Is BTC going on bearish trend now?

[alyssa85]

Don't want to scare anyone, but here is what Goldman Sachs wrote on 14th August:

http://uk.businessinsider.com/bitcoin-price-technical-analysis-goldman-sachs-top-2017-8

Sheba Jafari, the head of technical strategy at Goldman Sachs, wrote in a note sent to clients on Sunday that because bitcoin was approaching her target of $3,691 (which it has since passed), an extension wave five of this move could take bitcoin all the way up $4,827 before a correction pushes it all the way down to about $2,221.

She was right in the first part of her prediction in that bitcoin blasted up to $4827+.

Whether she is right about the correction following that is anyone's guess.

I dont think that it will go to that level of downward we can see some correction and going till 4200+ level but below that it will start the panic selling and then we cannot see how much low we can see because now 5k is the sentimental price which once crossed it will move more 400 to 500 usd upward.

Nothing will surprise me about crypto anymore. My feeling is that the push towards $5k happened just too fast, and people started getting cold feet and cashing in.

Also, the next difficulty retarget for bitcoin is in about 5 days time according to the following site:

http://fork.lol/pow/retarget

I expect the difficulty to increase, as btc has been doing blocks every 7 mins. If a difficulty increase is combined with a drop in price, we might see miners switch to the other chain causing backlogs again.

[1715604253]

1715604253

[CoinHoarder]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

[Victorycoin]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

It's minor correction no doubt and it is bound to happen every time an asset makes a new ATH, especially around a psychological level as people can't help not taking profit. For now, the only thing standing in the way of Bitcoin is the proposed hard fork billed for November and about that time is when the major correction should be expected, until then the ride is still on!

[HTracer]

Bitcoin is still on bullish trend till not touch $4500 level. People who expected new rally on this weekend trading are super optimistic, I didn't.

[Barbut]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

It's minor correction no doubt and it is bound to happen every time an asset makes a new ATH, especially around a psychological level as people can't help not taking profit. For now, the only thing standing in the way of Bitcoin is the proposed hard fork billed for November and about that time is when the major correction should be expected, until then the ride is still on!

I think many of us are surprised with this year price increase. Who thought that we will be close to 5.000$ this year? I didn't, after 1.000$ I thought we will climb to 2.000$ until the end of this year, but we passed 2 and 3 thousand dollars very fast, holding 4k for wekks and now rise close to 5k. There 4 months before end of this year, and little drops bitcoin price will increase more. I started to believe in predictions 10k before new year, now that's seems very possible.

[mastadonballs]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

It's minor correction no doubt and it is bound to happen every time an asset makes a new ATH, especially around a psychological level as people can't help not taking profit. For now, the only thing standing in the way of Bitcoin is the proposed hard fork billed for November and about that time is when the major correction should be expected, until then the ride is still on!

Yeah, important next bullish market is Bitcoin market or Altcoin market, because increase both is bad signal and make investor worry situation dumped all like in June this year. For me, I like Altcoin market increase than Bitcoin, because Bitcoin has pumped many much.

[CryptoBry]

Hmm I guess a group of whales decided to dumped bitcoin.. Or this is just a little bit price correction. The next major price correction is at 5600usd.

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

Your guess I think is right. There are people who were expecting that Bitcoin can be able to see the $5,000 level and they have already programmed that once it will happen they would do some profit-taking...as correction for sure can set in at that level. Days from now we can see Bitcoin already rising back to that $5,000 mark and this time it can be able to reach beyond that wall.

This is nothing to be alarmed about as we can see this as just a natural behavior of Bitcoin...we have seen this in the past and we are seeing it now and again we can see it in the future...no doubt about that. We are in an open market and what we saw is a dynamism of that market.

[ROT13]

This is a hard thing to gauge for a global market but my belief is that there is -alot- of greed driving this market and propping up the price, both new entries and existing holders waiting for anything close to a 10% pull back to stock up. 

To quote an article I read earlier today "According to Coinmarketcap, Bitcoin’s daily trading volume is about 400,000 BTC per day while only 1728 new Bitcoins are created through mining each day." Given the supply and demand factor I'm really struggling to see a bearish trend until something Gox-esque happens to the market.  Obviously we cant keep appreciating at this rate forever but if you look at how resilient the market has been to pullbacks all year it going to take some catastrophic news to start a bearish trend. 

