BTC has managed to drop to the 6000 level, and through it. Will it stop here? Its hard to say.

by Dave

I’m guessing there’s a fair amount of support 5500-6000.  Candle code shows that today’s long black has a 62% chance of being a reversal.  Volume was very heavy, a decent-sized lower shadow showed some dip-buying.

Forecaster doesn’t gamble on reversals though, its still deeply in downtrend-land.

I’m not sure 6000 will hold.  We might have one more leg down.  Next support level is down at 5000.  You could put a buy order slightly above 5000 and you might get lucky.  Bitcoin tends to like its round numbers.  That’s because we humans like them.

Article Continues Below

Bitcoin cash surged to almost $2000, but has since pulled back.

From what I see, people are essentially wagering on the future popularity of each software release.  They are called “coins” but the coins are really just side effects spun off by a big bag of code.  Coins are essentially a share of the future operations of the software package. Or something like that.

12 views

Follow IWB on Facebook and Twitter