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Author Topic: Peak and correction coming  (Read 2816 times)
d5000
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November 02, 2017, 11:18:32 AM
 #21

This train shows no sign of slowing down. Already above $7100. HODL.
The train has even accelerated. We're at $7300 now. It reminds me of some moments in 2013 Wink

Well it's impossible to say where the top exactly will occur. But I think it's overheating now. Some scenarios to consider:

- a "temporary top" around $7500 and a mild correction, then a new (and probably last) bull run to completely unexplored regions over $8000
- no stop in the 7xxx region until a top around the next relevant Fibonacci point ($8400?), and then a more significant correction, maybe again down to $6000 or even $5000.

PS: While I wrote, maybe the correction already begun ....

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November 02, 2017, 11:20:37 AM
 #22

Almost $7400, Just my guess the peak will be around $7800 but who know. It's a hell of price pump that I'm myself not impressed but rather scared to the massive price correction.
The price pump just too fast, and if it's still keep continuing, maybe $10,000 within 3 days can be reached, that's really crazy.

POP!
and it's gone.

Sell on dead cat bounce, don't be tricked.
Out at 7100-7200$.
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November 02, 2017, 11:23:45 AM
 #23

I don't think the bull run will last till fork date.

if you suppose that everyone is buying to make profits with the hard fork then you must also imagine what will happen after the hard fork, the price is very high and all altcoins are dropping more than 10% that only shows that people are going from altcoins to bitcoin because of the hard fork

This train shows no sign of slowing down. Already above $7100. HODL.

Now it's in 7340$

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November 02, 2017, 11:24:38 AM
 #24

I don't think the bull run will last till fork date.

if you suppose that everyone is buying to make profits with the hard fork then you must also imagine what will happen after the hard fork, the price is very high and all altcoins are dropping more than 10% that only shows that people are going from altcoins to bitcoin because of the hard fork

This train shows no sign of slowing down. Already above $7100. HODL.

Now it's in 7340$

Was.
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November 02, 2017, 11:26:15 AM
 #25

This train shows no sign of slowing down. Already above $7100. HODL.
No sign and it can probably continue up until the hard fork ends. Why people are keep on thinking when there's a rapid increase for bitcoin's price, it's a bubble? How many times did those people who hates the pump that bitcoin is a bubble. If it is on a bubble it did popped even before reaching $2,000 but it didn't and now it's getting far and getting close to another milestone. We are expecting a correction but that's not going to stop people from investing, it's a buy back time when correction is happening.

It's going parabolic as I type. This could mean it will start slowing down and going into plateau phase. Either way if you sold at $6950 you missed out on a $300 rise. I'd have regretted selling at that point because I'd have to buy back in at a higher price. Nothing wrong with taking profits along the rise but don't think just because it went high it can't go higher. Lesson learned in Bitcoin.

Be glad you sold and took profit so you can buy back in the coming dip  Smiley

I sold a part at 6.448,12€ on Coinbase. Got lucky once in my life. That was the top for a while. Maybe a day.
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November 02, 2017, 11:30:56 AM
 #26

Bitcoin still on rally right now, over $7100 across global exchanges, but BitHumb reach $7468 https://www.bithumb.com/ new ATH obviously. After bitcoin reach the highest peak, which I don't know, correction will occur again, the time will come when people cash out and keep it liquid. But, I don't think bitcoin could fall down below $6000 at this point due to hard fork coming soon and China may rescind cryptocurrency ban in the nearly future, while OKCoin and Huobi still operating.



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November 02, 2017, 11:37:10 AM
 #27

And correction entered the party
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November 02, 2017, 11:58:13 AM
 #28

That was the top for a while. Maybe a day.

Grin Yes, if the $6700 floor can be held (or everything higher than $6500-6600, so the 24 hour change is positive) then the "mild correction" scenario I mentioned above would be the most likely outcome.

In this case, in at most 2 days - or maybe even today -, another crazy FOMO leg very likely could happen - it could take us to about $8500.

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November 02, 2017, 12:04:24 PM
 #29

Same as the thread title the price reached a peak value and now the correction phase has begun taking the price low towards $6500. Maybe this correction will continue for a while or to some extent and once again the price moves in a gradual manner without much of the large scale growth.

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November 02, 2017, 12:15:36 PM
 #30

Where is the floor actually?

I think it might be around $5800-$6200, what do you think?
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November 02, 2017, 12:20:37 PM
 #31

6950$.
In my humble opinion we're really close to hit the top.

I don't think the bull run will last till fork date.
It's a matter of few days, best case.

We're in bubble territory, so take profit and be liquid.


Looking like a fairly good prediction right about now, though it will be interesting to see where bitcoin goes from here, will it resume its bull run or will it now begin to slide?

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November 02, 2017, 12:21:03 PM
 #32

Where is the floor actually?

I think it might be around $5800-$6200, what do you think?

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.  
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November 02, 2017, 12:26:38 PM
 #33

That was the top for a while. Maybe a day.

