The price reached a very important zone formed by 8000.00 support, the uptrend line and 7500.00 level. The further market movements will depends on price action in this support zone. If the price breaks the uptrend line and drops below 7500.00 level, we should be ready to see the further falling to the 2nd uptrend line and 7000.00 level. The bearish period may continue for more time.
But let's be optimistic and think about the bullish market. For this the price has to bounce from the support zone and especially from the uptrend line. RSI is not far from the oversold zone and it tells us that the market has potential for going higher. MACD histogram supports the possible upward movement. If the price bounces from the support zone, we'll have a new buy opportunity. The market will be able to reach the previous highs at 9000.00 and 10000.00 levels.
評論
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The uptrend line still holds the price. It's good. But for starting a new upward wave, the market has no power, it looks like this. Buyers, where are you?
評論
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Well, the bearish period continues. The support zone was broken and the market falls lower. The next possible reversal zone should be at 7000.00 and the uptrend line. Watch for price action in this zone.
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Bears are strong. We need a reversal signal from the upper line of the price channel, the uptrend line and 7000.00 level as quickly as possible. In other way the we'll reach 6000.00 level - the market low from Febreary.
My opinion, and this is gut-level after watching all this stuff for the last couple years, it's going to 7000 before it ticks back up. No heavy buying pressure to hold it up at this level as most everyone who wants in wants to get a better bargain, and there is a strong sense it will drop at least one more time.
Vypr
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And let me add. BTC is so manipulated it isn't funny. There was a 300M tether mint a short time ago. The powers that pull the strings (esp Bitfinex) will attempt a push it up in the not too distant future. A drop prior to any run up is par for the course.
mkhaytman
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@Vypr, hasn't usdt and bitfinex been subpoenaed by the government? Wouldn't it be silly to double down and keep printing unbacked tether? I long suspected it was a Ponzi scheme, but now I'm thinking maybe some big players have been investing into btc by funding the usdt coffers. They don't want an audit because then those players would be revealed.
@mkhaytman, makes a lot of sense for people that want to keep their money out of USD (non tax event) buy and sell using Tether
heynickfrancis
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@Sparky123, every trade is a taxable event. doesn't matter LTC>BTC>XRP>USDT. it's all taxed
Giovi6969
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@Vypr,
I would even back up your rational comment by adding that the recently printed Tethers arecertainly beeing used since a few days to do local pump and dumps, there is only local pump and dump happenings since last week. The level of true buyers is very small, i'm impressed.
The Whales are trying their best to steal buyers money even the market bubble is collpsing, they are extremely good at it and they are doing it.
+1
J_bank
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@Vypr, such is the market sentiment right now... but when everyone is expecting a drop is when it will not happen.