Post
Topic
Board Speculation
Re: Crypto Market Update: BTC continues to drop lower, where next?
by
magneto
on 09/10/2019, 13:03:53 UTC
Been regularly covering Bitcoin price action since well above $10k and have been calling for the low $7,000's. Here's my latest thoughts on where BTC is headed and where might be spots to scale in.

https://www.cryptoadvocate.net/post/crypto-market-weekly-recap-10-06-19

Pretty accurate predictions actually. You called the rally in Chainlink as well, kudos.

Resistance at $8.2k is still extremely strong, it doesn't seem like BTC will very easily break through that level at all. There is simply not enough bullish momentum to get us going anywhere near the 5 figure psychological level that would signal the resurgence of a bull market at the moment.

I think that the more likely outcome is probably a dip below $8k, testing the $7.2k support that you speak of within your article. If that holds up we could see a very slow and stretched out recovery, and if not, there could be an extended period of bearishness. But I wouldn't be so quick to call this market right now a bear market, though.