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Author Topic: A price correction is happening now  (Read 3237 times)
surix
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May 12, 2017, 07:52:42 PM
 #1

At moment of this post, it's 1650USD, which is almost -240usd vs high point 1890, Bitstamp data.

So how far you think it may go? Or at what price you are going to enter?

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May 12, 2017, 07:53:40 PM
 #2

< $1000?
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May 12, 2017, 07:58:12 PM
 #3

Well, what do you expect after jumping from $1250 to $1850 in a matter of weeks?  This is to be expected.  Lots of people made money in this huge pop, and people sell and take profits. 

Do I think we're going to drop to $1000?  No, I don't.  The bullish feeling is still around, and people are just taking a breather.  I don't think I'm going to be buying much at these prices, though.  Yikes.

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May 12, 2017, 08:11:45 PM
 #4

Now the Bitstamp data has gone back up by about $50.  Clearly just a correction so that the price can stabilise.  There's no bubble and the price won't drop to <$1000, but we could see this pull back to just over $1600 in the future before Bitcoin goes for more gradual growth (or a bubble, depending on the size of these curves).

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May 12, 2017, 08:16:53 PM
 #5

Not exactly a price correction, it's the market moving up and down.

Since The cyber attack on chains of hospital in UK happened, and it's either panic selling or just the attackers are cashing out.

Dont panic, I bet it'll recover the same price in some weeks.
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May 12, 2017, 08:17:47 PM
 #6

more seriously, it will rebound a bit and then retest at least 1620 or a bit below. if that's broken, the next targets below are 1530 and 1450
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May 12, 2017, 08:32:42 PM
 #7

I do hope we can keep our nose above 1200 level. Less than that would be bad. Like, 2013. bad. Almost.

I hate damn bubbles.
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May 12, 2017, 08:40:30 PM
 #8

At moment of this post, it's 1650USD, which is almost -240usd vs high point 1890, Bitstamp data.

So how far you think it may go? Or at what price you are going to enter?

Based on majority of speculation, it should land at the price rate of $1300-$1500 due to the fact that chart told this. This drop is expected as we all want to see the correction price.

Actually if anyone believes that bitcoin will probably go to $2,000 value or above this year, they can consider this price rate as starting point to buy and add accumulations of their bitcoins. The price meteoric performance of bitcoin price, IIRC, started at around $1,200 then breached to about $1,800. In this we can see that if the price will start to have some impressive performance again at $1,500, then we can expect a road to $2,000 in just few weeks. Just my own thoughts based on the given situation.


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May 12, 2017, 08:57:53 PM
 #9

< $1000?

Wow, too optimistic out there, the duck has spoken  Tongue
Would say +$1500 in my opinion, not less than that

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May 12, 2017, 09:13:51 PM
 #10

Markets now slid to an average low of $1,697.42, as we speak. This fluctuation is common nowadays and there is nothing to worry about, since the spike-plunge ratio seems to keep up to its knees for quite a while.

Only a month ago, when prices hovered near $1,200, we already guessed about a standardized "price correction mechanism" being on its way but since then it keeps increasing. So today's price is still not a definitive measure to be considered for price correction. However the dips should be consistent as was in the past months.


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mikenz
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May 12, 2017, 09:16:50 PM
 #11

Yep, just as I called it before. peak at 18XX level


https://www.tradingview.com/chart/BTCUSD/9DR3H6Bh-BTC-resistance-levels/

and that was from today morning:

https://www.tradingview.com/chart/BTCUSD/i01RiTIV-watch-this-triangle/


press the play button to see how it developed realtime after publishing.
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May 12, 2017, 09:24:14 PM
 #12

At moment of this post, it's 1650USD, which is almost -240usd vs high point 1890, Bitstamp data.

So how far you think it may go? Or at what price you are going to enter?
That's good. We're overdue and I should have sold higher up but now I might as well ride the tiger and see what happens with the value. It might go lower by a few dozen more dollars, but I would not be super confident about this and it's more wishful thinking than anything. Going to just look for the bottom and enter with what I have tucked away.
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May 12, 2017, 10:02:00 PM
 #13

It's not really a correction yet. If a correction kicks in, I am more thinking at levels as $1300-$1400 as being the target bottom. I have mentioned it a few times already, but the price is more or less 20% overbought. It won't take long before we see this "premium" vanish to make place for a price more appropriate to the situation we are sitting in. If you're trying to benefit from current increase as a trader - you have done good by cashing out profits over the $1800 level. If you time it right, you'll have some nice buy back opportunities ahead of you. Wink

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May 12, 2017, 10:22:53 PM
 #14

The price is still holding. But if there is a correction on a horizon, hopefully it will stop at least @ 1300. And will not erase the whole record high gain. I really hate those huge swings as I cannot predict a sh*t and what to do with my coins.

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May 12, 2017, 10:33:04 PM
 #15

At moment of this post, it's 1650USD, which is almost -240usd vs high point 1890, Bitstamp data.

So how far you think it may go? Or at what price you are going to enter?

So it did even went lower, as I check the price right now it went back to $1,726. I guess it is already a known move with bitcoin, after a pump > dump > pump so in the end after this decrease expect that the price will increase and maybe possible to $2k.

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May 12, 2017, 10:35:43 PM
 #16

I do hope we can keep our nose above 1200 level. Less than that would be bad. Like, 2013. bad. Almost.

I hate damn bubbles.
It's not a bubble, it is real, organic growth caused by increased demand in Japan. In 2013 we had totally artificial bubble created by Mt.Gox and Chinese leverage speculators.

Price of BTC won't crash this time, we will have normal correction, and then BTC will resume bull run. It is a high chance that we will see $2000 sooner that we thought we would.
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Reid
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May 12, 2017, 10:38:31 PM
 #17

Same thing that happened when it reached the same price of gold.
From $1250 then suddenly going back to $900+ then back again.
All of this is now normal to me unlike before. It is just leveling itself. Maybe there have been too many people who bought it while it was increasing. Maybe now, they thought they should sell. I would not mind that movement.

bitllionaire
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May 12, 2017, 11:11:19 PM
 #18

Well, what do you expect after jumping from $1250 to $1850 in a matter of weeks?  This is to be expected.  Lots of people made money in this huge pop, and people sell and take profits. 

Do I think we're going to drop to $1000?  No, I don't.  The bullish feeling is still around, and people are just taking a breather.  I don't think I'm going to be buying much at these prices, though.  Yikes.
no it is not going to drop to such a low price, although the price of bitcoins is still not going take a correction but still if t willl take correction i am hopeful that its correction will not be more that 200 points.



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JeffBrad12
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May 12, 2017, 11:43:12 PM
 #19

At moment of this post, it's 1650USD, which is almost -240usd vs high point 1890, Bitstamp data.

So how far you think it may go? Or at what price you are going to enter?
It will never below $1500

Bitcoin is having a strong support on the market. That will protect the bitcoin price from get dumping a lot by the trades. I have speculated about this. I will try to enter if there will another good news coming for us.
It may bring another bullish trend and i can take some money. $1600 is a good bottom for me.

Just put your order at the bottom and wait until the market gets panic sell.  Roll Eyes

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BitMaxz
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May 12, 2017, 11:55:49 PM
 #20

I think the price of bitcoin soon will be increase again back we are just seeing huge price few hours ago almost $150 plus but the price was increase back and i think there is someone are sold their huge bitcoin in the market that is why we are experience of drop this  day.. but soon hoping that the price can be increase fast..
For those who mention about $1,000 i think its impossible to happen right now because bitcoin is already been legal in japan..

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