The white line marked with a white arrow is the center line in a schiff pitchfork connecting the 2014 and 2019 bear market. This line played a role as support before our drop from 6k to 3k, and it is currently playing a role as very strong resistance. We have hit this line twice now and price has failed to break through. Within that same pitchfork just one line below you can see how it is also playing a role as support and resistance. As you can see the purple fib circle is currently acting as support, notice how the candle wicked down to it then bounced. I think this purple fib circle will basically be our only support on the way down. I am expecting us to make contact with the green fib circle soon and when that happens either we will bounce and stay above which will be bullish... Or we will fall through setting new lows in the 2k range. Since that white line has played such an important role in price action and because it has yet to be broken after being tested twice now, I believe we are topped out and this first drop is just the start of a bigger drop to come.
So my original idea from January 4, 2019 at which many people rolled their eyes and commented "oh no, never ever" was probably right!
Today it looks like this. We will see...
Tinieblo
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Nailed it.
aakeelr
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There will be no mass adoption to some asset class that is in mass quantities (scarce in nature) held by the very few rich who can splash and spill it at their whims and fancies. There will be no adoption due to the fact of exchanges manipulating the prices covering up their laundering activities. The way the elites are creating a magical effect that every human will choke up if they don't own btc today is ridiculous. Dreams of 100k to 500k prices sold to the common man inviting them to speculation is a karmic crime anyways. Comparing it to gold and releasing TV ads this year doesn't make sense either when it was most needed last year to infuse confidence during a bear phase (again personal motive of bary silbert since he has a trust and must be having heavy alt bags his trust invests into) These guys Pompalino, Saifdean, Mccormack, Mcafee, Antanopolous, Murad, Armstrong, Winklevoss twins, Jimmy Wong and likes of all these names, who are they? Since years they have been in a super plan mode to promote this asset class shilling and selling dreams to every single person on twitter taking them away from the current activities of life. I see many people having dreams of making 2 million dollars in as quick as 2 years by just buying btc. DO u guys even think these people, these names i mentioned they are the mafia in crypto run and controlled by much bigger heads who fund them. Bitfinex is running a day light robbery as easy as cutting butter with a knife willfully printing paper tether and priming the prices up. Does this all seem normal to everyone? Leaving a paying job or atleast working with a half willed heart at work and more immersed into crypto are you doing justice to yourself? Why is it now that we are hearing all good news? Why? That ad "drop gold" by Grayscale why didn't it come last year when people were losing money buying the top. Don't u think that was the perfect time to introduce people to bitcoin if adoption was truly the agenda. Nope that time they were dumping their bags at inflated rates upon you at 18k, 15k, 10k and so on. Now when they filled their waters with bags down dumping upon you since Jan till April this was the perfect time to create a full on bull mode so that FMOMO kicks in hard. This is exactly what is happening. No one gives a fuck of btc. Even readers of my message won't. The simple reason is that all of us need money to live and not a block asset that appreciates and depreciates in minutes. The fact all of us would want to redeem btc at 100k or 500k so the beleif is still cash out into fiat. Why? U love btc why cash into fiat. If that's the case then fiat pays more importance to btc. Take time think whats happening why its happening and who is playing this game. What is their motive. I'm pretty sure its to sell their low bought bags at higher rates and have u hold them for ages till finally either government shuts this down or btc retraces and eventually fails to act as a currency which in most cases it will.
BDG
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I wish you were right so we can all buy more. But the only way we are going to see a price below $6000 is if the NY AG discovers Tether is a fraud and Bitfinex is shut down like Mt Gox.
With Bakkt opening up (next month?), and Fidelity getting ready to accept orders, the last thing they want to see is a falling BTC price. That would turn off their customers from buying BTC. They need to prop up BTC and that is what they have been doing all year, buying BTC on the OTC and now on the exchanges. They have billions of dollars at stake and will prop up the price like they have with the NYSE.
UmairEjaz
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@BDG, if tether is turned out to be fraud 6k is nothing :) we would go visit the 3k
BDG
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@UmairEjaz, yes 3k is quite possible and perhaps even lower. I believe Tether is a fraud, and if the NY AG does a forensic audit on Tether and Bitfinex, they will hang the Bitfinex and Tether founders up by their <bleep>. But there are some very powerful figures in NY that will put pressure on the NY AG not to finish their investigation. There are hundreds of billions of dollars of profit to be made by Wall Street and if the investigation interferes with that profit, the investigation will be quashed. Mark my words. Wall Street is a criminal organization, and Tether would fit in just fine there.
ismikle
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@BDG, well put and in my opion absolutely accurate on all counts
According to Max Keiser when he worked on Wall Street (1980's?), every Friday after the major banks have closed, limos would drive into the parkades of the major Wall Street banks with the trunk of the cars full of drug money from drug lords. The banks would launder the money every Friday. I wouldn't be surprised if they had police protection to make sure the cars got there safely. Maybe they could have had a parade every Friday from all of the limos. LOL
Heck, the CEO of Nasdaq during the 1990's went down to Columbia and talked with the leaders of the drug cartel down there and convinced them they should invest their money in Nasdaq stocks. Which they did. Talk about a long distance sales call.
Even the NY Fed is aware of these criminal acts of Wall Street. If you have time, read the Zerohedge report that blows the lid off of the criminality of Wall Street banks. As I've always said, if you want to rob the people, you need to own a bank. ROFL
Today it looks like this. We will see...