Can someone explain this ‘critical support’ level of 6800 theory? It seems on it’s face to make no sense yet every article cites it as gospel. It’s so popular that it’s bound to become a self fulfilling prophecy at this point.

I wouldnt say its gospel. But previously a lot of support and resistance action occurred at 6800ish.

alot of buy support previously where people were happy to buy
alot of resistance where people were happy to sell

its all on the btcusd chart.

now that it was blown through people will consider it resistance if bitcoin moves back up. People will use that area as an extreme point of interest because its very easy to create a trade where you're shorting resistance or longing support.

Talking about "key support/resistance" gives people something to write about. It goes along with talking about random alts and their up/down trends as if correlation doesn't exist.

Also, its kind of hilarious that the nyse news gets basically ignored, yet waiting a few more weeks for the etf decision means the world is ending.

News doesnt matter 95% of the time. It was always gonna dump

Trend is down, and that's how it ought to be treated and until there is a structural change in the market (e.g. last bull beaten to death, last btc ripped out of your heart) news isnt gonna save this ship. The blowoff happened, tons of new bag holders were created and the market simply has to unwind from that. The last time this happened in crypto... well I dont need to tell you how long it took.

The good news is that if we dont make new lows, you can make a strong case that the market is in a consolidation phase and simply resting before it wants to create a new trend (maybe up, maybe down).

Good time to buy

This thing is about to take a legit plunge to the next level, like it has been trying to all year. Looks like with Goldman and other piling on, some large holders are looking to bail now. It is almost a lock that it goes below 5K this year. I would say it goes below 4K before the end of the year.

If you happen to also get a negative event, like a big exchange being hacked during this leak in price, you are going to be shocked at how low it goes, and how quickly it happens. I'll call it right here....price is now 6.5K, and I see 3.9K or lower before the end of 2018.

All nonsense. Imaginary made up numbers that get changed all of the time. Humans are pattern seeking, and they make mistakes with numbers all of the time. The people who make the real money with the least amount of risk, like Buffet, laugh at those who talk about this stuff.

Terrible time to buy in my opinion, if 5500 breaks looks like will crash to 3500 or even 1k at this rate. Next time manages to gets above 7800 will obviously be bullish for 10k+ so might as well wait till then. Cant believe such bearish action on etf getting put back must be something else?

Bitcoin doesn't have to hit 10K ever again. It works the same no matter if the price of bitcoin is 1K or 20K, or any number, so not sure why it ever has to go higher again. It has been arguably overpriced since it went over 1K last year, and even that price is quite random.

If it somehow goes to near 8K again, it will likely come right back down. The reason people wanted the ETF was so early holders could cash out. May not ever happen.

We made a new lower high at ~8.4k. Now down to a lower low, maybe 4.5k-5.5k? Then up to almost 7, or it will just clear 7k, and back down again. at least that's been the cycle for a few months, could break out of it at anytime though.

WTF is this ****. Why do these totally random numbers and random words appeal to people. Please stop.

Just go in the reddit comments as well and everyone is apparently a technical analysis expert who spouts off stuff like that. Just like how everyone is a genius investor during a bull market. Hilarious

lmao




but seriously, if we stay in the same pattern a new lower low will be set, and then a new lower high. It's happened like 5-6 times in this bear cycle. just thought I'd throw a guess out there for fun at what the numbers might be. I even said maybe and put a ? to emphasize I have no ****ing clue. it's not like this thread has useful discussion anyway

Very critical resistance point at $6134.65 coming up

IMO:

Don't try to time the market, just try to accumulate in a market where it seems like a lot of people are panicking and in a negative spirit (bear market). Don't even think you can time the bottom perfectly, just buy some at 5k-3k-6k-8k whatever. Also, don't overextend yourself, this will be too stressfull.

And in reverse, in a bull market, just sell something along the way. Keep solid risk management, don't FOMO. Don't try to time the top. Sentiment is very important in these assets, where there's no cashflow to fall back on, like in real businesses. Sentiment is easy to spot, predicting the price is impossible to do.

Find a graph of a stock's price, draw a bunch of lines on it and now you can predict the future!!!!

Although I guess if everyone believes that then it would be a self-fulfilling prophecy. But then you would have people thinking one level ahead and knowing that people know that, etc.

wow you guys seem really agitated, upset and sour... why?

This looks pretty interesting. The idea that "there is a strong time-series momentum effect and that proxies for investor attention strongly forecast cryptocurrency returns" doesn't seem shocking, but it's interesting to see evidence for it.

Risks and Returns of Cryptocurrencies

(h/t Marginal Revolution)

The above is basically a lot of tard-speak for "Bitcoin behaves exactly like a ponzi scheme".

So robust analysis strongly indicates the bitcoin dynamics are the same as chain letter dynamics.

^ you suck

If you didn't sell at the obvious new lower high, you may not get the same opportunity again. Then again, it's all manipulated so maybe 100k as promised

This argument can be applied to every commodity in the world.

What is the value of permission less value transfer(that is infinitely scalable in fiat terms) that exists in the cloud and requires only internet connection to participate?

A 99 million dollar transfer took place on LTC and cost less than a dollar and took 2.5 minutes. No value here people...move along.

Such crystal balls...such easy games....

Sir, you know there are websites where you could make a literal fortune (100x leverage) if you know when and where price is going?

This isn't an argument for BTC. It's a partial argument for LTC and a broader argument for blockchain, like this article. It seems like the tech could be a great long, maybe mid term investment, but it seems impossible to know which specific crypto, if any, will be worth holding. Seems more like a crapshoot by the day, even BTC...

Haven't been here in a while and nothing has changed.

You dumb ****s need to realize that arbitrary numbers on the charts mean nothing. What means something is the cost to mine a BTC. It's why BTC always overshoots then comes back to earth. When it overshoots, it becomes insanely profitable to mine BTC so all the money starts flowing into miners and not BTC itself. BTC then tends to come back to earth until the point mining is barely profitable or not profitable at all.

THEN AND ONLY THEN can BTC go for another run. So if your looking for bottoms, follow the profitability in mining. The lower it is, the closer to a bottom it is.

This is why the bottoms always get higher every crash because its gotten more expensive to mine each time it bubbles. It's also why BTC tends to rip when it halves. Mining cost essentially doubles.

Gold isn't worth $1200 because it's that awesome. It's worth $1200 because it costs damn near $1200 to pull it out of the ground.