Bitcoin Drops to THIRD Downside Target… What Now?

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Bitcoin has dropped to the weekly 200 moving average. But what needs to happen before a potential long term bottom forms? We explain.

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64 thoughts on “Bitcoin Drops to THIRD Downside Target… What Now?

    1. fairy tale of cryptomas

      It was Christmas Eve Dave
      and the cryptos tanked
      An old man said to me, will see another one
      And then he sang a song
      The Rare bullish candle green
      I turned my face away
      And dreamed about U

      Got on a unlucky one
      Came in eighteen to none
      I’ve got a feeling
      This year’s for D and U
      So happy crypomassacre
      I love you maybe
      I can see a better victimless crime
      When all our teams ain’t got no clue

      They’ve got bags big as red flags
      They’ve got rivers of tears
      But the fiat goes right through you
      It’s no place for the bold
      When you first took my hand
      On a cold crypto Eve
      You promised me
      doomsday was waiting for me

      You were random
      You were dippy
      Queen of crypto City
      When the band finished playing
      They howled out for no more
      Spectre was swinging,
      All the drunks they were singing
      We traded on a corner
      Then cried through the night

      The boys of the SEC choir
      Were singing “Security obscurities”
      And the sells were ringing out
      For crypto’s last day

      You’re in a slum
      You’re Dumb
      You’re a newbie trading junk
      Lying there almost dead on a crypto hodl bed
      You dippy bag, you mout gox
      You cheap bitcoin dox
      Happy crytomas your arse
      I pray God it’s our last

      The boys of the SEC choir
      Were singing “Security obscurities”
      And the sells were ringing out
      For crypto’s last day

      It could have been some run
      Well so could any one
      You took my team from me
      When I first found u
      I kept them with me dave
      I put them with my fiat loan
      Can’t make it all on TIO alone
      I’ve built my cryptos around you

      The boys of the SEC choir
      Were singing “Security obscurities”
      And the sells were ringing out
      For crypto’s last day

    1. Chris in FPV – I think that’s a naive viewpoint. Plenty of people got in at 2k, 3k, 4k, 5k, 6k etc, and many want to sell before moving into a loss. Essentially for those that bought only to make money (which was a LOT of people), everyone has their own personal “I want to exit with something” capitulation price. You’d be surprised how few people would genuinely HODL into massive losses. Also a lot of smart people move out into Tether on the way down and reinvest at the bottom with *more BTC* than they had before. There’s actually nothing smart about hodling a 10k Bitcoin down to 5k when Tether would have allowed you to sell 1 BTC at 10k & then buy 2 BTC at 5k.

    2. +Sam Saltwell People say just sell the top buy the bottom as if its an easy thing to do. Very few achieve it. Tone Vays is currently saying we are going up to 5k next from here, then possibly back to 2. That’s going to make for a nervy time for someone in Tether. Do they wait to find that once we reach 5K it doesn’t, infact, go back to 2..We have had the normal percentage drop already so yeah I stick with my assessment that we may be very close to the bottom already..

    1. +iG W They are dumping AND buying those coins at the same time. Yep, they are buying the coins that they are selling. It’s all maths, they have it calculated (how much to sell, buy, accumulate etc). Just like lottery, horse betting, 4Ds, casino etc. Just that the whales are the house of cryptos.

    2. +Rei G that’s not whales that’s how exchanges work and robot traders… or … traders who make profit of-course.. a whale is another definition, that’s what you will see passing by before you know it

    1. It’s not bad actually ideal, but right now with all thats going on, drama, and extremely bearish sentiment it will only go down further so a “buy every x weeks mindset is not a smart move.

    1. H J yeah he’s an idiot just like everyone else when it comes to predicting the future and their timeline is always off. Alessio is good for a current analysis but dont listen to him or anyone for anything else when they say what they think is going to happen next.

  1. Right underneath that 200 weekly MA there is the 50 month MA, which is slightly below 3000 at the moment. I agree that we won’t see capitulation at 3000 yet, but I’m skeptical of it dropping much further without a bounce. I’m seeing capitulation maybe further down the line, and guessing that might be sub 1000 eventually.

    1. +James Kim tons of minere will shut down, youtube channels will stop making videos, 99% of alts will go no bid.. thats capitulation

    2. +WE are the remnants of the Huwhite Apocalypse I did sell, but not at the optimum moment. I have since spent countless hours learning how to trade, how to spot likely tops and bottoms, and most importantly – risk management. I’m still 3x up on my initial investment and now have a blueprint for sustainable wealth that I can apply to any tradeable market, so I’m happy with how things have played out.

  2. The amateur traders are all gone by now basically. Volume was constantly going lower and lower throughout the year.
    Now the whales have turned up their bots and moving the market further down to however far they can get it or want to get it. Just look at the trade volume.
    It will drop off again soon and the whales will let the market do its thing again. Slowly making its way up. And the volume will slowly increase also over time. Then you’ll see the crazy bullrun until whales, yet again, are satisfied to start all over again with the process.
    And this is how they will continue to control the market and its wealth.

  3. When you stop talking about Bitcoin as if it’s a widget and start actually looking at what it’s supposed to do as a technology then it gets REALLY scary….

    To simplify for those who don’t work with Computers at an engineering level…Imagine you have invested in a horse and buggy manufacturing company and as you walk around you’re starting to see a lot of Model Ts. Sure, all the people who own factories that make carriages and whips etc are telling you those things make too much noise and will never take off…of course they would say that. The Model Ts are the newer blockchain technologies that exist today where before there was only Bitcoin.

    Those that own Bitcoin exchanges are telling you you need it because they need you to need it – and those that have held on to it are hoping that they can convince people more stupid than they were to take that lemon of their hands at a reasonable price so that they can get rid of it jumping across to another crypto and at least break even.

    Bitcoin is like that.

    Bitcoin was ok when it was new and few people were using it but now it’s impossibly slow. It takes forever to get verification on a transfer and there is NO WAY that it will be able to cope with the Trillions of transactions it will need to perform in order to justify it’s ridiculous transfer fees. All this requires ridiculous amounts of energy which means that it’s starting to cost more to produce it than the actual thing is worth (A bit like oil wells that although have 50% left in the ground it’s 4 times harder than it used to be to take it out and it’s becoming less pure so it’s more expensive to process)…

    Now they will tell you that this is a good thing because it make the stuff more rare but when the guy down the road is making a electric cars now at the same price and recharge stations are popping up all over the place all of a sudden the guy trying to sell you petrol at $2 a liter is starting to find it very hard to justify his petrol prices so he starts telling you that it’s rare HOWEVER at the end of the day it’s supposed to run cars and not supposed to be collected like Art – fuel meant for a purpose, to get your car from A to B cheaply.

    We are 2018 not 2014 and Bitcoin was created to perform a task. If something else can do it better, faster and cheaper then bitcoin ceases to be useful no matter how rare someone tells you it is.

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