Long awaited Bitcoin correction(+)

[xelaxin]

The Bitcoin touched new max, the news about CBOE Futures - is Fact now. There is no new information about Tether huge cap. And loooks like double top on Bitcoin chart is drawing now.
My opinion is that correction will be achieved in the range 8-12 and then big daddys will open new long position with target 25-28 before new year.
What you say?
BTC

[1715592990]

1715592990

[1715592990]

1715592990

[xelaxin]

Everybody thinks, that Bitcoin is "to the moon"-only asset?

[Imfinnabeon]

Everybody thinks, that Bitcoin is "to the moon"-only asset?

Nope I tend to agree with the analysis you put forth in your first post and I too think there will be a similar correction. I thought however it would already have begun by now but I think perhaps it is waiting on the CME launch of futures which I believe is the bigger set. Will be interesting to see what happens after Dec 18th I know I am ready for either direction.

[TeamUpcoin]

I also agree with your analysis, however the figures are different depending on what time frame you look at.

If you look at 1 hr chart you will a double top figure, indicating reversal.

If you look at 4 hr charts, you will see head and shoulders, still indicating a reversal.

The biggest question is - how long will the correction be and how deep will the price go?

Don't have anything in mind to hold on to. Been sitting in fiat lately, waiting to rebuy the dip.

[liuqi]

The Bitcoin touched new max, the news about CBOE Futures - is Fact now. There is no new information about Tether huge cap. And loooks like double top on Bitcoin chart is drawing now.
My opinion is that correction will be achieved in the range 8-12 and then big daddys will open new long position with target 25-28 before new year.
What you say?
BTC

I do not expect the price bump to corrected in the bottom line of the 12k maximum means that is not good for the community members who is looking for the high profit with their invested amount you have.
After CBOE you are expecting correction on the price chart that seems so foolish in my personal view.
We may expect some bump from the time you are seeing in the chart.

[okala]

The corrections is going to happen but is not going to be serious one as many traders are awaiting the corrections to buy and push the price up.  We are expecting price to fell a little below 15,000 dollar to buy again and after that bitcoin may push above $20,000 as speculated that this will happen before end of this year.

[exstasie]

The Bitcoin touched new max, the news about CBOE Futures - is Fact now. There is no new information about Tether huge cap. And loooks like double top on Bitcoin chart is drawing now.

I hate calling tops in this kind of rally, but it's certainly possible. This morning, John Bollinger cautioned that we could be near an intermediate top in Bitcoin and the high-cap altcoins. I've been hoping for a correction so I can try to buy in near the longer term trend in the $8,000s.

My opinion is that correction will be achieved in the range 8-12 and then big daddys will open new long position with target 25-28 before new year.

I have a similar opinion. Masterluc (famed analyst from the Speculation forum) has predicted a retest of the $10k area. The last major resistances are at $7,900 and $8,400, and the long term trend line is in the $7,000s and rising. Fingers crossed that we can buy the dip and ride the next wave into the $20,000s.

[xelaxin]

Nope I tend to agree with the analysis you put forth in your first post and I too think there will be a similar correction. I thought however it would already have begun by now but I think perhaps it is waiting on the CME launch of futures which I believe is the bigger set. Will be interesting to see what happens after Dec 18th I know I am ready for either direction.

Yes, of course CME is the bigger set, but, actually futures of the BTC is started, and my opinion is that is a big trigger for the correction to start. Couse future-traders is not very interested in the BTC 100'000USD next year, they try to achieve profit in a short run, so shorting futures of BTC is very logical for them, after so big bullish trend, and for others is a good time to enter BTC at low prices, so almost everybody likes the idea of correction

[bitcub]

You mean bitcoin will drop to 12k to 8k?  Then pump to 25k? How will the correction will go?  Can you explain,  can plot it in the chart?

The Bitcoin touched new max, the news about CBOE Futures - is Fact now. There is no new information about Tether huge cap. And loooks like double top on Bitcoin chart is drawing now.
My opinion is that correction will be achieved in the range 8-12 and then big daddys will open new long position with target 25-28 before new year.
What you say?
BTC

[xelaxin]

I also agree with your analysis, however the figures are different depending on what time frame you look at.

If you look at 1 hr chart you will a double top figure, indicating reversal.

If you look at 4 hr charts, you will see head and shoulders, still indicating a reversal.

i'm talking about 1D timeframe of course, imho TA did not works very well on a faster timelines..
And now we can see either double top, or H&S in a proccess..H&S will mean 14.5-15.5 support, then go into range 16-17 and fall to the 11-12.. further will matter on situation.. 3-6 days to go..

The biggest question is - how long will the correction be and how deep will the price go?

my opinion is 8-12

Don't have anything in mind to hold on to. Been sitting in fiat lately, waiting to rebuy the dip.

Right strategy for now)) But why did not take a look at the altcoins? One of them have a very good chance to be the second base currency, after btc, and there is no futures;)

[xelaxin]

You mean bitcoin will drop to 12k to 8k?  Then pump to 25k? How will the correction will go?  Can you explain,  can plot it in the chart?

