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Author Topic: Will BTC on correction mode after reaching USD1784.71?  (Read 1334 times)
elegant_joylin
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May 13, 2017, 07:43:03 AM
 #1

From USD1784.71 high, it's now trading at USD1699.83 due to massive buy in Japan and legalization of BTC in Aussie.
After this news, and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

Caveat!  

Link: https://coinmarketcap.com/currencies/bitcoin/

Share your thoughts here.

 
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May 13, 2017, 11:20:00 AM
 #2

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that

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May 13, 2017, 01:13:41 PM
 #3

and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

please share the charts that you are looking at so we can see it too. some analysis on it would be great also.

also this is not the appropriate board for speculating about bitcoin price. you should move it to speculation board, this is altcoin speculation.

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that

it actually is better this way in my opinion.
the slower the rise, the more powerful the support will be.
with rise to $2000 everything would have been shaky and we would have experienced a much longer downtime.

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May 13, 2017, 03:13:22 PM
 #4

From USD1784.71 high, it's now trading at USD1699.83 due to massive buy in Japan and legalization of BTC in Aussie.
After this news, and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

Caveat!  

Link: https://coinmarketcap.com/currencies/bitcoin/

Share your thoughts here.
We are on bitcoin prices correction. My thought if there will be a possibility the price of bitcoin will be touched $1500 in the future.
The chart looks very bearish right now. The market gets a panic chart.
But bitcoin still has a strong support to keep the price never below $1500. Japan and AU give hype for the market. The train is going down right now.

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May 13, 2017, 03:33:15 PM
 #5

From USD1784.71 high, it's now trading at USD1699.83 due to massive buy in Japan and legalization of BTC in Aussie.
After this news, and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

Caveat! 

Link: https://coinmarketcap.com/currencies/bitcoin/

Share your thoughts here.

you should look at a better chart, coinmarketcap charts don't show things properly because it is usually zoomed out a lot and it takes the average of the average price (the second average is the average of that coin price among all the exchanges and this includes Chinese exchanges which are $200 lower and a couple of exchanges with much higher price.)

i don't have much to say about the prices though because at times like this i prefer not making speculation.

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May 13, 2017, 03:48:10 PM
 #6

Right now I see it even higher than 1784 so obviously not. Bitcoin going up is not an altcoin speculation topic but just to say bitcoin going up keeps the altcoins going down let me put out two approach to it.

First one is if bitcoin keeps going up than the altcoin prices will fluctuate eventually and not only go down, it will spread. Second one, the higher btc worths the more your alt worths in dollar value. Keeping those in mind, you can’t lose.

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May 13, 2017, 04:21:11 PM
 #7

From USD1784.71 high, it's now trading at USD1699.83 due to massive buy in Japan and legalization of BTC in Aussie.
After this news, and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

Caveat!  

Link: https://coinmarketcap.com/currencies/bitcoin/

Share your thoughts here.

The long term graph is still looking fantastic. We are coming from $1000 and we almost hit $2000 within weeks, this correction was expected, it was breaking the upper channel, now we are back on track sitting on the trendline and we can hit $2000 by summer as a lot of people are predicting, I think that prediction makes sense, so just keep buying all the dips, as long as we don't break the lower end of the channel we are good to go.


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May 13, 2017, 04:23:26 PM
 #8

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that

i was also hoping to see nearly 2k not exactly 2k, because 2k is the next mental barrier if we get above that we can shot higher, but it's hard to have a pump like this that is not manipulated and end in a big fall, better to have the buyers accumulate more at these price point and consolidate the value



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May 13, 2017, 06:17:47 PM
 #9

I am waiting for a correction to take place -- possibly to $1400 at lowest. After that I would prefer a slower but more sustainable form of growth back to current levels. Honestly, it's great to see the price shoot up to where we stand right now, but at the same time I have a feeling that the price right now is well overbought. If this correction happens, it would be nice to allow the price enough time to develop itself further -- for me there is no need to reach $2000 yet.

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May 13, 2017, 11:49:26 PM
 #10

iam hear 15th may SEC announcement about ETF proposal
i think if SEC rejected again, big bitcoin user can playing price with dump, so if SEC rejected bitcoin price can down under 1500 dollar/bitcoin

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May 13, 2017, 11:55:50 PM
 #11

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that
I was hoping that, too.  And I just sold most of what I had (goddamn it!!), as I needed the cash for another investment.  Ah well.  Now if bitcoin tanks, I'll buy in again.  But I'm still hoping we'll boom on up to $2000.  Thought for sure we'd hit that once we got to $1850.  That was crazy.  I keep a financial journal, and I noted that we jumped from $14xx to $1850 in a matter of days.  Friggin' crazy.  And a correction like this was bound to happen.  People take their profits off the table, and that's totally understandable.

