Bitcoin- Could test 6,000 level if this support breaks!

The chart below looks at Bitcoin on two different time frames. The chart of the left looks at Bitcoin over the past 5-years, reflecting that it remains inside of bullish rising channel (1), as the trend remains higher. It hit the top of this rising channel a couple of months ago at (2), where it created an important bearish reversal pattern.

The chart on the right is of Bitcoin over the past 5-months, where it might have created a  bearish descending triangleat (3).

CLICK ON CHART TO ENLARGE

Over the past 5-months, Bitcoin might have created a descending triangle pattern inside of each line (3). This pattern is created by a series of lower highs and flat bottoms.

As of today, Bitcoin is testing “dual support” at (4), with one of the support lines being the potential bottom of the descending triangle pattern.

At this time, “Support is Support” at (4) until broken!

If support would happen to give way at (4), the “measured move” of the descending triangle, suggests that Bitcoin could trade down to the 6,000 level.

Bitcoin bulls want to see it “Hang On” to dual support at (4)!!!

 

 

Chart pattern analysis with brief commentary:   

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Comments

BallAndChained Citxmech Tue, 01/16/2018 - 13:46 Permalink

Lucky for Bitcon holders, they can redeem their imaginary tokens for what it is backed by:

1 precious rare math

2 several years supply of electricity when you redeem your tokens?

3 the network, it is all the network you ignorant non-token holders. the network of large number of people will pay back all your losses. The large network of criminals backing Bitcon have made a lot of money so they can use that money to back the little people (suckers) to make sure they don't lose anything.

4 if nothing else works, you can always do low cost Bitcon asteroid mining in space.

In reply to by Citxmech

Duke Dog Tue, 01/16/2018 - 12:23 Permalink

Sinking like an anchor in the ocean today - down to 11.5k as we speak.

True support is at $0.00 and it will get there sooner rather than later.

 

Updates:1:07 ET: $11k!

cheech_wizard Proaurum Tue, 01/16/2018 - 12:55 Permalink

Salcido said he produces five-to-seven bitcoin every day, but wants to expand his operation to get up to 50 bitcoin per day. (The law of diminishing returns is about to bite "Sal" in the ass, because everyone else is trying to do the exact same thing.

http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7/

Total Bitcoins in circulation: 16,806,038. Total Bitcoins to ever be produced: 21,000,000. Percentage of total Bitcoins mined: 80.03%. Total Bitcoins left to mine: 4,193,963. Total Bitcoins left to mine until next blockhalf: 1,568,963.

In reply to by Proaurum

the cork Tue, 01/16/2018 - 13:33 Permalink

Never saw shit like that until the banks got involved. Banks are crooked as a dog's hind leg.

Banks taint everything they touch.

They do the same to gold and silver, the only difference being, gold and silver will never fall to a zero value.

 

83_vf_1100_c Tue, 01/16/2018 - 14:34 Permalink

BC has dropped 40% in 30 days. If the markets dropped 40% bankers would be jumping out windows, soup lines, war. Lucky it is just a limited # of muppets being culled.

Thethingreenline Tue, 01/16/2018 - 15:50 Permalink

This is total BS! Stories like this just trying to shake peo0le out and ruin BTC! 

Im now down 20-30 % on my BTC and because of BS like this may go lower, total BS! Leveraged on some of my BTC too. WTF!

TTGL

JibjeResearch deuce awesome Tue, 01/16/2018 - 16:58 Permalink

Never keep coins on the exchange.  After buying, send them to your private wallet of each coin.  You have to become a hedge fund manager yourself.

 

Those foundation coins are store of wealth just like gold/silver, so get some.  Also get some Gold/Silver (not paper) in your hand.

BCA, bitcoin alpha, team are planning to fork from BTC.  BCA is a PoS which will not have electricity issue as BTC.  Save some money for BCA whenever it come out. 

 

If you don't plan to keep it long term, don't buy BTC (LTC is a cheap version of BTC), BCH; instead, wait for BCA because of the efficiency.

 

Coin exchanges are about the same..

 

In reply to by deuce awesome

deuce awesome Tue, 01/16/2018 - 16:09 Permalink

I like the idea behind blockchain but I don't think bitcoin will be "the one".

A lot of people talking about it when it was about to hit 20k, I fear a lot of people also went in on it at that point reading some of these analysts who figured the good times would never end.

 

Hopefully some of the people who got in early at least cashed out 50% or so and diversified. 

 

I don't even know if I would buy in at 5k or not. People can bash gold and silver all they want but as a hedge against financial meltdown I still think its what to have. Ill take my small gains and keep stacking.

JibjeResearch Tue, 01/16/2018 - 17:08 Permalink

We are little people, we can not dictate price.

We have the fundamental, it will be ok.  It's just a roller coaster .. and its high/low are bigger than stocks.

Don't lose your ballz ...

Crypto is here to stay.  It's a great weapon against the fiats and the elites.