Bitcoin Forum

https://cryptopotato.com/wp-content/uploads/2020/01/btc_jan19_4h-min-2048x1041.png

Today we got another reminder that volatility is working both ways.

Bitcoin has fabulous times since entering the new decade. However, when we see such a parabolic move to the upside, we can expect volatile moves to the other side, as well.

Just yesterday, we mentioned Bitcoin price reaching its first major test – the 200-days moving average line (marked light green on the following chart). Many analysts see this tough resistance as the barrier between Bear and Bull markets.

Today, Bitcoin surpassed the crucial moving average line (roughly around $9060). However, shortly after recording a daily high (and year to date) at $9188 (Bitstamp), we received a MEGA dump.

Besides, on the 4-hour chart, we can clearly see Bitcoin reaching the top area of the marked ascending channel.

Bitcoin lost over $700, plunging to the $8400 old resistance level. As of writing these lines, Bitcoin had recovered a bit, trading above the $8600 resistance level.


Current Price in Binance 1 minute chart:

https://i.postimg.cc/wM3kr24F/BTC-drops.png

Looks healthy to me, i would be more alarmed if it suddenly went up from there. Steady rise with high volatility is something i can deal better with then parabolic rise.

This latest plunged made me set a buy order with a good price  ;)  ;)

Yeah, maybe btc will hit $10k this January, just my thought :)

Hopefully we can deal with it without any fear of bearish market, because volatility is one of the reasons why more people panic due to lack of adequate analysis. Most non skilled traders just get updates from FUD makers who made statements with exaggerating stories, which affects them emotionally.
My advice with them, don't rely with unknown sources and make your own price analysis to avoid being deceived by several news manipulators.

It seems to me that it was predictable that Bitcoin probes 9k and rolls back. Personally, I have fixed the profit and am now preparing to buy some more bitcoin.

what I see is the work of a number of whales who try to profit by selling at high prices, causing prices to fall and being able to exert a lot of influence by other traders, which eventually makes many traders panic and sell their assets at low prices, even though the price of bitcoin can go back up again.

It's not a reason to panic, it's normal correction since it's now a little above 8.6k$ and shows sign of uptrend. However, I think the upcoming Chinese new year might influence the market negatively, well I hope it doesn't affect it much. However, after this Lil dump, I expect a massive uptrend since everyone will be singing the "halving hymns".

In my opinion, the current decline in bitcoin is not too sharp and is still in normal conditions, and the price of bitcoin has not touched $ 7,000 as you said and at the moment the price is $ 8600 which in my opinion is still in a good price position.
do not panic because in my opinion the price of bitcon will return to the price of $ 9,000 or exceed that price in the near future.

in my opinion it's only a correction on 1D so there is no problem about the price of bitcoin going down, because bitcoin is not a pump so it has peaked for this week, so the next few days may be corrected down for a while because the charts on 1D will go down, at least the price has touched above $ 9,000, it looks like it won't be under $ 7,700

 There is really no reason to panic unless this is your first ever "crash" of bitcoin, this is not really a crash but it was a big drop in price and I couldn't find any words to describe it aside from crash, sure its not 2k+ drop just 500-600 but its still a drop nevertheless. Hopefully this is at the realm of recovery and we will recover quickly, I can't talk about what will happen of course, I am not a financial analyst or ever claimed to be, maybe it will go down, however from years of being around the crypto market I can tell you that when the price drops less than %10, usually thats not a major panic button issue, only be scared when it goes down more than %10, reason why most of the time I have a %10 stop loss as well.

I think that we will see some decrease due to the coming New Year, then there is no reason to prevent the increase.  In the current situation it was expected to approach $9000 and move down again, and it was so.  Lets wait a little more, then we will easily reach $10000.

I’ve been waiting for a few weeks when there will be a correction and now it has come. I do not think that everything is becoming very bad, but I expect that now the price can again return to the level of 7 thousand dollars for bitcoin. this is a very normal and predictable movement. I already said that this growth was created in order for everyone to start buying bitcoin, and then the price will return to its previous values.

