Quote from: krishnapramod on September 15, 2017, 09:32:18 AM

Quote from: Mr.Stinson on September 15, 2017, 08:12:20 AM

https://www.bloomberg.com/news/articles/2017-09-15/forget-3-000-the-bulls-may-have-lost-if-bitcoin-breaks-2-877

does that mean if we break the keyline of $2877 the bitcoin will fall even worse than the last days?
what do you guys think?

Psychologically, $3000 is a key level. There was a steady uptrend from $2877 and this number is also bitcoins current 100-day moving average. Bitcoin was stable at around $3000 for a couple of months and then broke into $5000. So $3000 is the level where bitcoin was stable for a good period of time so it isn't wrong to assume that bitcoin price wouldn't/shouldn't drop below this stability point.

Leave aside the psychological keyline, no one was expecting the recent turn of events and the impact is substantial because China is a major bitcoin market.

Bitcoin has already dropped considerably and as this whole Chinese drama unfolds it might drop further. Breaking the keyline doesn't matter, what matters is getting over with all this drama and then recovering.

Yes I also think that 3000$ is a key level. Lets see what will be. Now bitcoin is on 3058$ price. Almost 3000$...