Chart of the Day | Bitcoin's price correcting to $5500

[valerie_zurich]

Bitcoin is back at trading slightly above $5500 with traders in BTC/USD markets now being slightly less supportive of the rally's bullish signals and prices record a 24 hour fall of around 5%.



Chart source:
https://cryptocoincharts.info/pair/btc/usd/bitfinex/today

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[btc_angela]

Its not that they are not supportive about this bullish market. People are just cashing out and taking profits. I think this is normal and we can say that we have already overcome the $5000 psychological barrier. And now $6000 is new one. Really hard now to sell and take profits specially when the price peak at $6000 and trading at a stable price of $5600-$5700. So the dip is nothing significant, the fork is still far and its the main driving for this pump. Once we get closer the price will surely rise once more. Getting closer to $6000-$6500.

[player514]

Its not that they are not supportive about this bullish market. People are just cashing out and taking profits. I think this is normal and we can say that we have already overcome the $5000 psychological barrier. And now $6000 is new one. Really hard now to sell and take profits specially when the price peak at $6000 and trading at a stable price of $5600-$5700. So the dip is nothing significant, the fork is still far and its the main driving for this pump. Once we get closer the price will surely rise once more. Getting closer to $6000-$6500.

Yup. With any rise this high, there's bound to be correction. People who wanted to jump on the train during the run will now have the opportunity to purchase at a lower price than when it was around 5800. This will push the price further up to around 6000 I'm home.

[davis196]

Its not that they are not supportive about this bullish market. People are just cashing out and taking profits. I think this is normal and we can say that we have already overcome the $5000 psychological barrier. And now $6000 is new one. Really hard now to sell and take profits specially when the price peak at $6000 and trading at a stable price of $5600-$5700. So the dip is nothing significant, the fork is still far and its the main driving for this pump. Once we get closer the price will surely rise once more. Getting closer to $6000-$6500.

The people are really stupid,if they are cashing out profits right now.The market has the potential to reach 7000 USD before 25 October.If they are selling now,they will have to buy expensive bitcoins later.
Perhaps they are waiting for the bitcoin price to go down after the Bitcoin gold hard fork.
I don`t believe that this will happen.

[Seansky]

The people are really stupid,if they are cashing out profits right now.The market has the potential to reach 7000 USD before 25 October.If they are selling now,they will have to buy expensive bitcoins later.
Perhaps they are waiting for the bitcoin price to go down after the Bitcoin gold hard fork.
I don`t believe that this will happen.

We could not do anything to those who are taking their gains now. The bitcoin market doesn't have tremendous potential to reach 7000 US dollars in my opinion since it reaching the said price will just cause a big correction a later on. It is also not healthy for bitcoin market to suddenly reach 7000 US Dollars from 5500 US Dollars. For now, it is better to hold and let them dump if they want.

[BrewMaster]

i don't think we can call this "correction" "people cashing out", and stuff like that. this price movement that we are currently witnessing looks mostly like an uncertain market to me. where people don't yet know what they are going to do. there are swings up and down to $5700+ and back to below $5500. rinse and repeat.

i think it is going to continue this way through this week too. until it is decided which way to go. maybe by breaking out of some resistances.

[Anonylz]

It touched $5400 yesterday, but the price has recovered so quickly and we can see the price moving to $5800 again, it looks like if it that dump was temporary, because it seems that the price will go to $6000 before the fork in the last week of october. We only have to wait until we see that price, maybe it is just matter of time before we can see it happening.
But i am sure that the price will drop a lot after the fork.

[StreakW]

the price will up and up again until bitcoinfork
so many people buy for free money

[Vaskiy]

It touched $5400 yesterday, but the price has recovered so quickly and we can see the price moving to $5800 again, it looks like if it that dump was temporary, because it seems that the price will go to $6000 before the fork in the last week of october. We only have to wait until we see that price, maybe it is just matter of time before we can see it happening.
But i am sure that the price will drop a lot after the fork.

The price went down, but it started to retain the value in a much lesser time. Maybe this could be a price correction or else an resistance level price move. For certain time period the fluctuation keeps continuing, so this time price move will be taking place in an stepped manner.

[beerlover]

i don't think we can call this "correction" "people cashing out", and stuff like that. this price movement that we are currently witnessing looks mostly like an uncertain market to me. where people don't yet know what they are going to do. there are swings up and down to $5700+ and back to below $5500. rinse and repeat.

i think it is going to continue this way through this week too. until it is decided which way to go. maybe by breaking out of some resistances.