The price has suddenly dropped 700$ in a few hours, so I think this is not a correction. A few organizations or someone panic sell at this price level and cause the price to collapse as it is today, I hope it does not affect too much bitcoin price in the coming days. And my goal is quite similar to yours, hoping to see BTC go up to $ 10000 by the end of January

Maybe correction bitcoin more than $700 for growing to higher price and never panic your self and keep hold bitcoin assets until halving coming, I know is the way for bitcoin correction an touch more than higher price to $20,000 and keep investing your money with bitcoin, never heard some one want to ask you sell bitcoin with lower price.

Well, I agree of the above post that there is a big organization that I think sold their holdings after the price reach their target price.
Then suddenly price has drop and I believe that many people who holding big amounts also sold their bitcoin because their target price is around $9,000. Those people who sold their bitcoin are people who bought bitcoin at cheaper price maybe around $7000 so if they can sell it at $9k they can make a good amount of profit. So I don't believe that this is because of correction so believe more if people who bought bitcoin below $8k and make profit today.

That was correction I believe because the growth of bitcoin price seems very positive! It can go back to 9K USD anytime! We don't need a quick pump and dump scheme! Though there will have dump as the Chinese new year coming!

It seems to be true that it's not a correction but the current decline in the price of bitcoin can be because someone is panicking selling when they see the price of bitcoin dropping at the same time. but I think it will not continue for long, I am confident that bitcoin can come back again reaching the price of $ 9k - $ 10k in the near future.

If you started panicking for such movements, you'll have a problem watching the price change. Every rapid growth has a correction and of course it's just another correction just before the Chinese enjoy their new year. After that, the price of bitcoin would probably increase in a rapid pace to reach a new ATH around halving.

Stay put, dont be panicked because that is only a small correction. Just like what happened last month, a small correction has occurred after it will reach to $9k. Probably this is a chance that we start to accumulate and full bag. The next halving has nearly come and I believed bitcoin price will rising up after the halving will effectively happen. There's no news yet what is the reason for drastically drop but I have doubt just a small correction.

Probably you should move this to bitcoin speculation.

It's just a correction it's pretty normal of course this happened thousands of times before, I'm just glad that we stepped in the $8000 level we have been into the $7000 mark for so long I'm pretty sure before the halving we can see the price reaching the $1000 level.

As mentioned by everyone here, it is just a correction. There is no big reason to panic. As market doesn't show any signs of down trend. I think we are going to be stable probable somewhere between 8.8k up to 9k? And as per major events incoming, I don't think it would much an effect as it won't last long in the first place. We are approaching halving quite steady for now.

a few days ago I placed orders to buy bitcoin at the prices of 8551/8073/7500 and today my first purchase was done. I also expect that by the end of January all my buy orders will work. I do not think that we will go below 7500, but this can also happen. we will observe all together

I heard because of a panic problem, because there is news that he said selling instant Bitcoins in a large and at once which makes the impact of Bitcoin down very fast and everyone is panicked. But I think it still persists there and not too far that impact may occur correction and back up.

I too was surprised to see a sudden collapse, but after doing a quick google search I have found that the real reason behind this crash was the liquidation of $108 million worth long contracts. Though the article also states that only $10 million worth of contracts were actually liquidated, hence I believe that someone just tried to manipulate the prices by spreading fud, and we should see bitcoin prices recover soon.

Source: https://www.newsbtc.com/2020/01/19/bitcoin-dropped-6-in-just-5-minutes-liquidating-108m-what-happens-next/

This is must be a correction time. No matter what happened before Bitcoin halving, price should surge more than before pump. Don't be panic in correction time, as me you could lose huge profits in future. I don't think 700 USD is huge plunged after this 9k pump in this year. Instant price fall is good for price up slowly.

