The floor of the recent correction

[thompshma]

With all the uncertainty and dumping due to the news in China we may experience more lows through the weekend.

What do you guys think the bottom is? Are we there yet?

Thinking about trying to catch a falling knife. Is this western reaction an overcorrection, what are your thoughts.

[ThatsABity]

In worst case 95 bil market cap. But it probably won't reach this low.

[thompshma]

I think we just found it.

[Dikobit]

i think we will know in a couple of days, not quite the bottom

[go4crypto]

We should be very close to the bottom or within a day or two of it.
BTC, ETH and many other top coins technical charts that I checked,
all are as  deeply oversold as the late July major bottom with RSI touching 30.

[PPleaseman]

Can you explain RSI to me and where to you look it up? Thanks

[go4crypto]

RSI(Relative strength Index) is a very commonly used technical indicator alongwith MACD.
 See this below chart  link from tradingview  that shows both BTC/USD and ETH/USD charts
with some technical indicators:

https://www.tradingview.com/x/NUk2pBjz/

[go4crypto]

Also, one can learn about RSI and other technical indicators and how to use those
easily at stockcharts.com chart school:

http://stockcharts.com/school/doku.php?id=chart_school

There are plenty other sites too.

[Thinvestor]

25% dip is hopefully all we will feel, as china is 25% of bitcoins volume......

[Alanin]

take a look here https://coinmarketcap.com/currencies/bitcoin/#markets
You can see that all the exchanges with chinese currency are dumping bitcoins. They are cashing out before the exhanges gets shut down.

[go4crypto]

Chinese exchanges account for 10-15% of trading volume so panic selling in those may get over soon.
On hourly charts, I am seeing signs of a bottom being close. We'll see what tomorrow brings.

[BMG86]

I think the floor of bitcoin will be anywhere from $2200-$2800 and we should be hitting those levels real soon at this pace. But it's really a crapshoot at this point, nobody truely knows when it will be over. My instinct tells me that the market will be quite sluggish from here on out.

[nhote]

I think the floor of bitcoin will be anywhere from $2200-$2800 and we should be hitting those levels real soon at this pace. But it's really a crapshoot at this point, nobody truely knows when it will be over. My instinct tells me that the market will be quite sluggish from here on out.

i'm afraid you are right. i was taking for granted a bearish market and general dumping in october, due to the next BTC fork, but hoped for a good september instead. with all of the FUD and the crap it seems clear how that it is not going to happen, and we probably are in for just one big plunge... well, by now i can only hope that good news of recovery will be with us by Xmas.

[vsyc]

~90B but will not be surprised to see 75B

[paramind22]

Have to keep buying in carefully to not miss the bottom prices.

[peschi]

~90B but will not be surprised to see 75B

Fully agree. But lets also talk about the marketcap beginning of 2018 and mid 2018.

I expect the following:
Floor:   80B        Beginning 2018: ~100B         Mid 2018: ~430B