My bet is some form of government intervention. Despite the pragmatic problems of government control of a decentralized asset I think there is alot of institutional money entering the game now which wants to play by the rules and I think this could have a significant cooling effect. 

[btcney]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

This should be the start of a series of corrections but in my opinion we will see quite strong price rebounds as well.

Just like this time, the price bottomed out at around $4500 before rebounding up to $4700, where it is currently at.

$4000 is unlikely. The price should stay put above $4500 because that is basically the floor right now. If bitcoin will go under $4500, it would have done so in the dump yesterday. But as soon as it hit near $4500 it rebounded.

Next year there should be a strong bearish trend but this year there is still some bullishness left in the tank.

[Kyraishi]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

We are not going to see bitcoin correct down to $4000 in this month. But it will happen probably in the next few months, before the end of the year or at the start of 2018. There is no way this is going to continue on forever.

Short term though i think we may see bitcoin break another all time high, and finally breaching the $5000 level on coinmarketcap. I would say that this will happen this month and the price at the end of the month will be around $5200.

I think someone else pointed out that a global bear market for cryptos is coming. I agree with him. It is likely that 2018-2020 isn't going to be fantastic years for btc.

[EdenHazard]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

so how much your prediction guys on the major correction later ?

will we see the price of bitcoin dropped more than 30%? if happened so , can we handle the panic selling then? once the major correction happened in current situation it is an obvious situation that the market will keep going on bearish , we all expect just a minor correction.

[lumeire]

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

Exactly my thoughts too. Nothing bad in becoming prepared for a crash. It's long overdue.

[Yuuto]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

Well currently it is definitely in a bearish trend. I expect the price to rise in the next 2 weeks though after people recover from the recent dump. If we can't make a full recovery then i think this may be the start of a bearish crypto market, but i think that's unlikely.

I think what's going to happen is a few more pumps gets bitcoin to near $6k, then we see resistance at the $6k level just as we saw at the $5k level, and that kickstarts the panic sell process, leading to a bear market for a long time.

That's just my own speculation, but the mania will not continue forever. Has to be some sort of adjustment coming sooner or later.

[timerland]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

I think it's just a short term minor price correction. $5000 is still in sight and i think we will break it this month.

The bull waves are probably going to keep coming until the end of the year, driving the price up to probably $5-7k depending on various factors. I'm not sure i am bullish about next year though because i think that there is going to be a dump-off that will negatively affect the price of btc.

Right now, no. Bitcoin is still bullish. But 2018 through to the next halving is going to be a couple of tough years for btc.

Just don't forget that we are in a bubble, anything can happen overnight.

[Shinpako09]

I don't think so. It was -$400, the highest fall i've seen so far since the good rally started. But that is nothing coz we're back at $4500 and that is still too high. A correction would be a better term in this. And even if there is some fall, we've seen this past few weeks that it goes up again after few days.

[pooya87]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

it is never easy to say but i think it is too soon for start of a bear market for bitcoin. we have the SegWit2x on the way in a couple of months and that will cause the bear market to start but only a couple of weeks before its deadline and then depending on the result of it, things can go either way.

but for now i am expecting more bull market and bigger rally until that time.

this is so far a small correction like all the corrections before it. you can see them red candles on the daily charts. sometimes it takes a week to reach the bottom and reverse.

[Wind_FURY]

In times like these it is a good time to thank the trading gods for giving us another opportunity to have our bids hit again. I was starting to worry that I would not have my target of 10 Bitcoins before going to $10,000 per coin.

[AK47-]

This dip is indeed for short term. This correction was definitely needed. Now Bitcoin is at $4550 and I don't think any further dip will happen. Bitcoin will again rally ahead. Price will definitely touch $5500 in September.

[BTCLovingDude]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

there has not yet been a 15% drop! how are you calculating it. the ATH was $4970 and the current price is $4444 in bitfinex and that is a 10.5% drop!

anything below 30% with bitcoin is always going to be a simple correction. and 30% drops has never been common nor lasted for long. if it happened and could actually last a long time that means it is a bear market.

drop to 4000 is 18.36% drop. in which case i think it is safe to assume we are in a bear market or at least a start of one.

[Saoha]

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

I think Bitcoin reduction is indispensable. It has risen quite fast and needs a price adjustment if you want to reach $ 5000. It may fall to the resistance at $ 4,400 and $ 4,200. After collecting enough, it will continue to reach the goal of $ 5000. We do not need to worry too much as this is the rule of growth.