Someone (a whale probably) had a limit order at 9k and it triggered precisely at that price. The give away that it was automatic (a bot) was the time (6:00 am EST), so it was probably someone from Asia who caused this dump since it was pretty early in the US and people in Europe were busy watching football or something else  :D

In other words: no reason to panic or overanalyze things with charts and whatnot. It's just another day at the office.

I copied a picture of @exstasie

https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FYrM0tTA.png&t=609&c=hjNgxj1v0kNlrQ

The 200MA on the daily Chart is very strong and for me it doesn't look good. What do you guys think ?

As expected, the price will correct for a while and if the up trend is really strong then we will go back to a $9k level again and go beyond that. There’s no panic at all, people just want to take profit as early as possible since they also believe for a correction. This should be a temporary correction, we still need to go up high.

Since the price didn’t go back below $8k or didn’t stay on the level of $7k, i also think that this is just a healthy correction. The resistance can’t be broke in just one attempt so people should be more patience and not to panic for a normal correction. The next attempt will be big, and it would be great to break all the resistance this year, the bull will come to us.

Not really that healthy. It took only 3 minutes for the thing to play out from the beginning to the end. Makes you want to scream manipulation because it was so sudden and then nothing, no more trading. Like that person or group did what they had to do before anyone could react and left :D

It's not a reason to panic because there was no follow up. Real bearish moves look like the asset is bleeding out slowly with small upside corrections.

Just as usual and also theres no one could stop these kind of events yet its always been like this when price do shoots up then what follows up is a sudden crash or sell-off. Wondering why people still got surprised with these events? We cant just expect for having a straight bullish run all the way and come to think that there would be sell off or checkpoints for those people who are waiting to cash out but the good thing here that we do see
its price is somewhat stabilizing and holding on 8500+ and if an another run trigger out then we might able to see 5 digits price once again.

Nothing wrong with that. This is normal price behavior.

the $700 plunge is nothing, wait when it drops by over $1500 in a day  ;D
Anyway, the movement is just a normal correction which calls for no need to panic. The pattern is actually predictable when bitcoin is in an uptrend. Those who know how to make money through margin trading.... this is the time to reap.

Remember we are approaching the Halving period, correction is a necessary thing too I guess. at least the investors/traders who have not yet set up Bitcoin can participate in buying so as not to miss a moment. Even though you guys panic when corrections, it is normal, especially since we have experienced a bear market for almost 2 years, so psychologically, the fear of loss comes again.

There's no need to get panic as you can see, it quickly recovered simply because we are still in good run. Dump like that is pretty normal because of traders selling point. Now, expect to have this again when we reach $10k. Panic for every dump is not a good doing and someone shouldn't practice it. Not because we have declined doesn't mean we are going to the other side again. Ones shouldn't expect a continous rise because it doesn't exist. Wether you like it or not, we were going to have a decrease even  if we are in good run.

Its the 200 day average, nothing unexpected to immediately sell off.  Combine that with trade coming off easy weekends and its just par for the course.

https://i.imgur.com/ACoaaK3.png

I'm watching just a short term pattern to see if it can close lower and perhaps we get a little bit more movement.    Otherwise just staying in this area is quite a bullish hold, it doesnt need to cling to the highs as if it will fall to its death otherwise.   A pull back is fair weather for monday open.

I think this is only a correction. or this is the work of the pope who made use of the Chinese New Year moment. yesterday someone had predicted that the price of bitcoin would decline during the Chinese new year. Chinese New Year falls on January 25th. if this prediction is correct then in the next 5 days it's likely that bitcoin will continue to decline. but this is only a prediction that can be true or false.

Everything is under control. Dipping down $700 is normal if the rise was also as high or even higher. This is nothing serious to panic. This is a normal correction. In other words, this is the buying time in between pumps.

Hitting the $9k mark seemed to have triggered massive sells since buyers from lower $8000 or even $7000 have taken their profit. There's nothing to panic, and no FUD to feel, it's just because of normal volatility and trading activity that sets off these dumps. As soon as it hit $9k, investors must have flooded the sell orders in hopes of getting out of the market at gains of over 12%.

