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Author Topic: End of the correction?  (Read 148 times)
shaman11
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April 04, 2018, 03:18:38 PM
 #1

Hello crypto lovers. I believe that we are nearing the end of the correction, which has lasted for only 3 months but was extremely painful and seemed prolonged!

I want to put forth a few points on why I believe that we are nearing the end of the correction in big-daddy BTC. If I may say so, Bitcoin has held the whole alt-coin market hostage. This coupling with Bitcoin however wont end in the near future for reasons well known. For starters, we are talking about a crypto currency which started a revolution.

Bitcoin last made a low of 5967 in the previous leg and in the current downward move made a slightly higher low of roughly 6400. We have more or less a double bottom situation in Technical analysis parlons.

Median corrective moves since 2010 have roughly been 70%. There has been a 72% correction in the overall cryptocurrency market. This has happened without any major reason apart from the Ghost of Mt. Gox coming back to haunt the market again.

Another significant reason is that Institutional money is simply waiting on the sidelines to enter. However I feel that they won be making any significant investments without regulatory guidelines.

Lets wait and see whether this indeed is end of the correction or there is more pain to come.
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April 04, 2018, 03:19:59 PM
 #2

 I do not think soo , correction will be 2-3 months more i think , we need to get bitcoin to have some rest before he would get new money come to this markets and starting rising again.
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April 04, 2018, 03:21:47 PM
 #3

$600 will decide the fate of Bitcoin. If Bitcoin survives, it will be just a low level speculative asset and it's price range will be $600 to $1000

Bitcoin went up from $1 to $10,000 in 9 years (super-hyip)
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April 04, 2018, 03:23:25 PM
 #4

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.
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April 04, 2018, 03:24:19 PM
 #5

Bitcoin has just bounced, lets see if the bounce can break the resistance levels. If the resistance at 8k doesnt break. Then we can see Bitcoin at 5k or 3k. If the resistance price breaks then Bitcoin party!

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April 04, 2018, 03:25:52 PM
 #6

Seems to be going down again this time. Bubble has bursted people. Still waiting for the bottom and then buy again.

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April 04, 2018, 06:34:46 PM
 #7

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.

I agree with this. Those newcomers that bought at around 19k would have probably been devastated as they saw the price drop and have been waiting for any small recovery to sell out and "cut losses". The significance of the ad ban was overplayed though, EU is starting to study how to regulate bitcoin and some exchanges are moving to Switzerland so it's not really all gloom and doom in the horizon.

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April 04, 2018, 06:50:09 PM
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 #8

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.

I agree with this. Those newcomers that bought at around 19k would have probably been devastated as they saw the price drop and have been waiting for any small recovery to sell out and "cut losses". The significance of the ad ban was overplayed though, EU is starting to study how to regulate bitcoin and some exchanges are moving to Switzerland so it's not really all gloom and doom in the horizon.
I think they can be still recovering their losses by buying bitcoin at the current price and sell them when the price is high and slowly regain their losses and I think the price of bitcoin can be increased again back to 19k value just keep holding it and wait until December or next halving maybe the price could increase again back.

Look at the price chart last 2 years after the block halving. This is one of the reasons why the price burst increase until 2017 and now we experience a price correction and now for me, the movement of the price is normal and I think we will see huge movement again around November and December just like what happened years ago.

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April 04, 2018, 06:59:58 PM
 #9

I agree with you bears looks tired now. And we have seen a decemt bounce upto 7400+$ yesterday. So i think we are bottomed out we may see some more downtrend and sideways movement for bitcoin for few more days.

Bullish sentiments are starting show though and i am very much confident April end and may starting week will be good for bitcoin.
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April 04, 2018, 07:01:39 PM
 #10

Hello crypto lovers. I believe that we are nearing the end of the correction, which has lasted for only 3 months but was extremely painful and seemed prolonged!

