Will bitcoin break $30k resistance and fall to low $20s

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I have a feeling Peter may be right here. What do you guys think or will it bounce.

This is crucial since it’s happening now.

I think what caused the original dips was one of the Chinese banks saying it’s actually banning crypto causing miners to shut down, sell and Chinese exchange to start shutting down and selling which also triggered FOMO selling and paper hands.

I think they are saying these miners are moving to other parts of the world however this still leaves a ton of bitcoin being sold.

 

[|2 /-\ | /|/]

Almost picture perfect

 

[|2 /-\ | /|/]

U.S. Congressman Calls for Shutting Down Cryptocurrencies

Democratic Congressman Brad Sherman claims that he would rather let people buy lottery tickets than cryptocurrencies

u.today

 

[Insidious Von]

I have yet to go through the latest data on tax havens. The bottom line is this, if the Bank of Luxembourg bails on cryptocurrency, Bitcoin will fall below 20K.

 

[|2 /-\ | /|/]

Coal-powered bitcoin mining soars in Kazakhstan following Chinese ban

A Chinese bitcoin ban has seen power-hungry miners move to Kazakhstan, where fossil fuels including coal power make up more than 90 per cent of the nation's electricity supply

www.newscientist.com

 

[Robert Mugabe]

Perfect example of collective ego backlash against individualism and individual thoughts and ideas.

More proof ideology is the mind virus of the collective unconscious.

What’s happening here is like an organism that senses a virus or something that threats the system and sends its white blood cells or agents to eliminate the threat.

https://twitter.com/i/web/status/1415923704375123970

There's a covid Wuhan analogy in there somewhere.

 

[LiveInTorontoPartyInMontreal]

June 22nd Bitcoin hit 28,800 and bounced right back up, two days later I saw it hit 30,400 and it rebounded again. 30,000 mark seems to be a good resistance
level for the time being . I was practicing day trading on Binance and realized BTC is the worst crypto to practice on. The market is just too fast for a novice like me. UGH .

 

[sprite09]

the answer is ..nobody knows

you can draw all the lines, parallelograms, triangles you'd like and still not really know ...

historically, you can call this the accumulation phase; I look at the big picture...countries and institutional investors are adopting it and regulations are slow to keep up (crypto regulation isn't even on the SEC'S 2022 agenda) ...there's still room for growth

 

[sprite09]

the answer is ..nobody knows

you can draw all the lines, parallelograms, triangles you'd like and still not really know ...

historically, you can call this the accumulation phase; I look at the big picture...countries and institutional investors are adopting it and regulations are slow to keep up (crypto regulation isn't even on the SEC'S 2021's new agenda) ...there's still room for growth

 

[sprite09]

June 22nd Bitcoin hit 28,800 and bounced right back up, two days later I saw it hit 30,400 and it rebounded again. 30,000 mark seems to be a good resistance
level for the time being . I was practicing day trading on Binance and realized BTC is the worst crypto to practice on. The market is just too fast for a novice like me. UGH .

It's a sideways market right now and TA is not ideal in this situation...you need a trend and thus the phrase "the trend is your friend"

 

[LiveInTorontoPartyInMontreal]

A nice little pump over the 30k mark, but everyone yelling caution that we have to test that 28 to 29k level once more before blasting off to the moon !

 

[Indiana]

Possible.

 

[LiveInTorontoPartyInMontreal]

Bitcoin hits 40,500 for two seconds this afternoon, and every player comes into to sell /or short Bitcoin and it falls back $ 3,000 just as fast as I walked to Starbucks and finish my Grande Java Chip Frap. . . So hard to trade this market unless you have huge money/or balls !

 

[poker]

Get ready for another surge... my crypto guy's been reading the funny papers. He (and his cohorts) believe it's going up to $300,000 by the end of Sept, and he'll make an easy Hundred Million.

If the herd is making plans to run that direction.... it will go up. You just have to question when the herd gets spooked.

 

[sprite09]

Get ready for another surge... my crypto guy's been reading the funny papers. He (and his cohorts) believe it's going up to $300,000 by the end of Sept, and he'll make an easy Hundred Million.

If the herd is making plans to run that direction.... it will go up. You just have to question when the herd gets spooked.

nobody knows ...it's 50/50

 

[sprite09]

Bitcoin hits 40,500 for two seconds this afternoon, and every player comes into to sell /or short Bitcoin and it falls back $ 3,000 just as fast as I walked to Starbucks and finish my Grande Java Chip Frap. . . So hard to trade this market unless you have huge money/or balls !
[/QUOTE

TA isn't ideal In sideways market ..best bet is to long at 30k and sell at 40k at this pt

 

[LiveInTorontoPartyInMontreal]

Big resistance area from 40k to 42k , if it breaks out past 42k, get ready to go all in !

 

[linalufis]

The price should rise, right? This is how it usually happens, at least. I want to start trading on cryptocurrency, but I am not sure that it is worth it. I am already trading on Forex for seven years by using swing trading strategies, and a lot of people are saying that I should start trading in the cryptocurrency market. I know that there are many perspectives, but I don't particularly appreciate how fast the prices are changing. I tried to make some predictions of how the price will change in the future, but I was always failing.

 

[Anbarandy]

WTF is it actually and/or intrinsically that people are trading?

Governments will not allow cryptocurrencies to supplant their domain over their control of currency.

The price volatility does NOT lend itself as a practical means of common business transactions and sound corporate financial accountability.

Government will not allow cryptocurrencies to undermine their powers of regulatory taxation forever.

 

[sprite09]

WTF is it actually and/or intrinsically that people are trading?

Governments will not allow cryptocurrencies to supplant their domain over their control of currency.

The price volatility does lend itself as a practical means of common business transactions and sound corporate financial accountability.

Government will not allow cryptocurrencies to undermine their powers of regulatory taxation forever.

you need to pay tax on your crypto and hence why exchanges are doing KYC

regarding BTC as an investment, good starting point would be to watch Michael Sayler

but, overall, it's speculation and no doubt it's a bubble ...still going for the ride with money outside of my registered accounts that I can afford to lose ...potentially a once in a lifetime opportunity to make some very handsome gains