$9000 was a long expected price barrier of the year. Once after reaching the same falling low of more than $700 is simply the correction of the market. Some get into panic and starts to sell off. This is the common thing that is taking place for a long. Very few could've made use of the right occasion, maybe we can expect price fluctuation in such a level until the $10000 barrier is reached.

Honestly, I'm not that concerned.

BTC has been pumping lately without much corrections, and something was obviously going to have to give as a matter of time.

For long term holders of BTC longs this shouldn't be a concern whatsoever, given the fact that it is normal market activity that has been seen countless times before.

There is already some recovery as well, with prices now above $8660. I wouldn't doubt that in a few days we'll be testing the $9k resistance once again.

I think the $8400 point is pretty crucial I think. There can be two cases in this instance. 8400 doesn't really looks like a great support to me which is why I think we might drop much far below if we hit that point. Have a look here:
https://i.postimg.cc/rsjmzSwM/download.png

Now at these points when BTC would reach 8400 there would be three things happening together:

1. There would be a negative crossover on Stochastic RSI which would look bearish. Thus indicating market losing momentum.
2. Then there is RSI which could possible go into oversold zone if market loses momentum. There is a slight chance that we take a support on the bottom line or oversold line and then jump up but considering other parameters this chance looks slim.
3. You forgot to use some very fast average on the chart if you would use any such average you would see a Moving average crossover to happening around such a point so I think 8400 wouldn't be able to hold.

My conclusion: we would be able to break 8400 and this break would be for good. We will possible move towards 8000 and then jump back from there and then BTC could be on a very good upward trending channel highlighting a healthy bull run.

No reason to panic.

A -5% correction in the crypto space is anything but out of the ordinary. We've seen scale backs of way higher than this, even. Markets are already stabilizing at around the $8.6-8.7k region which is reflective of the bullish sentiment that is still rampant within the market.

There is no reason to believe that this is all of a sudden a trend reversal and BTC will go to sub-$8k once again. In fact, longs are still paying shorts a premium on most derivatives exchanges which is indicative of sentiment.

The 200MA resistance was more or less expected. I've been speculating for some time (https://bitcointalk.org/index.php?topic=5196072.msg53617022#msg53617022) that bears would attempt a selloff there.

This dump does not appear to have legs. It's not obvious to me that $9,200 is an inflection point. It's probably just a short term pit stop.

Ranging above $8,463 (Bitstamp) keeps the bullish scenario intact. Ideally, the market will float back towards $9K and consolidate sideways for several days.

They fear of losing the opportunity which indeed happen. $9,000 was somehow close yet quite tough achieve for some reason. That is why there are massive sell when BTC hit it which leads to downfall. Well, anyway we are quite steady and strong at $8,600 mark. We might be able to see again 9k may be after few weeks.

I think bitcoin price now is on the correction for a while, but unfortunately, the bitcoin price down deeper than we thought. But I don't feel afraid or worry because I am sure that the price will be back to $9000 and even the price will increase so high. This time we have a good time to buy more bitcoin because with seeing the $8600 of the price, we can buy bitcoin at a low price. But still, you need to analyze more to find what price you should buy.

just a little correction,no need to big panic.
btw,i already see that news on cryptopotato and you didn't provide the source link?
https://cryptopotato.com/bitcoin-just-plunged-700-upon-reaching-the-ma-200-healthy-correction-or-reason-to-panic-price-analysis-overview/

Price movement is not one traffic for any bullish or bearish market there must be a correction I am unperturbed or unmoved by almost $700 price correction of bitcoin in the last few days, obviously this had been a regular occurrence in the price movement of bitcoin based on price history, now it is as if the price is held by the support and rejected at $8600 invariably the price reaching $9000 above is quite feasible before the end of January.

