Bitcoin Forum

BTC bounced hard from the $42,000 key level. The important level to flip is $48,000 area. BTC needs to reclaim the $48,000 and then the $51,100 area to again turn bullish. There is a potential double bottom on lower time frame. The dump is artificial and market now recovering. This is a good sign. BTC also tested the 200 EMA which is bullish sign. In bull market 30-40% dips are normal and considered as buying signal.

It is all normal and I agree with you. It's healty correction and we will be on track soon. This is really a good chance do buy the dip.

https://s3.tradingview.com/snapshots/j/JfSYtmLG.png

If you look at the daily chart, It just reached 42000 key levels and tried to break MA200 for the first time. It seems MA200 is a crucial zone for Bitcoin as well as the altcoins. A breakdown from MA200 will take the market towards 30K Support area, But if it will give a reversal signal from 42K then I confirm that this time we will be able to break the 60K resistance line cause RSI & MACD is gaining more energy for further upward movement.

I agree that this is a good sign.

I've seen people panicking just because bitcoin hit $42k and treats it as another low price level. But did they forget that when we first hit $42k on February, it's all about celebration?

It has somehow stopped a bit from $42k-$43k and that's probably the lowest that it can go but still, don't panic and take your cash and buy bitcoin while it's on that low.

We have to bounce right away and don't go below MA200 or else, bear market is waving.
BTC is trying to hold on that position so we can continue the bullish hope in the market, looking at the news now it looks like the FUD was ended and now its time for recovery. Give more days for Bitcoin before it fully recover and once we're able to do so, We can break more resistance to stay on the bull trend.

The market has been correcting for days now but I think this is the lowest it has gotten in the last 7 days since that Elon Musk/Tesla fud was made. Anyway, I've been expecting this correction for a while now and it's finally here. Total market capitalization moved from $1.7 trillion to  $2.5 trillion which is a power move and it did so without during correction. It's just bad that most people that joined crypto a while ago are panicking instead of concentrating on keeping their position open and buying the dips. One thing is for sure, we haven't reached the peak of the bull run.

I’m still optimistic here that the market will not tun into a bear trend yet because we are slowly bouncing back right now and some good altcoins are still doing good today. Eyes on the price of BTC today and there’s so many speculations that the possible bottom already reached with bitcoin, the next thing is we’ll touch the resistance again.

Better if it starts early so it will end early you know what I'm trying to say? Bear market isn't a bad thing for bitcoin market, the people are just greedy and they want the prices to go up while they are hodling, just wait for it and it will go up and while we are here, buy and accumulate more bitcoin now that it is at a low price.

It will jump.
Whales will never let the price drops so easily.
As long as musk is in market btc will pump.
So its Just a dip.
Dont get panic.
Hold your targets. Stay cool and book your profit

Honestly this is better than expected, I feel like people are not giving that "bounce" the relative importance that it should have. These type of things are usually meaning "bitcoin buyers are willing to let it drop a bit but not that much", like for example for the past 4+ years we haven't gone under 3k, whenever it tried and dropped under 4k it shot right back up and that is what happened with 42k and that is scary, I am very scared of that. Why? Well if the new "not going under 3k ever again" is 42k? That would be awesome, and when a great thing happens I am usually very scared of it because it means such an awesome and superb thing that I have hard time believing such a good thing could be happening in my life (I know I know I am pessimistic).

So, I think this 42k could mean something huge, we need time to see if it is really like that but if it is, then this was a start of something huge.

Basing off on technicals then it does really have those indications or signals but do you really believe that people would really be that willing nor confident on buying out on this current correction?

For sure they would once again on that observing mode where they do only make out some buys when the price is already climbing up and regret once again that they should have buy earlier.

30-40% corrections are indeed normal into this market but it seems people do still freak out when they do see or witness these situations.

It’s very good that the price has been moving a bit up. That’s going to be encouraging for a lot of people that intended to sell their coins when it was crashing to $40k level. Anyways let’s whether it will get pass the $48,000 level and move from there to over $50k level. Woke up this morning and checked and the price moved from around $42k and is now $45k.

Through out this year the price has been bullish and going up, even more than we expected it to go, although there were a few people that were speculating that it will reach $100,000 to $300,000 price this year. We are not yet if it will get to that level anytime this year, but $100,000 price seems to be more possible to reach at the level the market is at now, than $300,000.

Correction is really imminent in this market, and we are now experiencing it. But with the support from various entities - financial institutions, big companies, or big whales, btc price will not drop hard this time. The parties involve is different as compared to previous years. The use case is stronger than before. This is the reason why btc price is holding more than 40k. But for those who said that they missed the train, maybe it is this opportunity they can buy before it goes up again. Don't regret if you missed again this dip, if you don't do anything.

When BTC only lasts around $ 4000, I think BTC is forming a defense, hopefully this will become new support and the price will bounce back. but what should be watched out for, if btc breaks this level, it means we have to find support again to buy back

Given that the price of bitcoin is declining, you can buy back every support that the fall can theoretically stop at. But it is necessary to take into account the fact that the correction can stop at 30 thousand dollars, and you should have enough stable coins to buy back BTC at this price.

It did dropped hard now, ~$40k, but the real winners here are the institutions that have deep pocket to buy back bitcoin at a cheap price. Yes bitcoin's narrative has change in the last 8 months or so, but it doesn't stop the price from going down though, we have to remember that.

But we are still optimistic that an immiment break out run or at least a good bounce is now forming. We are about to hit the bottom now and what follows could be a good recovery and bull run again for us.

True, the recent dump mostly because of the people that joined crypto recently panicking uncontrollably meanwhile this correction have been expected by many people but needless to say the panic seller
helps to drive the price of btc further down though im still holding as the saying goes "you're losing when you sell" so the OG bitcoin hodlers definitely gonna have diamond hand this time around
hopefully theres gonna be a bounce back so that we can continue the bullish trend.

We have seen this before, many newbies panic, push the sell button and then giving the whales a chance to scope bitcoin again at a very cheap price, so strong hands are taking everything from this beginners.

But for me, I'm just continue to hold, no need to be worry or panic as I believed that the price can still go back and smashes another all time high. It's too early to call that we have started the bearish market, a good gauge for me is at the end of the year price.

Hopefully, you are right that this is just a correction because this is a really long correction before the pump for another ATH. I agree that it is the right time to buy the dip but the problem that I can see is people are still scared to get in even though the prices are going down, they still want to go lower as much as possible.

Hopefully the panic will stabilize sooner than expected because this kind of thing happening only gets worse the longer that it occurs. I wouldn't worry too much about this though since the market will only go up, the flow of cash won't be a problem because sooner or later, some institutional investor is going to put their money in the market.