Ninjastic
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Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
JayJuanGee
on 21/08/2018, 03:42:10 UTC
Quote from: Raja_MBZ on August 20, 2018, 11:07:20 PM
Quote from: JayJuanGee on August 20, 2018, 10:28:57 PM
Quote from: Raja_MBZ on August 20, 2018, 07:35:48 PM
Guys, this doesn't look pretty to me:



Yeah.... If you draw a bunch of down arrows, and you say that the situation looks bad (or not pretty), then that is really scary. 

It feels almost as if such a negative scenario could actually happen and largely because it is stated on a chart.

Those are not just the bunch of down arrows, they are all the attempts of bulls for the short-term breakout; each and every attempt of bulls within the last week failed, and if this continues even a little, it can take us down to around ~$5750.


I refuse to get discouraged before such a speculation happens, even though I am prepared to buy more BTC in the event that it were to happen.  There have been more than 5 attempts to push BTC prices below $6k (and to stay there) since early February.  Even though there is a bit of trouble getting out of this channel, why should we conclude that this time is going to be successful? 

Recall 2015.. there were several unsuccessful attempts to get bitcoin prices to go below $200 and to stay there, and largely bitcoin prices floated in the bottom end of the range (a lot of time between about $220 and $260) throughout 2015, but in the end, what happened... The bears had to give up on getting the BTC price to go down and to stay down.... Isn't some variation of that possible here, too?  Or do we have to expect bears to be successful, this time around?