Except it only dropped $700 because it hit such a strange and sudden high too (I say strange and sudden because in the context of the title for op of course). Everything is normal in these hundred dollar ranges in bitcoin. I would say 10% is the expected volatility curve in any given day, considering the past few years especially.

Funny how OP got worried about the $700 dip, there are far more worse cases of Bitcoin where Bitcoin even crash for more than thousands of dollar in just less than a day.  This is normal with highly volatile asset so there is nothing to panic here.  People who bought under $8k  are shorting to reap their profit.  After all the selling is done, we can see another rally so there is no need to worry.

Im not much worried sir  ;) I just only open a discussion thread to gather trade analytic and information.

Just a short correction for me and it is normal already.

The $9200 price is the price where investors and traders get their profit already. No reason to panic if you are a long term investor :). The only problem is that if you bought Bitcoin at the top but it is ok as long as you can hold it :).

My personal Support is ~$8500 and the resistance is ~$9200. Anything go above or below at that level will determine the next move of Bitcoin

Panic?  Because bitcoin dropped back to where it was a few days ago?  My, what a short memory some people have--it was just a couple of weeks ago that bitcoin was around $6600.  Now that it's $2k higher than that, I would say that there's absolutely no need to panic.  On the contrary, it's almost cause for celebration.

Then don't start threads with clickbait titles like this.  If you're not worried and don't think there's cause to be, why ask the question as to whether people should panic?  Makes no sense to me.

Certainly this is a slight correction of Bitcoin, and it makes us buy bitcoin at a cheaper price. Don't panic and be scared because the price won't be able to fall too deep, 8600 $ is a good price so we can buy and wait halving. The bull market is still there so after the bitcoin price is adjusted I believe the price will continue to go up and conquer ATH this year.

Relax guys for what I see the current dump is not at alert level and it's so pathetic to get panic for this certain situations where I can say still manageable. And if you can see a dump then treat it as opportunity since most provably the price would get back soon on where current high stop.

$8600 is still reasonable compare to the past price so people should relax and keep there cool.

Yes, a normal one.
Looks good though. You did great finding that out. I am not really the type to monitor every small movement of it. Something like this.
Just hundred of dollars. But to traders this might be one important thing. Every dollar will count for them.

But looking at the google graph, there seems to be just $300 difference in them. Yeah, exchanges really have different prices.

Looks promising right now, and for me I would not put that unto a mindset that having panic is the chance to occur. Let's be strong while the market has started recovering what has been lost from previous years. Right now we're heading to the top and hopefully there's no certain resistance that might pull the price down.

I'm on the same page. Additionally I like that several high profile speculators are on the same line of thinking.

For example, dmwardjr strongly expects continue upward pressure:

https://www.tradingview.com/x/09QGfgQF
https://bitcointalk.org/index.php?topic=5140701.msg53653049#msg53653049

There was a small dump but people are not buying it. You can see that the trend is bullish by how the market reacts to manipulators.
In a weak market every small selloff makes people scared but in a strong market the sellers are ignored and bought. All they can do is slow down the trend but they can't stop it. If we go back to where we came from in the next few weeks those who sold yesterday will buy back again.

There will be people selling bitcoin at all times, thats not something new and has always happened in history of bitcoin, whenever price
goes up a bit, there are people who get out of the market for a while, hell even people who sell so they can buy lower later on.

However, this was a very very cool drop because at the same time showed us that we are in a good position at this moment, it could have gone down all the way to 7k and nothing would have happened but it didn't, which tells us "the sellers in the market have only a power of a 5% drop and not more" and that is very encouraging to go further into bitcoin these days. Next time we try to break 9k level I am pretty sure we will reach the 10k levels as well and go even further because sellers already used their ammunition and it hurt only this much.

For me, there was nothing strange and sudden. Well, it was sudden but it was not the first time that Bitcoin suddenly made a spike so it was kind of normal still. If there is a high and sudden rise, there must also be a higher correction.

