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Bitcoin sliding back down through 6405 after topping out at 6810. Next level below is the prior low at 6107, then the massive 5896.

Daily chart;

 

1554443595_BTCUSD()Daily.thumb.png.bd404f617b07f025c2cc9f11c480ec1a.png

Edited by Caseynotes
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If bitcoin breaks that support it’s going to nose dive down to the 4K levels for sure. 

Personally id be looking to short a small size with a large stop, as there could be a little bounce. 

Long term bullish for bitcoin tho. Everyone is waiting to see where it’ll bottom out before starting to load up in size. Expectation for 2020 halving event and cryptos are likely to skyrocket IMO.

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These massive corrections are just part of the longer term downtrend.

Yes there will be a move upwards but only followed by another move downwards until there are more buyers than sellers on a consistent basis. Until this happens then the longer term downtrend will stay in tact.

Shorting is the only option right now and has been for several months. The beauty of IG and spread betting is that it allows one to profit from price declines. 

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Yes, just looking at that. Down it goes where it will stop nobody knows, 5000 is a clear level while 4000 saw a period of consolidation on the way up then it's the very important 3000.

Daily and Weekly chart

bitc2.thumb.png.3422e7576b42a1b17d3e77ae0f148ee1.pngbitc1.thumb.PNG.a2c6aff180f9e57a85c9768a0a29ff0e.PNG

 

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Always think the ‘more buyers than sellers’ Statement is a little funny. By definition bid/offer matching means there are equal buyers and sellers... always. 

Its just the fact it’s happening at a higher or lower price point which matters ;)

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Back up now to retest the breakout level. Will buyers step in to take back control of this level as they did on Friday and in Feb and April?

If the answer is no then the next level down is the next best chance of a reversal because that is where other buy orders will be massing and the lack of buy orders in between will encourage price to drift down (unless of course there is some news story to upset the flow).

Some moves are due to price being pushed by a force and some are due to price being pulled by a vacuum.

(The dark red line is the monthly chart support level)

 

1197986480_BTCUSD()H1.thumb.png.51f84539853e12f57077c20303d119fe.png

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@Caseynotes, you may be right it could be a big buyer has stepped in or maybe a number of big buyers as why would one big buyer take such a risk?

Do you think it could be a short covering rally and then the downtrend continues?

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Yeah, two very good points @TrendFollower, it does look a very awkward place for such heavy buying to step in unless it is a desperate act to save the level, they should have made certain of the 5896 red line.

Buyer or buyers, given the very few individuals who control bitcoin it's a difficult one.

Could this be a short covering short squeeze situation? Certainly, and that would account for the extreme and belated move and therefore the very real possibility of a continuation to the downside to follow.

 

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Bitcoin puts in another one of it's 5 minute rocket candles. Finds resistance at 6766.

887196847_BTCUSD()M5.thumb.png.3b9bfab99652b59a5a88c14ad9a422bd.png

523080707_BTCUSD()H4.thumb.png.31b36fe96626fafeb40a70d658ff6e85.png

 

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Bitcoin's cyclic 'Pump and Dump' on the chart as it happens ?, open to other offers/explanations.

1598423955_BTCUSD()M5a.thumb.png.9b32137740b052ffd8a3a3d963d5eda1.png527797971_BTCUSD()H4a.thumb.png.1fad52d34ae8e81b80371d8eabcb059c.png

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Bitcoin having a very bad day. Another failure at 6800 and heading down. 

Daily Chart.

1277172584_BTCUSD()Daily.thumb.png.fb0a433f90c752d40ffcc0c550b6c7e8.png

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