I want to put forth a few points on why I believe that we are nearing the end of the correction in big-daddy BTC. If I may say so, Bitcoin has held the whole alt-coin market hostage. This coupling with Bitcoin however wont end in the near future for reasons well known. For starters, we are talking about a crypto currency which started a revolution.

Bitcoin last made a low of 5967 in the previous leg and in the current downward move made a slightly higher low of roughly 6400. We have more or less a double bottom situation in Technical analysis parlons.

Median corrective moves since 2010 have roughly been 70%. There has been a 72% correction in the overall cryptocurrency market. This has happened without any major reason apart from the Ghost of Mt. Gox coming back to haunt the market again.

Another significant reason is that Institutional money is simply waiting on the sidelines to enter. However I feel that they won be making any significant investments without regulatory guidelines.

Lets wait and see whether this indeed is end of the correction or there is more pain to come.

I was actually thinking that the correction would be coming to an end soon but as of this moment I also think that it can still be longer. As of the moment, there are still a lot of questionable dips into which I think that there would still be a not less than the value but I think that after the correction we can really see a big improvement into how and where the cryptocurrency market especially bitcoin will shift towards. That being said we are facing a great test of endurance and patience in this troubled imes
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April 04, 2018, 07:02:28 PM
 #11

I guess that this correction will be stable during one or 2 months because the money in markets is not as much as needed and the world has not enough money in my opinion so maybe after summer the new blood will come to market which is possible only with new money flow
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April 04, 2018, 07:14:43 PM
 #12

Hello crypto lovers. I believe that we are nearing the end of the correction, which has lasted for only 3 months but was extremely painful and seemed prolonged!

I want to put forth a few points on why I believe that we are nearing the end of the correction in big-daddy BTC. If I may say so, Bitcoin has held the whole alt-coin market hostage. This coupling with Bitcoin however wont end in the near future for reasons well known. For starters, we are talking about a crypto currency which started a revolution.

Bitcoin last made a low of 5967 in the previous leg and in the current downward move made a slightly higher low of roughly 6400. We have more or less a double bottom situation in Technical analysis parlons.

Median corrective moves since 2010 have roughly been 70%. There has been a 72% correction in the overall cryptocurrency market. This has happened without any major reason apart from the Ghost of Mt. Gox coming back to haunt the market again.

Another significant reason is that Institutional money is simply waiting on the sidelines to enter. However I feel that they won be making any significant investments without regulatory guidelines.

Lets wait and see whether this indeed is end of the correction or there is more pain to come.

In terms of technical chart, I can see a upward trend for recovery for the reasons you have already mentioned. The first low was 5967 and the second low was much higher than the first leg is an indication of market's upward movement. However, we have seen that technical analysis is not a very useful tool for measuring crypto tendency as crypto market shows raw reflection of human emotion. Even though I will be very happy if the correction ends, but I still doubt.

Secondly, we can't really rely on the institutional money at this point because the legislative structure is still not supportive to cryptocurrency.  If the legislative structure changes, then probably we will see these institiutional funds coming to crypto market, but no one knows when! So I am little sceptical to think that the correction is about to end.

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April 04, 2018, 08:52:13 PM
 #13

looking at different resistance points.
mining had a cost resistance point at ~$8000... which got thrashed and pools/miners reacted at the start of march by holding off on adding hashpower..
but it seems a month later on the 30th of march their mindsets changed. some pools decided to reduce thier hashrate due to costs.. while other pools have put their pedal to the metla and actually increased their hashrate for the first time in a month.
so something seems to have stired their speculation to have made them react.

as for the price resistance point of day traders. past lows had a ~$6000 resistance. and this has been tested hallf a dozen times but not got below. so it seems we might be close to seeing the day traders give up trying to test the low and accept that above $6k is a good safe bet for the new bottom.. and then work up the courage to start spculating the bull. to then test the highs

only time will tell, but it wont keep bouncing around the $6k-$8k forever

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April 04, 2018, 08:56:01 PM
 #14

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.