I can say that's a healthy correction, though it dump after reach our high this year, but price were again stable at $8600 which is a good thing.
if this will hold longer, I believe from here, the price will bounce back again and touch $9K then slowly we will crawl until we reach that $10,000.

actually, it's just simple if we observe the price movement in the market, there's no need to think hard enough as bitcoin is reliable that it will recover and bounce back.

First quarter should be bullish as we have halving coming April.

That will be the case that's why we shouldn't be surprise for those changes and maybe the best thing we can do is to find ways to earn with the sudden things.

But for now maybe there's something correlative events happened that's why we see the Bitcoin price dump but since there's still halving we can safely say that we have something big coming.

Some traders place automatic sell orders on the resistence lines.

If lots of traders are doing the same strategy, then you'll see a lot of sells at the exact same time, which then forces market sell orders to eat into the buy wall, sending the price lower.

It's a minor pullback, not a correction. It's just consolidating until the 21EMA catches up and guides the price further north. I always get kinda uncomfortable whenever the price is far ahead of the 21EMA on the daily, hence the reason these pullbacks are perfectly normal. I expect a kinda boring week based on that.

It's roughly at 12 May; https://www.bitcoinblockhalf.com/

I expect a surprise pump just before the halving, but nothing too crazy. Our main priority is building support and higher highs for now.

Yes, I'm looking somewhat to a jump in price prior to the halving, so perhaps around beginning of May we may at least see 10-20% jump.

As far as the minor pullback, it is to be expected I should say. We have lots of similar instances in the past, so no surprised here. And look at how the strong is the support after the pullback, validation that we might see boring sideways pattern.  :)

For sure. If traders are seeing similar patterns and tip points, they might also be placing automatic orders on the same price, or if not exactly the same price, just around that price. That contributes to the falling of prices after reaching at some point.

There are automatic sell orders on the resistance lines as there are also automatic buy orders on the support lines.

There is no mistake about that Bitcoin is rising up. The recent slowdown is just a natural occurrence with this digital asset and has been shown not to be a big concern to many. We are definitely in a bullish trend right now and we can see a mounting upward pressure in the coming days and weeks. This correction should be taken overall as very healthy. Personally, I am starting to see Bitcoin really getting ready for more growth leading to the coming halving around May. Once this kind of euphoric mindset is enveloping with the whole market then we can see Bitcoin jumping and ramping all around.

I think this is just an ordinary correction because there is no news or anything big that happened that could affect bitcoin. I'm sure at the beginning of February Bitcoin will likely pump up again and reach a price of $ 10k. so we don't need to panic. and I think this is a good opportunity for people who haven't bought bitcoin to buy bitcoin. with halving bitcoin I'm optimistic that bitcoin can reach $ 15k by the end of this year.

Fomo is what we needed to make a push to 5 digits again. hehehe

But as I have said, maybe we can see another sideways or just the bulls taking sometime and looking at the charts to see where is the possible direction before investing again. We're still far from that $ 15k prediction, and I would rather see baby steps instead of a massive gains like BSV.  ;D

Obviously this is a correction for Bitcoin, and now bitcoin is still building a support level at $ 8600. If from now until the end of January, the price of bitcoin remains stable at this price then I believe that in February we can see bitcoin go up to $ 10000 or even higher, buying bitcoin as much as possible now so as not to regret when it raises prices next month

Yes this looks like a regular correction and not a matter to panic, Bitcoin indeed have to cross the mark of $10K before the end of February but at one point of time I thought that the bitcoin will reach $10k by the end of January but the progress has been slowed down compared to past week. I just wish we don't go back to the bearish market again as there are lot of hopes on bitcoin this year due to more positive news than negative one this year.

I think those have been happening regularly just above 9k and just above 10k -- for me, the fact that almost no volume or resistance/support ever seems to take place in between those levels (least last year anyway) is evidence. So I keep thinking, moving from 9k to 10k (and vice versa) isn't very significant at all. So if and when 9k becomes a clear support, the next support actually is at 10,500 or even 11k.

