[2017-09-13] Markets Update: Bitcoin Breaks Below $4000 During 12% Sell-Off

[iamTom123]

Bitcoin has broken below $4000 USD following a sudden 12% sell-off. The dump occurred following the establishment of a third point of contact on a descending trendline from the all-time high of approximately $5000 USD, amidst speculation that China’s government may move to suspend the operation of some Chinese bitcoin exchanges.

The bitcoin markets are again testing the $4000 USD support area following a 12% drop, with prices currently hovering between approximately $3900 and $4000. The dip appears to have been triggered by rumors that China’s government will temporarily suspend the operations of all Chinese cryptocurrency exchanges coupled with the establishment of a third point of contact on a descending trendline from the recent all-time high of approximately $5000 USD.


Read more of this news here.

For many weeks now, the market's overall mood is under the influence of the China Effect...whatever China said and may plan to do have the power to tear the price of Bitcoin. This recent sell-off is triggered by that lingering fear that soon China will ban the operation of Bitcoin exchanges and the unfounded speculation that it will also be banning the whole of Bitcoin (which is impossible, of course).

This time it is getting to be a little bit of a massacre and we are hoping that I am correct in saying that Bitcoin is a very resilient investment vehicle. According to its history, the King of all Cryptos have been through many ups and downs but it is always able to rise back like a phoenix rising from the ashes.

How strong are you in your vote of faith and confidence with Bitcoin? 

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[TravelMug]

Bitcoin has broken below $4000 USD following a sudden 12% sell-off. The dump occurred following the establishment of a third point of contact on a descending trendline from the all-time high of approximately $5000 USD, amidst speculation that China’s government may move to suspend the operation of some Chinese bitcoin exchanges.

The bitcoin markets are again testing the $4000 USD support area following a 12% drop, with prices currently hovering between approximately $3900 and $4000. The dip appears to have been triggered by rumors that China’s government will temporarily suspend the operations of all Chinese cryptocurrency exchanges coupled with the establishment of a third point of contact on a descending trendline from the recent all-time high of approximately $5000 USD.


Read more of this news here.

For many weeks now, the market's overall mood is under the influence of the China Effect...whatever China said and may plan to do have the power to tear the price of Bitcoin. This recent sell-off is triggered by that lingering fear that soon China will ban the operation of Bitcoin exchanges and the unfounded speculation that it will also be banning the whole of Bitcoin (which is impossible, of course).

This time it is getting to be a little bit of a massacre and we are hoping that I am correct in saying that Bitcoin is a very resilient investment vehicle. According to its history, the King of all Cryptos have been through many ups and downs but it is always able to rise back like a phoenix rising from the ashes.

How strong are you in your vote of faith and confidence with Bitcoin? 

Of course history shows that bitcoin is always resilient in this kind of attacks. And no amount of FUD's specially coming from China would make bitcoin just die or disappeared. We still have to remember that we have the backing of a major economic superpower, Japan. And they will not just let bitcoin suffer like this sooner or later we will rise from the ashes and go even stronger as ever. No one loses here but everyone who have stayed and fully trusted bitcoin will win in the end. We just need to have have a lot of patience in this crisis.

[SmallCapCoins]

Bitcoin has broken below $4000 USD following a sudden 12% sell-off. The dump occurred following the establishment of a third point of contact on a descending trendline from the all-time high of approximately $5000 USD, amidst speculation that China’s government may move to suspend the operation of some Chinese bitcoin exchanges.

The bitcoin markets are again testing the $4000 USD support area following a 12% drop, with prices currently hovering between approximately $3900 and $4000. The dip appears to have been triggered by rumors that China’s government will temporarily suspend the operations of all Chinese cryptocurrency exchanges coupled with the establishment of a third point of contact on a descending trendline from the recent all-time high of approximately $5000 USD.


Read more of this news here.

For many weeks now, the market's overall mood is under the influence of the China Effect...whatever China said and may plan to do have the power to tear the price of Bitcoin. This recent sell-off is triggered by that lingering fear that soon China will ban the operation of Bitcoin exchanges and the unfounded speculation that it will also be banning the whole of Bitcoin (which is impossible, of course).

This time it is getting to be a little bit of a massacre and we are hoping that I am correct in saying that Bitcoin is a very resilient investment vehicle. According to its history, the King of all Cryptos have been through many ups and downs but it is always able to rise back like a phoenix rising from the ashes.

How strong are you in your vote of faith and confidence with Bitcoin?  

I agree with this.  The strong hands will keep holding Bitcoin anyway, and we will shake out those who believe they are on unsure footing.  
I've seen the price drop even further today and I think that it only present a good entry point for a buying opportunity.  In the past I've seen Bitcoin dip over 50% so this is nothing much. Some of the newer crypto coiners seem to think it can only go up.

[BitHodler]

I am always looking forward to make use of very decent buying opportunities, and current situation isn't any different. I am quite happy that I managed to buy back some of the coins I sold like $1100 above current levels.

Let people panic and sell their coins into the buy orders of greedy whales. If these sellers are done with their panic, they will see how the market is going back up again, but the difference is that they don't have any coins left.

From that point there will be 2 options ~ these people either choose to buy back at higher levels, or they keep waiting for the market to tank again. Eventually, if the latter doesn't happen, they will still buy back, but then at even higher levels.