example 50.000$ money.
What i m trying to say is don't bait stories about some big rebounce, some non realistic prices, because that WON'T HAPPEND ANYTIME SOON.
Bitcoin needs to SINK and SINK ONLY in order to restore confidence on some price levels.
Even that this Bitcoin apparently seems stable, (doesn't sink suddenly as it did for a few times so far which results pulling entire market down) but in general doesn't seem reliable at all.
Bitcoin may remain on this price level for a few more days , but, trendline will be "tighter" which will lead to to break trendline.
When that happends, it will go all the way down to 5.800 level (there is a posibility that it drops even deeper), but we should see how strong 5800 level of support "reacts" in a situation of sudden dips as we could see few days ago (dip to 6000 level and rebounce to 8500 level).
Conclusion :
-Don't buy stories about bullish Bitcoin
-Price will go to 5800 level (maybe even 5400 level, then 7500 level, then will bleed out all the way down to 3000 level
-Rebuy either on 5400 level, buy high volatile coin (XRP,XLM), when price reach 7500 level, cashout and wait for future dips
-If not doing so, most probably people will lose some percentage of their portfolio, because if they get caught in downtrend, if not cashing out, traders might lose around 40% of their portfolio.
-Don't let you self sink with Bitcoin, cashout on time, rebuy on next dip, liquidate (cashout) after rebounce, and wait
-So far this Bitcoin doesn't let altcoins to grow, but even if it remains calm, it may happend that altcoin could be " cut off" on half on uptrend which depend only if Bitcoin will decrese fluctuation and apparently acts stable).
-It's a deceptive situation, this Bitcoin movement, don't let your self to sink with Bitcoin (or any other altcoin)
-Cashout before dips occur
Everything with Bitcoin would maybe look fine (if we deny fact that sinked already from 19.000 level to 12.000 level, some rebouncing, dropped to 10.000 level and continued to go with downward pattern all the way down to the price 6.000 level making him lose 70% of it's ATH value.
Then rebounce to 8,500 level.
So, what now?
People are talking that this correction is finished, but it seems they are actually confused in general, because EVERYONE WAS BULLISH TILL WEEK or TWO and now suddenly EVERYONE IS BEARISH.
How come?
What that means?
That means that people who are trying to predict either Bitcoin movement or some other altcoin movement (which 100% depends on Bitcoin) DON'T UNDERSTAND movement in general, because whenever some big green candle appears in downtrend they state " correction is finished" " Bitcoin to the moon" etc.
They would not be changing their minds or statements in the matter of day or week if they would be able to see bigger picture.
This is bussines enviroment and in situations like this you better don't take advices from a guy who had C- from STOCKS :).
No matter people don't understand stock exchange, they can see if they portfolio increased or did not in past few weeks.
I belive drasticaly decreased.
That happends because when people are uncertain, they take advice from someone who stands out as "high reputated" or "expert" in order to make decision in their name.
And fails few times in a row, losing for example 50.000$ money.
What i m trying to say is don't bait stories about some big rebounce, some non realistic prices, because that WON'T HAPPEND ANYTIME SOON.
Bitcoin needs to SINK and SINK ONLY in order to restore confidence on some price levels.
Even that this Bitcoin apparently seems stable, (doesn't sink suddenly as it did for a few times so far which results pulling entire market down) but in general doesn't seem reliable at all.
Bitcoin may remain on this price level for a few more days , but, trendline will be "tighter" which will lead to to break trendline.
When that happends, it will go all the way down to 5.800 level (there is a posibility that it drops even deeper), but we should see how strong 5800 level of support "reacts" in a situation of sudden dips as we could see few days ago (dip to 6000 level and rebounce to 8500 level).
Conclusion :
-Don't buy stories about bullish Bitcoin
-Price will go to 5800 level (maybe even 5400 level, then 7500 level, then will bleed out all the way down to 3000 level
-Rebuy either on 5400 level, buy high volatile coin (XRP,XLM), when price reach 7500 level, cashout and wait for future dips
-If not doing so, most probably people will lose some percentage of their portfolio, because if they get caught in downtrend, if not cashing out, traders might lose around 40% of their portfolio.
-Don't let you self sink with Bitcoin, cashout on time, rebuy on next dip, liquidate (cashout) after rebounce, and wait
-So far this Bitcoin doesn't let altcoins to grow, but even if it remains calm, it may happend that altcoin could be " cut off" on half on uptrend which depend only if Bitcoin will decrese fluctuation and apparently acts stable).
-It's a deceptive situation, this Bitcoin movement, don't let your self to sink with Bitcoin (or any other altcoin)
-Cashout before dips occur
Trade active
Bitcoin seems like "aiming for lower highs" forming tripple top, trying to leave an impression of being bullish, but that is a bull trap by it self on 8700 level, there is a additional resistance on 8800 level, this is why it's rebouncing and losing on value after each rebounce (RSI decreasing as well). Once again, please be advised that 8200 level has been tested and failed to hold, we had rebounce from 6000 level which is not main support, it's 5400-5800 (zone) where "price dips" might be "compensated" , but anyway that zone has been reached and with each rebounce losing on strenght, this is why my personal opinion is that in a certain period when drops out of "channel" Bitcoin might rebounce once again from MAIN SUPPORT (5400-5800), but as it fails to form prices on higher lows (in a specific moment), it could start reversal pattern ignoring 5800 level (which will become unstable by being constantly tested) and it will failed to hold which may lead to Bitcoin 3000 price level.
Wheather people are criticising or no, Bitcoin will continue to move (most probably down) regardless some people are opposing to that. :)
It's a healthy correction and yes, its WIDE correction, because we are in general downtrend and it's unrealistic that someone turns bullish about Bitcoin untill proven otherwise.
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Bitcoin broke upper trendline, looks bullish, but it's just deceptive situation, things could turn bearish in a few hours time.Don't gamble with your money, we could posibly see price reversal.
Don't get tricked by big change in % values" as we speak.
I'm not pesimistic, but this Bitcoin can (arfiticialy) grow more (i doubt once again).
If price goes above 9.000 level, dont' follow, wait for reversal (7.7-8.000 level), but dont buy at this price range.
Even if it makes new uptrend, no matter how far it goes, it will imminently fail.
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