Think it's just psychology that sell orders are at 9k and 10k for almost anything bought below 8k.

It's normal movement for a high volatility market. Bitcoin is purchased, stored or sold based on several factors, most of them are emotionally based variables, news reports, articles, forward thinking statements, whale activities and sentiments etc. It's still an unregulated person-to-person Market. all unregulated markets fluctuate wildly. regulation will provide an environment for stability, also the price of any currency will fluctuate unless the services and goods are pegged to it.

Last time I saw that correction was months ago.
Are we really going to use it again?
Can't we just say it is just a fluctuation? When it goes up it is good? When it goes down it is a correction? Then, we find another reason just to justify it?

Is it really that fair to the market of bitcoin?

after a fairly high increase, the decline that occurred was considered normal. however, the price is still at the level of $ 8k and that is the most important. besides, it is natural that a decline occurs when the price has reached $ 9k. it proves that many people who stock bitcoin at the level of $ 6k and sell it when $ 9k. Yeah, but I think this decline is happening naturally.

I think this correction is not panic with the price of bitcoin falling to $ 700 and it is natural because of fluctuations in market conditions like that and it does seem fair to me because it can buy more bitcoin with below.
Although there are other reasons, it's still a correction after the pump there must be a slight correction.

I think this is normal in bitcoin market. I am used to such situations where btc going and down for no reason. bitcoin didnt have good support at 9000$ so that why it fell back and find a strong support at 8600$. If bitcoin falls from here, I think it will go back to 7000$. But anything is possible.

It wasn't really unexpected that there would be more people selling at higher levels, maybe buy orders couldn't reach up with the sell orders when the price went up and that is something we all knew would happen eventually, that is what happened and everything is still going according to plan. What we have to be really careful about right now is that if buyers are done buying or not, if they are not its even better future for us because people who would sell already sold, now is easier to go even higher, however if they are done, not much we can do about it.

I personally think this was better, sellers just got out of the market by selling and dropping the price, now there is less money required to go back up, buying now would basically mean buying a currency that has %10 increase easily achievable, not definitely will happen but easier at least.

The market is pretty depleted currently I would say. It is a time correction (sideways) for now but overall bullish. Here are a few points to consider if you trading short term:

- the price stays above SMA50, SMA100, SMA200 and they confirm the bullish trend
- the price bounced from the support zone formed by SMA50 and SMA100
- we got a new swing low which is higher than the previous one
- the price broke the local downtrend line

Correction is increasingly how it looks, how far we go to form and complete that correction will be a varied opinion.    I cant actually say if we are neutral waiting to go higher or need to visit 8000 at present.
  My general opinion over medium to long term is 2020 will not be a breakout year, however I've been too apprehensive in the past.   I can remember the last halvening and I'am going off that, its not a bad time to hold to buy even but I still wont expect much higher and no ATH

https://i.imgur.com/ZKBmHAg.png

Ok the read for this is the yellow line is a weekly cap to momentum.  The blue line is 2 day very fast momentum, we are below both however I still dont assign this price action as declining below neutral until we are losing that 8600 area then we might get a new low after this recent high meeting the 200 day average.

The chart is big but its just clearer that way, I prefer it highly visible.

Yeah, sell orders are probably set between $9,000 and $10,000. But the moment we step on that 5-digit price, it would almost certainly develop into a psychological support. I guess there will be much stronger hodling to keep that 5-digit price alive. No more sliding down away from it.

Well i doubt that will be the case. As you've said, many people will likely take their profit once the price touches 10k and that would signal a correction. It's probably going to be back and forth like that until a catalyst comes that could either boost the price beyond 10k or drop it hard. The halving could play that part but we don't know to which direction it'll go.

The price of Bitcoin has fallen in the past few days because this is part of the correction, because last Sunday the highest resistance has been reached at 9188$.

This week I look at my technical analysis, because prices are already trading below key prices around 8640$, then most likely until next Sunday, it will be predicted to fall to 8200$ in the first support line and if it continues to fall it is likely to reach 7950$ in the support line  second.

