Quote from: vit05 on June 06, 2019, 04:17:38 PM

Quote from: exstasie on June 06, 2019, 04:04:49 PM

Quote from: emmybd on June 06, 2019, 11:46:31 AM

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

By most classical metrics, the chart is still bearish. The last breakout failed into the previous range, trapping lots of underwater supply. The dump came on high volume and price never got up off the floor....not even a .382 retracement of the entire correction yet! Price is holding below the 20-day MA without showing signs of getting back above.

So from "the trend is your friend" standpoint, we should expect more downside. Low $7,000s to upper $6,000s seems plausible.

The best hope bulls have is a recovery like late April: sideways at the bottom for a few days absorbing supply, then break above the range. If sentiment is right, FOMO will reappear on a push towards $10K.

I follow that same thought and I am placing purchase orders, long, up to 7100. If it gets to drop more than 6800, I will have to review my projections. But I think it improbable, a sudden change would occur only if Bitcoin's dominance ceased, with a part of what entered the market via Bitcoins going to the alts. I believe that after this correction, it will rise strongly to the 9k

The coming Litecoin halving can do that thing to Bitcoin

If it gets pumped beyond our expectations. How likely is that is open for debate, though. Other than that, I wouldn't trust "gut feelings", for example, that the price cannot possibly fall below a certain threshold. We had been trading below 5k for a few long months, and it can easily go there again even if our feelings are telling us otherwise. Personally, I have shorts which go down as far as 5k, just in case