Bitcoin Correction Update - Buyers Are Still Weak, WAIT to buy!

[zorrotm]

There are a lot of people calling a bullish reversal, saying we are not in a bullish market and that we have turned around but is that really true? I wanted to share some facts based information on what the market is indicating and where it will most likely go and why. I encourage questions and constructive comments. Please no spam and nonsense though.

Thanks and enjoy!

https://youtu.be/A6w64sW3M9k

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[shulio]

Until the Bitcoin price passes over 9.5K, we can not say about a trend reversal. Risks are low but the price may not increase that much.

[Borisb52]

Correction is still not over. But bitcoin has already grown a little in price. Probably once again we will test the bottom. And then growth should begin. Negative news about bitcoin ended. Now this news is good. Therefore, we are waiting.

[BitcoinHodler]

i wouldn't call this weak because first of all there was a huge volume during the recovery which shows a lot of money that went out, has came back during that rise and price reached a decent level after the big drop and has been keeping that level for a good time now.

but at the same time it is not over yet because price is not above certain levels. i have my eye on $9500 like the other user said and $10k will be an important step.
a lot of money is also waiting on the sidelines to decide what to do. if price reaches these levels that money will be injected in as fast as possible.

[haroldtee]

We are presently still below the 0.236 Fib level, so there is no way we can ascertain any bullish trend for now. The only thing we can say now is that, with respect to volume, we recently had a huge one that was pumped into BTC few days back on most of the exchanges. Also, the RSI and stoch bounced from the oversold region, the market also bounced from a trend line that has been supporting the market for a while back now (July and September on the daily chart) and the MACD is gradually beginning to curve.

However, these are my thoughts:
The market has experienced a huge blow, so you should not expect smart moneys to even get in now which is why the market is looking a little bit slow and anyone can easily sense fear on the charts. I still want to believe the downtrend is over, but it is just too early to be very sure. We have had situations of dead cat bounce in the past, and the indicators going all wrong, so I am sure you know what I am getting at.
We are also still within the downtrend channel and we have not even broken it yet, so until then, nothing is sure. In fact, right now, it is either I am holding a tight stop loss or rather wait until the 0.382 fib level is settled before knowing where we are going.

Nevertheless, I just cannot wait for all these to be over, the market is getting boring already. We need some actions and it seems the bulls are not doing enough to give some assurance that the market is ready for a change of trend and we also need some good news in our bitcoin's life right now to probably help with the buying momentum.