Bitcoin Forum

When you read opinions on tradingview, there seems to be a consensus that there will be one more big slide before bitcoin and altcoins start recovering from the September 14 dump and bitcoin can surpass $5k. As of right now, almost every coin on coinmarketcap is in the red. Is this the start of the correction we are all waiting for (before the next boom will happen)? Personally, i have set up some buy limits to get some coins cheap, just in case. If itslike the last one, deals won't last long.

I believe that this is the start of the second leg down before bottoming out somewhere between $2000-$3000

The markets always seem to go in cycles, you can look back through bitcoins history and see this.

Look at this bitcoin daily candle chart:
https://imgur.com/A2nVmEi

and this is where I think we are in the market cycle:
https://imgur.com/mwEZ0Gh

This is why I've put some of my BTC into USDT. The is a crazy game though and you can never be sure, I will be watching the charts closely.

Got to admit I refused to think that this classic cycle applies to crypto as of late, but it seems very reasonable right now

Cryptos are basically traditional assets on crack. The same things happen, but much quicker and with wilder swings. But ultimately the same laws apply, albeit with some (not immediately obvious) variation.

This is not likely the next big slide but just a retest of last lows with a minor higher or lower low.
We will see what happens in next few days.

was there anything negative in the news again? or is this a "natural" correction? well, just HODL anyways...

Sure would be nice if this was the last one. I'll also pickup some cheap coins.

Maybe its a good time to grab some cheap alts in the next time. I think Bitcoiin will not fall that much again, the fomo is too big. All the people that call bitcoin a fraud are buying some cheap coins while the rest is still in panic :D

I always read the articles with a hint of suspicion. If the article gains enough popularity it will be a self fulfilling prophecy, which is the cause of my suspicion. Take a look at Jamie from JP Morgan, caused a crash for which btc has recovered somewhat. The one thing I have learned from bitcoin is it is unpredictable and if you hold long enough, risk buying in the 15% fud swings everything will be fine.

Thanks! Yes i completely agree with you. I traded btc to tether at $4k and I'll try to buy back hopefully soon.

I have too many alts in my portfolio, and not that much money in each, to adopt the same strategy for them. Them, I just hodl

Nope. The simple traditional hodl reciepes stop working on political inferences. Chinese exchange executives beeing suspended from travel, aint that beeing political enough?!
Those fires estinguish once China has faded away as beeing relevant to bitcoin at all.

I agree about taking the articles with a grain of salt. There are so many on tradingview, some just looking to pump their coin du jour, others who clearly have no idea what they're doing and some good ones. I generally don't look at just one article but more the overall sentiment, read the technical analysis and come to a consolidated view.

There isn't a consensus on tradingview btw if this is a bull trap. About two thirds of the commentators seem to think btc is going down to the 2600$ level while others think there won't be a big correction and it'll just go up, up, up to $6-$7k.

This may or may not be the correction for the coins. Nothing is predictable in crytpo and that is the reason why everybody investing has to be active and updated in the crypto market. The down trend going on may be a good sign for a blasting up trend in near future. With the hard fork coming near there could be anything that could happen in the market so be active and stay updated to make the opportunities useful.

You cannot be sure about anything. The past few months have witnessed some WILD price changes up and down. You can't really even guess what's gonna happen next.
But at least we stay optimistic that the price will go up again. If it doesn't then I'll just wait and hodl till the time comes again.

It's not really that difficult to leave the coins in the wallet for some time, is it ? I've been around since 2015 at dump times when 1 btc was for about $270.

Yup you guessed it the price is another story today. Sadly those days I had zero experience and sold whatever I had in BTC when it started going up a little bit. Conclusion is you'll get to the price you want, maybe not today, not tomorrow but you will.

On any good news such as lifting of China ban, the crypto market can rise big. Don't know if
it is uncertainty related to China or going into another weekend of profit taking this time. Just
holding tight for now.

True, even now it's not that low, still $3730. I hope this will be over soon, because I enjoy looking at all green coins, not these huge drops, for they make people nervous. I guess soon btc will be growing again just like before and people will stop this stupid panic started by the Chinese.
Why so? Is there anything technical that is likely to cause it or at least some upcoming pleasant news? I hope you're right anyway. Can't wait to see btc worth at least $4500.

I don't know about that. The exchanges have to shut down at the end of the month

One bad news story about more crap from China and the whole pyramid is going to be crash

My guess, the bearish will still continue and i was thinking about the -10% will be the maximum bearish or slide for the bitcoin. I already set the buy limit at the bottom too. But i just take the opportunity in the recovery's price. and no more.

About 70 coins on Cryptopia are in the black, about 30 of those in double digits, and 3 in triple.  You have to know how to hedge.

That's quite difficult to do in crypto though, since this market is completely irrational. In traditional markets you can hedge far easier since the prices are often affected by real world events, which with sufficient knowledge are quite obvious catalysts for price movements. You generally don't have that in crypto beyond "in-the-moment" news like China's ban or that billionaire clown bashing Bitcoin.