I keep staring at Bitcoin liquidity on Coinbase. It really looks overwhelmingly bearish doesn't it? If I was capable of going bearish on the market, I'd probably sell some just in case.
However...
October 20 (23 days ago)
https://steemit.com/analysis/@edicted/nothing-left-in-bitcoin-s-way
... create that pressure I was talking about that will shoot through the line with a violent correction
So I was predicting a spike up to 10k with a big correction after that... lo and behold, that's exactly what happened... so is the market truly bearish? It's really hard to tell. Usually my gut feeling is 100% wrong about the market, and right now my gut feeling says "prepare for a return to $7.5k". After all, $7.5k is still well above the $6k floor that we could dip to.
Price action is hovering right at that super critical level. Everyone is saying we broke down past 9k and that was a big deal. However, that support was all unit-bias fluff. There was nothing there. Now we've crashed to the real make or break support. The price would only have to dip a few hundred dollars ($8400) from here for me to feel like we've truly gone into full bear mode. This is a level where multiple resistance and support lines have converged in the near past.
Who's ready for November 14th?
Still holding out hope for my Bitcoin birthday present. Are you familiar with cold reading? All you have to do is make a bunch of guesses, get people to ignore everything you missed, and when you get lucky you look like a genius. How am I doing so far? Gogo November 14th spike :D
Haha.
Spoiler alert: he can't talk to dead people.
Conclusion
If this $8700 support can prove itself for a bit longer I think we are in for a lot more volatility and volume in the near future (Nov 14).
Again, this is another opportunity for traders to make money whether the price goes up or down. All one needs to make these gains is volatility. A flat market is a boring market. I personally would sell if Bitcoin held under $8400 for any significant amount of time, and I would buy if the $9000 support starts holding again, but that's just me... and I'm not even going to do it because I'm a hodl monster.