Bitcoin prices crashed hard — dropping almost $800 in a few minutes to show double-digit losses. It was down 11.4% and trading at $8,150 as of publishing time.
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I just saw some analyst on Twitter saying that it might fall below 5k…
I’m inclined to believe it so
Institutions are buying. Can take it lower.
Wouldn’t that drive up demand/reduce supply, if institutions started buying at large volume?
It’s going down to 5K and but would come back to normal.
Who said they are buying at large volumes?
You said they’re buying. I don’t imagine institutions will be/are buying small, like your average retail trader, fractional coins. Anything they buy will be larger than even single-digit coin trades. That’s large.
Not necessary, their adoption can be slow as well keeping the supply demand in mind.
$5K would be crazy. I think mid $7’s could easily happen very soon.
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Experts suspect the fall till 6k for sure.
Hello folks,
As a chart pattern recognition trader, I see the current price drop in Bitcoin as a potential buying opportunity.
The attached Daily chart indicates a buy Gartley pattern completing with another AB = CD pattern at the exact Fibonacci 786 retracement ratio off the swing low in May 19.
This level has been tested for 3 consecutive days, and has rejected lower price each time.
A rally equal to the last one would take Bitcoin 1600+ points off the 7690 low to around 9290 area would be my guess. Should this turn out to be the end of the current correction, then that target would be the minimum objective on the trade.
Of course, as with all good things. chart patterns fail occasionally, so we ALWAYS protect ourselves with stop losses just in case.
A move below today’s low would suggest support of the last 3 days has failed and would not want to stand in the way.
Long from 8151 stop 7690 target 9091
Good luck if you take the trade
Pinpointpip
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Thanks for sharing this trade analysis!
No worries.
Trade stopped out at break even. First time I have traded Bitcoin.
Pattern still valid I guess
BITCOIN UPDATE
Hi folks,
I have posted the latest Daily chart of BITCOIN and you can see it has been in a consolidation range for the last ten days.
The buy patterns are still valid as the swing lows have not been breached as yet.
Yesterday saw a bullish candle closing at the highest close of the last ten days.
Today has not backed off to any degree, so is worth keeping an eye on for a potential break back to the upside would be my guess.
All probabilities folks, but when the patterns work, they offer a good reward to your risk. When they don’t, we don’t stand in the way. Always protect yourself with stop losses.
Trade safely folks,
If you’re interested in trading using chart pattern recognition, feel free to check out my blog site. www.pinpointspatterns.com
Latest post out today covering FOREX Seasonal cycles where current spotlight is on the USD-JPY for a possible Gartley sell pattern completing around the 10800 level.
Best regards,
Pinpointpip
Most likely to fall some more especially during the Asia holiday, that’s why you need the right crypto investment
PinpointPip, I congratulate you on your fist trade. I hope that you will have many more profitable trades. As for BTC level, I have heard some experts speaking about $4K supporting line. Not sure about it, but with BTC everything is possible
I can see it going down to support at $6k