And the worst possibility is if it keeps falling again then 7500$ is a good choice for buying Bitcoin.

It seems bitcoin is having a problem with its support at  $8.3k, it won't be surprise if we see Bitcoin going below $8k on the next days.  Analyst seems to see a sign of Bitcoin going down below $8k since they saw a patter of exhausted demand on the lower $8k.  And they also see that once the major support is broken it can easily go down to $7500. 

I agree this is just correction and I would add expected one. There is no reason for panic although it's possible that price goes below 8000$. That is still not a tragedy, it will only be the chance to buy more Bitcoins but I don't expect some sharp price fall.

The current week is very important for the BTC if the price breaks down the support line at $8200 I predict the price will head down for testing the $7000. The market sentiment is not favour of bears but market makers have control over the crypto markets. Let's hope the price will stay at the corridor of $8000-$9000 till halving.

Been waiting for the last couple of weeks to buy @$7k or below. But it seems that the price is somewhat on a sideway patterns, but its good to see it going $8300 today, as it is going to my target price to enter again. Yes, this is not a tragedy, of course we wanted to see the price going 5 digits, but people are here to make money so maybe most of them decided to take profits at $8600-$9200 and be back when the price falls down again.

Correction in play, where to speculate now is on the support that is possible.    I'm looking at 8300 to 8200 area for a reasonable area that relates to pricing early in January.   Like I said before that would be quite bullish to pullback and confirm in this area and continue upwards, quite healthy.
  
https://i.imgur.com/wCxhETO.png

Other area is the 8000 mentioned previous and also its fair to note we are outside of positive momentum with day to day and weekly averages now overhead.   I never mention my bottom indicator which is OBV, I believe it shows with some accounting for volume that 8000 area is a reasonable target to the downside.   I want to observe how we deal with action when we get there.

It is good to see my old post when the price of bitcoin plays around 7-9k USD only, Back to that day, if someone bought that price and hold until now, or even this previous Bull, definitely, they will enjoy the huge profit. Love to bring back the memory. What do you think guys, will BTC reach ALT again like 100K usd this year 2022-23?

When we do try to look back into old threads which the price had been talked into or been speculated and now we are above or ahead and its really something that regretful thing for us not to buy much or lots into

those times which simply means that we had missed out lots of possible profits which we might have able to make if ever we did able to get in into those early times but well it cant really be avoided that we would

really be that hesitant on making up such decision due to price unpredictability then it would really be that normal that we have high chance or odds on missing up opportunities
but well past is past and its not too late to accumulate yourself much more coins as of this moment.

I reckon its good perspective to look back at old price action.   This even connects to now, people did get shaken out of this maybe in Jan but in March certainly we know it plunged and hard to blame anyone who sold in that spike down.
  The action now, June lows that trend matches the low of Jan 2020. (https://talkimg.com/images/2023/06/12/AI9ra.png)  Not sure it matters but the most significant trend will be the one with the most common points of incidence with price continuing regularly. 

  If wanting the big gloom, the lower point (trend) that would match March 2020 to now equates to a price of about 10k  ( also of Dec 2018).

I do agree, sometimes it's nostalgic to go back in the old thread (actually this one is not that old), and see what is the members reaction and what are their thoughts on it.

$100k will definitely be the next target, but I'm not seeing it in 2022-2023, most likely it will be touch when we go on the next bull run of 2024-2025.

@STT - hopefully that scenario of March 2020 will not equate to $10k as we all know that there is Covid-19 scare that time. Unless we have another phenomena like that that will crash the market to that levels. So for now I will say that it has been invalidated.

Bitcoin which carries the concept of decentralization is certainly very volatile, the price goes up or down more than 10% per day is normal, the problem is do we take advantage of the moment to buy when the price falls? can we be patient to hold when the price is rising? all control is in hand and makes us have to be able to take advantage of the moment.