After Bitcoin failed to pass through 50 EMA (orange circle), it seems like Bitcoin is trying to find downward trend line (blue circle) as a support again. It seems like this donwward trend line is acting very strong support and it will contest 50 EMA again within 12 hours. If Bitcoin does not surpass 50 EMA, it will likely to contest 8500-8700 again.
Other than analysing the chart, let's talk about cyrptomarket in general. I highly believe that someone or group of people are still strategically placing sell orders at the crucial point to lower the Bitcoin price down: Inverse head and shoulder patter was denied, Binance hack, and Mt Gox incident. Those events have been highly coordinated and strategic selling order can definitely snowball the price of Bitcoin. After these stories are starting to fade away, there is another Bitcoin crashed happened without negative news. This is highly irregular and most likely we will see $11000 in next couple of days.
I respect everyone's opinion in tradingview as they are highly educational, but Bitcoin most likely WON'T go $6000 or even lower. First of all, let me be clear that putting regulation on cryptocurrency will make it stronger and does not affect the price of Bitcoin in long term. If government does not see the value of cryptocurrency, government will ban it rather than putting regulations. Take Marijuana for example, Canada and some of states in the US is legalising Marijuana as they are using it as medical purpose and they see a potential profit in the future. And guess what to WEED price in last couple month!?? It went at least 30-40% up!
Secondly, block chain technology is still at its infant stage, and short term oscillation is very normal. Once the price (or Bitcoin) finds its equilibrium, the investor will start to invest more money into cryptocurrency. The problem right now is that we see very high volatility in this community. Remember, most investors are looking for low/medium risk, stable and steady increase, rather than high risk, unstable gain/loss. Once all the FUDs are gone, we should expect huge market recovery and investor will start to putting their money in this community.
Other than analysing the chart, let's talk about cyrptomarket in general. I highly believe that someone or group of people are still strategically placing sell orders at the crucial point to lower the Bitcoin price down: Inverse head and shoulder patter was denied, Binance hack, and Mt Gox incident. Those events have been highly coordinated and strategic selling order can definitely snowball the price of Bitcoin. After these stories are starting to fade away, there is another Bitcoin crashed happened without negative news. This is highly irregular and most likely we will see $11000 in next couple of days.
I respect everyone's opinion in tradingview as they are highly educational, but Bitcoin most likely WON'T go $6000 or even lower. First of all, let me be clear that putting regulation on cryptocurrency will make it stronger and does not affect the price of Bitcoin in long term. If government does not see the value of cryptocurrency, government will ban it rather than putting regulations. Take Marijuana for example, Canada and some of states in the US is legalising Marijuana as they are using it as medical purpose and they see a potential profit in the future. And guess what to WEED price in last couple month!?? It went at least 30-40% up!
Secondly, block chain technology is still at its infant stage, and short term oscillation is very normal. Once the price (or Bitcoin) finds its equilibrium, the investor will start to invest more money into cryptocurrency. The problem right now is that we see very high volatility in this community. Remember, most investors are looking for low/medium risk, stable and steady increase, rather than high risk, unstable gain/loss. Once all the FUDs are gone, we should expect huge market recovery and investor will start to putting their money in this community.
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Bear flag is starting to form. Bitcoin will contest downward trendline (purple line) again in next few hours. It this does support does not hold, it will try to find its support at $8500-8700 again.
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Touched downward trend line support. Let's see which way it will swing.