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May 13, 2017, 11:56:59 PM
 #12

Only place its going is the moon! Smiley
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May 14, 2017, 12:05:23 AM
 #13

iam hear 15th may SEC announcement about ETF proposal
i think if SEC rejected again, big bitcoin user can playing price with dump, so if SEC rejected bitcoin price can down under 1500 dollar/bitcoin

Well if it's like the last time where SEC rejection made it to the point where bitcoin price really dumps so hard, then people can play again with those dumps that will happened.

But same story sometimes didn't happened. Correction price will really happened as expected. People just want to desire that the beginning of correction price will happen after it reached $2,000 so that expected price that will it's considered correction price are between $1,500 to  $1,700.


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May 14, 2017, 12:22:26 AM
 #14

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that
There is still a lot of time for that, it can't just go to the moon without correcting itself, bitcoin etf decision will be made on the 15th of May and there is a really huge chance that it will get accepted this time, then if that turns out to be true, we can expect the price to soar at an increasingly rapid pace and possibly even go over 2k dollars. Right now might be the last good time to buy some cheap coins and hold the bags to sell and make maybe even 2x profit out of it.

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May 14, 2017, 01:07:42 AM
 #15

This could be a worry of course for all of us. But I am still optimistic even if there is a decrease it will not be too big.
Bitcoin prices can still be controlled. Japan and aussie should have a positive impact on bitcoin in the world market.



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May 14, 2017, 01:32:16 AM
 #16

First time hearing about Aussie, maybe Australia? don't worry mate it changes nothing if you're in it for utility and transfer of value.
Recently I've noticed that the difficulty of mining is not going down like it used to, in fact it is increasing with a fast rate.
I'm not going to lie as I sold my 2.42BTC @$1847 and waiting for $1400 to buy back but I didn't cash out my alts because I'm waiting to see their price's reaction to Bitcoin fluctuation.
Seriously mate who counts cents any more? $1784.71 I know a few cents has great impact but not with current trading volumes and supply.

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May 14, 2017, 01:53:05 AM
 #17

From USD1784.71 high, it's now trading at USD1699.83 due to massive buy in Japan and legalization of BTC in Aussie.
After this news, and if the support cannot hold,  I'm looking at a 23% retracement back to USD1374.23?

Caveat!  

Link: https://coinmarketcap.com/currencies/bitcoin/

Share your thoughts here.

Well seeing as the price is now $1784.10 it is only a checkpoint before it moves upwards again
1,784.10 1.37%
http://www.coindesk.com/price/

Within 61 cents of it reaching the OP's post and not a penny more I feel proud about that timing heh
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May 14, 2017, 03:51:43 AM
 #18

iam hear 15th may SEC announcement about ETF proposal
i think if SEC rejected again, big bitcoin user can playing price with dump, so if SEC rejected bitcoin price can down under 1500 dollar/bitcoin

i don't think it will be big this time. we have already seen the correction, and this time the news about ETF hasn't been the topic at all, nobody was even talking about it. and surely everyone knows the chances of approval is still as small as it was the first time.

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May 14, 2017, 04:28:56 AM
 #19

iam hear 15th may SEC announcement about ETF proposal
i think if SEC rejected again, big bitcoin user can playing price with dump, so if SEC rejected bitcoin price can down under 1500 dollar/bitcoin

i don't think it will be big this time. we have already seen the correction, and this time the news about ETF hasn't been the topic at all, nobody was even talking about it. and surely everyone knows the chances of approval is still as small as it was the first time.
One thing you should really learn is that things like this are never spoken of until it's too late.
My thoughts on this matter, I believe a few big whales with serious funds in billions entered crypto after the news of Japan, they indeed pumped every thing which appeared legit and the code was worth the money.
Now if ETF passes the approval successfully we know those whales were from government or at least were in bed with them and if they reject it then they still made a wise decision to invest on the future of money Bitcoin and a few altcoins whether we like it or not.

One thing though, when weak hands dump price will go down as a consequence and that shouldn't be considered as a correction, with limited supply of Bitcoin we have no or very small room for such market maneuvers.

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May 14, 2017, 04:31:54 AM
 #20

Was hoping it'd reach USD2000 before retracting. Oh well, there's still the rest of the year to look forward to that

i was also hoping to see nearly 2k not exactly 2k, because 2k is the next mental barrier if we get above that we can shot higher, but it's hard to have a pump like this that is not manipulated and end in a big fall, better to have the buyers accumulate more at these price point and consolidate the value
Maybe in first rally $2000 levels may act as strong resistance, but in second or third attempts I am sure any physiological levels too will be broken as there will be less traders and investors who will be targeting $2000 as their profit booking zones.

OP's finoncci retracement may work in short term but usually technical aspects will not work until floods of investors rushing based on news and events. They will launch prices into some levels and after settling there, we can go for any kind of technical tools to predict after wards.
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