What's going on with the dump?

[sabriel]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

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[gentlemand]

There was no particular reason for the rise either. The market is slightly no man's landish. There's no definitive momentum in either direction. This time next week it could be 11 grand or 6 grand and we'd be none the wiser.

[MrBigHang]

What number did you buy in at?  We might be going down to 4-5k.  Bitcoin hype is dying down so there are no new buyers.  We might be in a two to three year bear market.  Only thing that can save BTC now is Wall Street Whales.

[Lionel]

There are FUD fake news against crypto being spread in Asia now.
 These dumps are temporary.

Please don't do anything know.

For now, read this post https://bitcointalk.org/index.php?topic=2993255.msg30782883#msg30782883

Then let us know what you think and we discuss.

[sabriel]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

[jimbo2000]

My personal opinion is just that it's a slight correction of sorts. The price quickly recovered from 6k to near 12k and faced a lot of resistance around 12k. A new level of support will need to be found (hopefully around the current price of 10k) and then there will be more confidence and the price can begin to move towards 12k again.

The price can't just move from 6k back to 20k without any uncertainty.

[MrBigHang]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

Sounds like you are trying to day trade.  Looking at the charts daily means that you are day trading and you will lose.  Everyone pays tuition day trading and tuition these days are high.  Day trading is an emotional game and it sounds like you don't have the stomach for it.  Bitcoin doesn't go up in a straight line. 

If this is a true investment, you'd buy and forgot for a year. 

[MoonIsBlue]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

Sounds like you are trying to day trade.  Looking at the charts daily means that you are day trading and you will lose.  Everyone pays tuition day trading and tuition these days are high.  Day trading is an emotional game and it sounds like you don't have the stomach for it.  Bitcoin doesn't go up in a straight line. 

If this is a true investment, you'd buy and forgot for a year. 

Doesn't sound like daytrading to me, its healthy to want to protect your investment. You don't know the future and although everyone keeps saying Bitcoin will reach astronomical heights 20k might have been its peak for a long time or forever. I don't daytrade but I'm also not a fan of this ''hodl'' strategy, I sold before the big crash and I bought back in when it was 6k, a good time went over these two decisions so its not exactly daytrading, I'm protecting my investment.

[LFC_Bitcoin]

Manipulation is what’s happening

[fulmetal08larz]

The recent dump we're experiencing right now is some kind of minor correction before an uptrend. An exhausting bull run for almost 2 weeks since Feb 6 is what caused the sell-off. Those who have bought at a lower level are probably selling right now. It could also be possible that manipulation of the big whales are in play. Good news are circulating the mainstream media right now and institutional buyers and new players are eager to buy at a discounted level. It is best to ride the waves that these whales are producing.

[Lucius]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

Do you buy for long term or you have something else in plan?If you are buy for long term than you have option to hold and do nothing,price will go up like always-or you can sell and wait to price drop and then buy back.If you're scared for your investment just put sell order at 8800$ or above,if price go to that level you will have your money back.

It is normal for such things to happen,rise from 6000$ to almost 12 000$ obviously needs correction.There is more sellers then buyers,an eternal game of supply&demand.

[malikusama]

Just now? Are you talking about few hours ? or days?
First you don't have to assume the hike of bitcoin, just by seeing a rise of few hundred dollars, market is too much volatile and nobody knows where it is heading now.
BTW all the panic sellers including you (as you lost your calm as it goes few hundred dollars down) and manipulators are the reason of this drop.

[InvoKing]

Hey,

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening. I thought we were on the up. I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

Buy and hold, you will get a nice profit in the future, everyone is winning apart from the ones that sold their coins when the price goes down.
And yes I don't see why we should have reasons to see the price fluctuating, it is all about bump and dump and maybe this too

Manipulation is what’s happening

[jakelyson]

I already stopped thinking reasons why bitcoin is dumping or pumping. Happens all the time, dumps without any reason.

It is better to use your time thinking how to take advantage of the situation or how to get some profit out of this bad situation. May buy more, or just hodl until it recovers back.

[nydiacaskey01]

Can anyone explain to me why there is a such a dump just now? I don't see any big reasons why this is happening.

Get used to it, specially now that its almost weekend, expect more dumps and trading will be a little bit slow compared to weekday trading. This is not something new.

I bought in very recently, so i'm starting to get a bit nervous. Trying to hold fast!

Congratulations, you bought when price of BTC is low, if I were you, I'll stop looking at blockfollio and preev because the more you look into the price of BTC, the more nervous you will be and a big possibility of selling below you buy price. If you have BTC now, hold on to it and as much as possible, forget about it for now. Check back when BTC is up again.

[tdrinker]

If you can scour the depths of the internet and can't find any major news stories on why the price is falling then I wouldn't worry about it too much. As others have mentioned, bitcoin has recovered a lot from the low and was facing large resistance around 12k, many people will be profit taking at that price.

While the market is facing resistance for a few days people start to get nervous, they see bitcoin hasn't risen for a couple of days and those guys that were looking to sell out soon will be willing to lower their expectations. We then see a sell off of sorts. It's magnified right now because there aren't huge support levels to stop the falls. Many who are looking to buy will have the patience to try and let the price fall back to previous lows.

[1Referee]

If the price would have maintained a stable range within $8000-$9000 people wouldn't say anything, aside from some noobs complaining about the lack of volatility. The price increased to $11,700 without any reason, and falls down to current levels without any reason, and suddenly people start talking about dumps and whatnot. If the price has gone up, people ask what the news or development was. If the price has gone down, people ask if there has been any bad news causing the price to dump. Can't people for once just accept that the market doesn't need any reason to move up or down? It's just whale play we are seeing now, and that in a very thin market. Keep holding or trade the volatility, or do both, there is nothing else to do.

[Tyrantt]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

Why are you worrying? Even if you sell now you're still profiting. Hold on to your bitcoins, and if you're not in a hurry, you'll most likely make a profit of 200%-300% until the end of this year, if not sooner.

[Lionel]

MrBigHang, I bought in about $8800. It is a bit worrying. I'm not sure if i should be putting in a sell just before it hits that or not. I wouldn't want caught in a trap and sell, then a second later it reverses.

Sounds like you are trying to day trade.  Looking at the charts daily means that you are day trading and you will lose.  Everyone pays tuition day trading and tuition these days are high.  Day trading is an emotional game and it sounds like you don't have the stomach for it.  Bitcoin doesn't go up in a straight line. 

If this is a true investment, you'd buy and forgot for a year. 

Bravo
+1 Merit for this

That's the winners strategy.

Especially for intelligent investments like Bitcoin which are not a bubble like Tulips, it doesn't make sense to act like sheep just for the fluctuations.

You should see how BTC performs yearly, never compare the today's price with one month ago

[BrewMaster]

some random drops, some panic sells, and finally some FUD all lead to a drop. this will possibly be a good test of the buy support and after this state of dumping is over we can at least figure out what the strongest bottom based on the buy support we see now, is going to be.