Bitcoin is falling sharply today, in fact this is the largest drop since January of this year.
This chart is not for the faint of heart:
This drop is happening at a very bad time technically for those bullish the coin.
The $7k area was seen as a support that prices were expected to bounce off of in order to start the next surge higher.
Technical analysts from Fundstrat talked about it here:
So much for that chart...
Prices have broken out of the triangle to the downside, which usually means that lower prices are in store in the very near term.
That being said, if prices can hold up around here at $6,700 all is not lost. Also there is some support around the $6k area as well.
Though, to me it is looking like prices are going to need to wash out first before we start to head higher.
Unfortunately that may mean lower prices in the next few weeks...
Stay informed my friends.
Follow me: @jrcornel
I hope it will be a long bear market.
To weed out and hurt as many whales as possible.
They made way too much money on the expense of whom?
On the expense of the suckers that bought this energy dumpster from them at extravagant prices.
People should cheer when BTC goes down and stay out.
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This is a good time to buy bitcoin! It only takes a message about a whale on Houbi and many people are making panic sales. that's what's happening
It is interesting that bitcoin seems to be down just as much or more than some of the altcoins. Unusual to see that... perhaps that whale is liquidating?!
hope so ;)
Why is that?
i don´t like whales because they have too much influence on the courses.
sry i misunderstood you. my english is not the best. i don´t hope that the whale is liquidating
Is that what it is, or is that whale actually selling?
looked at Houbi and there was no big sales order. I think that's not the sale of the whale. looks like panic sales
have made a post about the whale
https://steemit.com/cryptocurrency/@nemenge/bitcoin-wal-transfers-94-000-btc-to-a-houbi-account-exchange-bitcoin-scene-reacts-scared
last day there was a hack on south korea exchange coinrail.
will also be a reason for the course
what if it drops to 3k? It's all guesswork
It remains a gambling. But last year the Bitcoin price was under $ 1k.
Every day we are seeing bad news about Cryptocurrency. But It is right time to invest in Bitcoin. Thanks for sharing.
This is brutal :(
We need a Rally!!!
💰🤑💰🤑💰🤑💰🤑💰
I hope it crashes more so we can get those cheap, cheap btc
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Well, hell. Looks like that "Sixth of the Month Pattern" thing was a bust. I ran the numbers on a couple of scenarios and one of them was a drop in BTC to $6,100 before it reversed. Hold on folks... this might get bumpy.
Agreed. That trend goes out the window. Not that I was thinking it was gospel anyways. I think $6k is going to be tested, probably by tomorrow.
Do not panic about the drop in Bitcoin's price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don't buy into the fear. Buy the coins.
Yea he has been saying that the entire way down. He may prove to be correct in the long run, but if people wouldn't have listened to him when he said don't sell when prices first dropped from $19k to $13k, they would have been much better off right now.
Coming from McCaffee, he is probably liquidating as he tweets and wants others to buy his share.
It does not mean that he does not want to buy back in at a lower price.
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that is old news,from April 17th https://www.newsbtc.com/2018/04/17/new-yorks-attorney-general-requests-information-on-the-operations-of-13-cryptocurrency-exchanges/
Mcafee is a paid shill!!! the last person you want to follow for advice
Personally I think bitcoin and other crypto went extremely high last year that's why. I think its trying to rebalance after such high inflation.
It might get to the 6k mark anyway but incase it gets there don't be afraid to buy.
I see crypto going up before this year ends.
@jrcornel thanks for the info.
Great love
yes i agree with you.
Wait for a bit, then start buying. Upvoted and resteemed.
Yes, I've been watching it dropping rapidly for the past few days, at this hour it is @ $6719.35. However I dont think people should panic too much, I believe it will rise again soon!
Lets see if the daily demand zone at $6850 holds.
It looks to me like it will test the $6k daily demand zone, which would also be the downtrend line from the peak, which it broke through to the upside in late April. Might hold up there and turn around.
Yeah, that $6000 is do or die level . It was the original origin that push price to $19k back in late 2017. Price also reacted to that level twice before...Feb and Apr. Let see what happens next.
The fact that good news doesn't seem to push prices up... at all... is troubling to me.
I think that since the Internet caught on and pointed out the 6th of the month trend (every other 6th of the month was either a peak or trough in BTC price) that the whales behind the trend waited until speculators trying to ride the trend bought in on/near the 6th and then subsequently hammered them, evidenced by the current drop. Once the weak hands sell out I think we'll see the price pop right back on up.
Guys don't worry about these crashes. Bitcoin is not a short term investment. Long term its price is only upwards.
This no surprise, as you know i have been saying this is beyond obvious since January :)
Yes you have. Hopefully you are ready to buy some when it hits your levels.
Come to Papa Bitty, Come to Papa :)
Waiting for that $5k Bitcoin Since January lol
You may get that chance. I think we test $6k as soon as tomorrow or Tuesday.
It's either the beginning of the end, or possibly one of the last great times to get in before we leave 4 digit priced for good. It's going to be an interesting summer for cryptos...
I am not sure I would go that far, I just think it takes more time in between rallies like we had late last year. There was a massive transfer of wealth that is still going on. We might be looking at middle to end of 2019 before we see something like that again.
This is proof that all those crypto experts no just as much as the next person. They look at the charts, read the tea leaves, and at the end of the day, it's 50/50. It goes up, it goes down. I just feel sorry for people that pay for these charts, or worse, pay for these experts advice.
You would have better luck reading the sweet corn in your morning dump
I think the thing to remember is that there are no experts in this industry. It's too new still. Anyone that tells you they are a bitcoin price expert is lying or trying to sell you something.
It really very sad news. Hope it will overcome soon.
Hehehe
Ha. Well mine were first purchased around $1,800, so may have some time to wait. Though I did purchase a fair amount around $8k as well.
Wow, that's not a bad investment at all, your probably safe, I really doubt we'll ever hit that low again. Too many hardcore HODLers like myself :)
Really suspicious that a news story about price manipulation in the markets surfaces on a Sunday in June when BTC is getting ready to rally... I would call this meta-manipulation resulting in mega-manipulation!
This has been well predicted earlier by many groups on both telegram. The whales are manipulating the market with many false news that leads to massive selling.
Personally I believe it's just correction before moving up.
https://steemit.com/bitcoin/@hyndai/analysis-bitcoin-can-fall-to-usd4-000
bitcoin can fall to $4k.
Good job!
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.