The market has always been uncertain and traders are really having a filled day. Bitcoin has given so many huge surprises in the past that makes it so unpredictable even for the huge guys. However, whales are trying their best to get some profit and I bet they are trying to see how the market is going to fair before they take the next step. Anything below support now is not good and anything above present resistance is just going to be another huge break, but who knows which would come first?

[Yaunfitda]

i don't think we can call this "correction" "people cashing out", and stuff like that. this price movement that we are currently witnessing looks mostly like an uncertain market to me. where people don't yet know what they are going to do. there are swings up and down to $5700+ and back to below $5500. rinse and repeat.

i think it is going to continue this way through this week too. until it is decided which way to go. maybe by breaking out of some resistances.

We have been in an uncertain market since the beginning because bitcoin is purely speculative. If people cashing it then is just as normal as seeing a price fluctuations. Yes it will continue to be like this, until Oct. 25, wild swings, prices going in a roller coaster ride. While just like us casuals, its really hard not to take advantage and cash out and take some profit and the end. We are all here for money making anyways, so why not take some?

[bhadz]

Bitcoin is back at trading slightly above $5500 with traders in BTC/USD markets now being slightly less supportive of the rally's bullish signals and prices record a 24 hour fall of around 5%.

It's now at $5,492 and possible that it can go back again at $5,000 or even go beyond back at $4,000. The bear is starting to move again and it has been expected by everyone because not all the time we'll be seeing the price of bitcoin hitting at the top of the chart. Many did sold already at the peak and now they are just now waiting for the price to be dumped again so after this, the price will go up again.

[SirLancelot]

Its not that they are not supportive about this bullish market. People are just cashing out and taking profits. I think this is normal and we can say that we have already overcome the $5000 psychological barrier. And now $6000 is new one. Really hard now to sell and take profits specially when the price peak at $6000 and trading at a stable price of $5600-$5700. So the dip is nothing significant, the fork is still far and its the main driving for this pump. Once we get closer the price will surely rise once more. Getting closer to $6000-$6500.

The people are really stupid,if they are cashing out profits right now.The market has the potential to reach 7000 USD before 25 October.If they are selling now,they will have to buy expensive bitcoins later.
Perhaps they are waiting for the bitcoin price to go down after the Bitcoin gold hard fork.
I don`t believe that this will happen.

You would not want to really call them stupid as everyone is just trying to play their cards the way they deem fit to play it. However, one thing is for sure, with the little correction we have seen and a long term on at least $5500, anything below $5300 may bring it lower and trust, anything that makes it hit $6000 above is sure taking it higher. So, in a way, they are just trying to play their cards to see what happens while remaining on the edge.

[Baofeng]

Its not that they are not supportive about this bullish market. People are just cashing out and taking profits. I think this is normal and we can say that we have already overcome the $5000 psychological barrier. And now $6000 is new one. Really hard now to sell and take profits specially when the price peak at $6000 and trading at a stable price of $5600-$5700. So the dip is nothing significant, the fork is still far and its the main driving for this pump. Once we get closer the price will surely rise once more. Getting closer to $6000-$6500.

The people are really stupid,if they are cashing out profits right now.The market has the potential to reach 7000 USD before 25 October.If they are selling now,they will have to buy expensive bitcoins later.
Perhaps they are waiting for the bitcoin price to go down after the Bitcoin gold hard fork.
I don`t believe that this will happen.

You would not want to really call them stupid as everyone is just trying to play their cards the way they deem fit to play it. However, one thing is for sure, with the little correction we have seen and a long term on at least $5500, anything below $5300 may bring it lower and trust, anything that makes it hit $6000 above is sure taking it higher. So, in a way, they are just trying to play their cards to see what happens while remaining on the edge.

Correct, they are not stupid, actually they are just wise on cashing it out and shifting their money to alts now then make another move to sell again and back to bitcoin. The price is going down as I type this message, around $5300 and there are large sell orders. But if others are selling, then there are a group of investors willing to buy at this dip to enter the market and join the hype train. Its a cycle. If you know you can make quick money by selling your bitcoin today and buying later then its not stupidity.

[koumpesbtc]

It is a standard economic cycle, like trading in the stock market only more vicious. It is quite predictable if you see the signs. If you hold your BTC for a week more you will make profit big. And now until the hard fork it is a good time to buy alt coins, but that is a more long term investment.