Grin Yes, if the $6700 floor can be held (or everything higher than $6500-6600, so the 24 hour change is positive) then the "mild correction" scenario I mentioned above would be the most likely outcome.

In this case, in at most 2 days - or maybe even today -, another crazy FOMO leg very likely could happen - it could take us to about $8500.

Are you saying $8500ish before the fork happens? That would take us beyond $10k by Christmas.
If the bottom falls out we might have to take the long route there but either way I'm fine. Either buy lower or sell higher. If Bitcoin gets close to $5000 again I'll mobilize any fiat available. Might be the last chance to buy cheap coins.

Where is the floor actually?

I think it might be around $5800-$6200, what do you think?

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.   

Those times are gone. It would mean the apocalypse.
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November 02, 2017, 12:30:49 PM
 #34

Where is the floor actually?

I think it might be around $5800-$6200, what do you think?

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.  


I think this would put it below mining costs.
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November 02, 2017, 12:31:39 PM
 #35

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.  

That is perfectly possible, but not in 2017. That could be the absolute low of a year-long bear market. I am however skeptic that we'll see these levels again. First the $2900-3000 support would have to be broken.

With one exception: If with the Segwit2x fork something goes terribly wrong - for example, 51% attacks from miners (very unlikely, as they would destroy their profit) and dump attacks on both sides of the Segwit2x front (more likely) then we can see this price regions earlier than we want.

For now, however, I believe the bulls will try to attack the ATH again. The downward pressure seems a bit weak.

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November 02, 2017, 12:34:16 PM
 #36

Where is the floor actually?

I think it might be around $5800-$6200, what do you think?

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.  


I think this would put it below mining costs.

That has happened before. 
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November 02, 2017, 12:42:47 PM
 #37

It’s way lower than that.  I’m prepared for it to retest 2013 peak of $1240.  Blood. in. the. streets.  

That is perfectly possible, but not in 2017. That could be the absolute low of a year-long bear market. I am however skeptic that we'll see these levels again. First the $2900-3000 support would have to be broken.

With one exception: If with the Segwit2x fork something goes terribly wrong - for example, 51% attacks from miners (very unlikely, as they would destroy their profit) and dump attacks on both sides of the Segwit2x front (more likely) then we can see this price regions earlier than we want.

For now, however, I believe the bulls will try to attack the ATH again. The downward pressure seems a bit weak.


Well, B2X is around $1240 in futures markets.

Since theres no replay protection, people are exposed to replay attacks. So, if they dump their "free" B2X for $1240, and this prompt replay attacks, their BTC will also be sold at this price point.

Miners would have to switch to the B2X network to not lose their profits, since the difficulty would be readjusted for the initial B2X price.


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November 02, 2017, 01:31:46 PM
 #38

Yeah it's gonna "pop" any day now.  Granted I don't buy that it's as overvalued as some analysts suggest, like Mr. Greenspan for instance, but I do also think it will be more pronounced than most corrections too.  I think a more realistic assessment of it's value puts it around the upper 5K's.  And even then it would just recover from there anyhow.  But some of these so called experts would have you believe it's full of as much hot air as a hot air balloon.  Add to that it always happens when a new milestone is reached.  A lot of people will be looking to cash in their chips, wait for it to drop then level out, before getting back in again.  I hope as few people succumb to this as possible for the greater good, but being the selfish individual that I am, always looking to maximize profits, I'll be following suit personally and cashing out the majority of my holdings.  I usually cash out roughly 70% and hold 30% firm in situations like these. 

And I think more people are taking this approach these days than used to be the case.  The newer investors that didn't get into the action until later in the game mostly... while the ones fortunate enough to get in during the infancy of BTC, before it's meteoric rise, have the benefit of being able to just sit back and absorb these retractions.

I wish I could say with a straight face that this rise will continue straight to/through the fork, but not only won't it that could actually be a terrible thing.  That could truly create a gigantic bubble and subsequently a correction so steep and severe that it could cause a ton of panic selling on the back end of it as well, and fear that the entire thing could be collapsing.  That's the last thing we want. 
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November 02, 2017, 01:35:56 PM
 #39

6950$.
In my humble opinion we're really close to hit the top.

I don't think the bull run will last till fork date.
It's a matter of few days, best case.

We're in bubble territory, so take profit and be liquid.







Im treating it also on bubble territory if we do try to check new ATH it is on $7300 price and it dip down again on 6800 and now it bounce back again on 7100 as of this writing which this is really a bumpy ride and would really be good for scalping or short tradings but somehow a risky thing to do and i do consider that was the new ATH or ceiling which we wont able to see higher price other than that range.Price corrections should really be expected because after fork it would eventually happen if those bitcoin users do already claim their free money.

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November 02, 2017, 01:45:23 PM
 #40

Yes its possible were in bubble its quite amazing seeing how the value of bitcoin hit this much and continuously increasing but the problem is that there is an upcoming hard fork which we never know the effect on bitcoin price after it. I am happy seeing how bitcoin appreciate today but I am quite afraid of tomorrow I just hope that November will not make bitcoin owners and investors cry

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