Chart of the Day - Today's Fall

[valerie_zurich]

Bitcoin led a market wide overturn throughout cyrptocurrency markets today. BTC/USD markets were recording prices below $5200 through certain points of the day as profit taking appears to be affecting the market's sentiment.



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

[Slow death]

When the price falls, we have many comments from pessimists, this has already become normal

" OMG Bitcoin is daeddddddd. There is no way it will recover agen... daed! "

" My reaction when $5200 is Bitcoin's "biggest drop in a month. "

Can anybody give some theory why it fell so much?

[dead_m92]

This is normal to happen in the market since it is a very volatile cryptocurrenciy and that will always have bullish and bearish trends in short periods of time, and i am acostumbrated for it to happen.
But this price decrease affected me a lot since I had to sell bitcoins and i lost a lot of money in the exchange. But as it always happens,  in a very short time the price will recover again.

[Ayiranorea]

Yesterday the price fall was found high over the entire market. Today things have changed a lot with a major variation in growth chart is found than yesterday. Hope the same will continue with such kind of fluctuations happening in between creating panic as well resistance level to cross price barriers.

[tweetbit]

It touch 5600$ per bitcoin again at this posting, whales has an intention to put an idea that bitcoin price will decreases for the incoming fork but seems like bitcoin investors now are more wise now than ever. They know that it won’t happen that bitcoin be gone and dead, that experience speak for it.

[DonFacundo]

no need to panic its just a normal behavior of bitcoin dump and pump look at the chart now bitcoin recovered again 5600+, If big countries banning bitcoin well expect bitcoin will be dead or huge dump.

[ethereumhunter]

yesterday the price is down too deep but still above $50xx in bittrex, and now the price is start to increase again and we can increase back to $56xx. i am sure that many people is buying in $50xx and now they can sell it for profit and i see there is people panic to see the price is down but not too much depend few months ago so the price is strong enough to stay at $5xxx. if this week we can reach $5750 then i think in the next week, we can reach more higher.

[Ararbermas]

I think bitcoin not stable its fluctuating right now maybe there is something happened in the market which is eagerly sell of some bitcoin holders? Can anyone speculate the direction of bitcoin value in this end of October? Cause I think this scenario is not good maybe bitcoin will crash?i hope not.

[Kemarit]

I think bitcoin not stable its fluctuating right now maybe there is something happened in the market which is eagerly sell of some bitcoin holders? Can anyone speculate the direction of bitcoin value in this end of October? Cause I think this scenario is not good maybe bitcoin will crash?i hope not.

Really hard to speculate which direction if would take prior and after the hard fork. I think I can safely say that yesterday price dip was quite unexpected, I haven't got a clue as to who or why the sudden drop in prices. It is just investors cashing it out? Because the whole crypto suffered bloodbath yesterday. What drove them or who somewhat place those large sell orders? Anyways, the price is above $5600 and what a recovery indeed. That's why moving forward up to a day after the fork we may see a roller coaster ride of the price. So its really hard to stay your position with this daily price swings.

[arpon11]

Bitcoin led a market wide overturn throughout cyrptocurrency markets today. BTC/USD markets were recording prices below $5200 through certain points of the day as profit taking appears to be affecting the market's sentiment.



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

The was a healthy pullback yesterday and we should expect this to happen as the market cannot keep pushing up. This has created an opportunity for investors to buy bitcoin at the low price and we expect this yesterday corrections to help gather a lot of momentum in other to push price above  $6000. From now till 25 of this October we expect a lot of fluctuations in price because of the hardfork and what is about to happen. The exchangers sites that will give free coins during this splitting will actually attract a lot of fund inflow. We have also started experience a recovery since last night and price has gone as high as $5475.

