Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I am predicting a drop to 350 ish fairly soon... then moon within the next 6 months.
I don't see it going to $350 under any circumstance. If the rally is over, which it might be for a while according to macro wedge breaking trend, then it would find strong support around $410 still. If there's a dump, that's where it will go. If a second dump occurred days/a week later after that, it would find big resistance again at 390's. Worst case scenario would be $360, but would probably require a long time to get there, and by the time it did, would be time to go up again for getting closer to halving.
[http://i.imgur.com/h0hnscR.png[/img]
[http://i.imgur.com/zAQaVIX.png[/img]
I think that is a very decent assessment, rOach, regarding the current status of Bitcoin's price dynamics.
Bitcoin's general price direction remains upwards (and possibly slightly plateauing), and we are going to need to witness a considerable amount of concerted dumping in order to attempt to achieve any kinds of lower price points as you hit upon ($410, $390 and $360, each of those lower price points successfully more difficult to achieve in the current trend), and bears may not be willing to push for such lower prices on their own, and they have to somehow convince others to go along with them... which the others will notice that the price remains generally upward... if not flat for a while in this $425 to $435 price range with ongoing upward price pressures.
350 seems really hard to reach indeed. And I'd bet that if price ever reached 350$ in those conditions it would crash even further because most people would loose trust in btc. But I don't see how it could drop so low, thousands of people are frustrated enough to have missed the opportunity to buy at 300, they will take any opportunity around 400 so it won't breack this floor.
I believe it's the first time we agree on something JayJuanGee