You really think price went down because of panic selling? Or was it influenced by other external factors?
Also, so what if google and fb  banned it? People can still use it. google is not the god of the internet.
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April 04, 2018, 09:03:10 PM
 #15

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.

You really think price went down because of panic selling? Or was it influenced by other external factors?
Also, so what if google and fb  banned it? People can still use it. google is not the god of the internet.
i think it could be many factor , speculation first , only time will tell us where the bitcoin could go but don't think it could do down to 3K, hope will stay around 5K or 6K for another couple month.

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April 04, 2018, 09:03:54 PM
 #16

I don't think so. As we didn't manage to break through the resistance level upwards, as it looks for now, we are heading to retest the double bottom at around 6k. (my opinion only)

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April 04, 2018, 09:13:56 PM
 #17

The correction have ended with 10k$ as a value for bitcoin. But it did not stabilize as bitcoins price have slided down to 6200$. The reason at this point is not the correction but rather the panic selling of bitcoin holders due to the issue of banning cryptocurrency related ads and ICO's by google, twitter and facebook. Many investors also have been discouraged and ended up selling their bitcoins in the market resulting to the down fall of bitcoins value.

You really think price went down because of panic selling? Or was it influenced by other external factors?
Also, so what if google and fb  banned it? People can still use it. google is not the god of the internet.
i think it could be many factor , speculation first , only time will tell us where the bitcoin could go but don't think it could do down to 3K, hope will stay around 5K or 6K for another couple month.

To be honest I'm quite shocked that it dropped this low. I wouldn't have guessed that it would drop lower than 11.000$.
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April 04, 2018, 09:17:22 PM
 #18

Hello crypto lovers. I believe that we are nearing the end of the correction, which has lasted for only 3 months but was extremely painful and seemed prolonged!

I want to put forth a few points on why I believe that we are nearing the end of the correction in big-daddy BTC. If I may say so, Bitcoin has held the whole alt-coin market hostage. This coupling with Bitcoin however wont end in the near future for reasons well known. For starters, we are talking about a crypto currency which started a revolution.

Bitcoin last made a low of 5967 in the previous leg and in the current downward move made a slightly higher low of roughly 6400. We have more or less a double bottom situation in Technical analysis parlons.

Median corrective moves since 2010 have roughly been 70%. There has been a 72% correction in the overall cryptocurrency market. This has happened without any major reason apart from the Ghost of Mt. Gox coming back to haunt the market again.

Another significant reason is that Institutional money is simply waiting on the sidelines to enter. However I feel that they won be making any significant investments without regulatory guidelines.

Lets wait and see whether this indeed is end of the correction or there is more pain to come.

Keep calm and patience.  The bullish will coming  Grin
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April 04, 2018, 09:18:09 PM
 #19

Whether the correction is actually completed, you do not know. But I am sure that the market will remain very volatile.

But the fact is that the BTC will at least keep its real value. The BTC is already well known and it is being paid in large parts of the world with BTC. The demand for BTC will not go to zero, Most Altcoins are bought via BTC. Even if it's still a bit down, I'm sure it's a matter of time until the course recovers. So do not panic
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April 04, 2018, 09:28:28 PM
 #20

Whether the correction is actually completed, you do not know. But I am sure that the market will remain very volatile.

But the fact is that the BTC will at least keep its real value. The BTC is already well known and it is being paid in large parts of the world with BTC. The demand for BTC will not go to zero, Most Altcoins are bought via BTC. Even if it's still a bit down, I'm sure it's a matter of time until the course recovers. So do not panic
Agreed.I'm not also sure if the correction has come to an end or it will continue up to this month.But one thing for sure,btc will have its own time to recover and start reaching new heights again.The history is just repeating some years ago,and hopefully before this year ends,we will see bitcoin reaching $20k-$30k.I know its everybody's wish here in the crypto market and for sure it will bound to happen soon.

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