[Aleister Crowley]

I think bitcoin not stable its fluctuating right now maybe there is something happened in the market which is eagerly sell of some bitcoin holders? Can anyone speculate the direction of bitcoin value in this end of October? Cause I think this scenario is not good maybe bitcoin will crash?i hope not.

this will be in history in this year, bitcoin will break in at high prices. probably at the end of the year it will increase to 25%, and bitcoingold will come up with a high price so it will be able to compete with bitcoincash which is currently underdeveloped. it would be better if we give a boost to bitcoingold when it first appears

[mobnepal]

this will be in history in this year, bitcoin will break in at high prices. probably at the end of the year it will increase to 25%, and bitcoingold will come up with a high price so it will be able to compete with bitcoincash which is currently underdeveloped. it would be better if we give a boost to bitcoingold when it first appears

Don't have high hopes for bitcoin gold as it is not same as bitcoin cash because it will be pre-mined and will be controlled by few billionaires.
Bitcoin gold will go through huge dump when it will be listed while after small correction price of bitcoin might rise to new ATH price of $10k by 2018. 

[adam1230]

If there is no big dumps from chinese whales so price will not drop too much. These are just price corrections against USD or Altcoins.
Not a big thing for me

[DaMut]

i think it's very simple to describe it all why would we see something like this .
to make it easy i always use this word to describe it
'Push = Pressure'
what the meaning behind that word ?
we're seeing Bitcoin price is pumping due to another split and others reason,
and after that Bitcoin price is showing us another down turn.
Bitcoin is pumping = Push,while Bitcoin is dumping = Pressure.
When someone or peoples  pushing the price,they're expecting something in return,right ?
that is why we're seeing this.
so it's not surprising for us to see something like that because someone already 'took' what they want from it.
it's just matter of time when we're seeing another Push and Pressure again.

[crairezx20]

I think this is another newbie or whales strategy  they are wanted to buy cheap bitcoin again because they know that bitcoin will increase much these following days so  this kind of speculation i think just to encouraging other people to sell their bitcoin look the movement of the price from yesterday and today the price is gaining increase again and i think we will more increase sooner. because its getting threading now and i am also sharing the use of bitcoin here in my country i have lots of friends on cousin here in forum just to know about the news about bitcoin they are not investing.. and i think this is the start of spreading bitcoin here in my area.. 

[jackhdt]

I've been tracking these prices today and i predict prices will drop after several days stalled but it looks like it dropped significantly
However people don't worry so much bitcoin prices will stabilize again because very easy to recognize this is the sell to take the profit of the traders
We are very familiar with this

[YuginKadoya]

I've been tracking these prices today and i predict prices will drop after several days stalled but it looks like it dropped significantly
However people don't worry so much bitcoin prices will stabilize again because very easy to recognize this is the sell to take the profit of the traders
We are very familiar with this

If you would look at the price again it is already recovering from the drop it made and gaining momentum towards the rising part and I think it will now continue to climb up until the Hard Fork occur, because many investors have notice this, and bitcoin had taken a momentum back then started to climb back up again maybe it can really hit the $6000 mark value this time.

[xFGND]

Market's correcting itself. Nothing out of the ordinary. Layers of support at 3900-4100, max you can lose is 20%

[LoyceV]

Can anybody give some theory why it fell so much?

I just typed my theory in another thread:

I like to call it "cascading stop losses" being triggered. Apparently many people set stop-losses on exchanges: the moment the price drops for example 5, 10 or 15%, they sell. When they sell, the price drops further, triggering the next stop-loss. This can make the price drop very quickly, followed by manual panic sells.
The moment they realize it's just a temporary dump, they buy back and the price shoots up again.

Of course I don't like to see the price drop, but it's still very high. 4000 euro per Bitcoin? When it went down to 2500 euro per Bitcoin not so long ago that was still very high.
A year ago Bitcoin traded at $632, now 9 times more. During that year altcoins went up a lot, Bitcoin is now claiming back ground.

[JimboToronto]

When this was first posted yesterday, the price was already well on its way to total recovery and I wondered why the chart only showed the dip and not the ensuing rise.

I thought perhaps the OP was just trolling. Then I saw the first reply and it seemed to agree with my assessment. It was basically an insult and GTFO. It has since been deleted.

There's no sense in looking for reasons for what appears to be a typical beartrap.

Weaklings and noobs sold coins and savvy investors bought them. End of story.