Exactly. My target for correction is 8-12 range. It may reverse at 12, may at 8, or somewhere in the range. It is impossible to say exactly, if it is not you are manipulating;) It is not neccessary to draw a chart - you can switch yours into the 1D interval and see it by yourself, it is not high-tech TA, in this case, TA is only one more suporting factor for my opinion, just take a look at 2017-12-08 high, than 2017-12-12 second(i am using Bitfinex chart), it is possible pattern of "Double Top" or "Head and shoulders" figures of candle analysys. They usually mean fall after finishing the pattern to the start of the previous growth.
as i wrote in first post, opening of futures is fact now, and old good rule tells us "buy the rumor sell the fact", so it is. And no others so-imortant news for BTC in this year, and we all have USDTeather rumors about their huge cap rise in the very short time(you can look for the chart at the coinmarketcap.com USDT symbol). So it is, potentially, a time - bomb.
And other main thing - people from wall street will not will to buy BTC at highs, they always buy at dips they set by themselves.
It is the end of BTC freedom in some ways. But we will see, course BTC can make a surprise, in a long therm.

and second day rise of the altcoins is the one additional plus to corretion-theory:)

upd. What is interesting, is that BTC trading 24/7/365, and Futures 5 days a week, and not very long time of a day. How it will works, we will see)

[MinerHQ]

The corrections is going to happen but is not going to be serious one as many traders are awaiting the corrections to buy and push the price up.  We are expecting price to fell a little below 15,000 dollar to buy again and after that bitcoin may push above $20,000 as speculated that this will happen before end of this year.

Correct. recently there are plenty of new investors jumped into Bitcoin investments and they don't spend on gambling or sell at a loss that's why prices may not correct lot. It is good that prices are started some correction before it goes above 20K. If you invested for long-term then we shouldn't worry about all these short-term price fluctuations just hold them in future it will give us very good profit.

[xelaxin]

thinkin on future destiny of Btc my imho, that now it is massive btc sale going, from current holders(mostly young and computer-friendly guys) to the wall-street like money holders, big capitals of fiat money flowing to the new owners, Christmas sale:) Then, some part of the fiat will be converted to the altcoins, to make one more round of cap. growth, and now crypto-community have much more fiat money on their accounts that was years ago, when Bitcoin growth starts. So, everything will happen faster and harder. My opinion, that Etherium is in favore for now, but it is not a coin, at all, so, perhaps, Etherium+one "money" coin. BCC?BTG?ZEC?XMR?
Who knows, we will see

[Baofeng]

Everybody thinks, that Bitcoin is "to the moon"-only asset?

Nope I tend to agree with the analysis you put forth in your first post and I too think there will be a similar correction. I thought however it would already have begun by now but I think perhaps it is waiting on the CME launch of futures which I believe is the bigger set. Will be interesting to see what happens after Dec 18th I know I am ready for either direction.

Agreed. We should look after Dec 18. Bitcoin has been consistently settling around $16K-$17K lately after CBOE bitcoin future contracts. So it would be really interesting to see if this can be maintained after Dec 18 or a price correction or even crash will happened. Let's see how it goes.

But personally, I think that all this futures contracts seems to lessen the volatility of the market. If you have noticed it. lately there's no wild price swings, it will always stays at the range of $16K-$17K at the end of the day. So me thinks that this is cause by those financial institutions getting into bitcoin now.

[hahahafr]

Tether is a REAL shit, i dont understand why they are always going to change the supply

There is no new information about Tether huge cap. And loooks like double top on Bitcoin chart is drawing now.
My opinion is that correction will be achieved in the range 8-12

It seems that it was a big set up, they are just changing the supply as much as they can.

Far as i know, they were only able to have a max of 930 Millions of tether in circulation, but there are more than 968 millions right now and it seems that they are going to keep pushing more tethers on the market.

Regarding to btc price, it will not drop, at least not for now, the price is very stable right now.

[ceferov]

I also think that BTC needs a correction but it's hard to say that it will touch 8k. IMO 12k would be enough correction and after that it will continue growing. Because mostly BTC not going down when everyone waiting for it

[xelaxin]

Everybody thinks, that Bitcoin is "to the moon"-only asset?

Nope I tend to agree with the analysis you put forth in your first post and I too think there will be a similar correction. I thought however it would already have begun by now but I think perhaps it is waiting on the CME launch of futures which I believe is the bigger set. Will be interesting to see what happens after Dec 18th I know I am ready for either direction.

Agreed. We should look after Dec 18. Bitcoin has been consistently settling around $16K-$17K lately after CBOE bitcoin future contracts. So it would be really interesting to see if this can be maintained after Dec 18 or a price correction or even crash will happened. Let's see how it goes.

But personally, I think that all this futures contracts seems to lessen the volatility of the market. If you have noticed it. lately there's no wild price swings, it will always stays at the range of $16K-$17K at the end of the day. So me thinks that this is cause by those financial institutions getting into bitcoin now.

Completely agreed, imho it is main purpose for the futures - price manipulating with less real fiat supply, and volatility control
It is just incredible that just one future, with not so big volumes, control Btc market with all his volumes...
My opinion that money now flows to the owners who will put some of their new maded capitals back into crypto world, but it will be another coin, and, as there will be much more fiat on the market than was some years ago for bitcoin, everything will happen faster harder scooter;)

[syaripudin]

bitcoin prices had deathlock a few days ago I think what will happen next is that there will be a group of people who do a massive sale. in my opinion bitcoin prices will fall back after many traders who sell bitcoin because things like this will tend to be utilized for profit. Amateur traders like those who just want to take a profit quickly and with the rise in bitcoin prices some time ago this could lead to that I think there will be many countries trying to profit from the bitcoin market when bitcoin mission is trying to get out of government control. and apart from that all I think that in Januri 2018, there will be a significant increase in prices and tend to increase 2-3% every day.

[Dart18]

Then how will you explain what is happening now?
I dont think there is a thing like a correction. There is none. It is only demands that will happen and will always be.
There will be an increase because of the fork and maybe your speculation might be correct after that. They will all sell it afterwards or if ever, there will also be a chance they will stay if they are that strong with their trust to bitcoin.

I ever it drops that is a sell not a correction.

[xelaxin]

Everybody seen that?
https://coinmarketcap.com/currencies/tether/
1,049,999,272 USDT !!!!
from yesterday..

and again, everything goes to Btc,

something gonna happen