There is something fishy in this correction..

[allohm]

I would like your opinions on two thoughts:
1. I have seen many many BTC corrections throughout the past years. But what has particularly struck me in this one is the absence of any buybacks or even temporary relief rallies, no matter the time frame. It is a bit strange to me and makes me think whether this time it is different. TA is not very much respected (well it was never too much respected to begin with with BTC) but especially after breaking the 6Ks there is hardly any buing reaction, like a patient that is already clinically dead but still supported from machines..

2. Who is selling? It is hard to believe that all this is panic selling from "noobs". Some dumps are way too orchestrated and timely. When did all this selling power build up? The only normal explanation i could find is basically an assumption: whether bad legal or tax news lie ahead so "big boys" are cashing out. And i do not even mention some of the other alts that look like they will give the ultimate fight for their very existence.

My conclusion is that it looks like a shakeup, a clearing phase. Just like the burst of .com, which enabled the rebirth of some champions. I hope BTC will be there in the next phase as well and not be replaced by some government backed BTC-clones.

if i put all these together, this correction "smells" differently. i am not sure btc will rebound any time soon (and i mean in 2019-2020). And not by any considerable amount.

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[supermine]

This is not the first time the price of bitcoin were bursting so no need to panic if you are long term holder, if the bitcoin is going to end by this bear trend then this will be end of crypto currency phase no other centralized cryptos will takes place of bitcoin.The current price fall maybe created by the big boys now the noobs and the long term investors are selling their coins because of panic.

[Jating]

We can all blame in on the bots. Lol. They are the real culprit here, traders who doesn't set their stop loss properly. Seriously though, the market is getting worst because of the panic and some guys creating FUD and pointing that bitcoin could go $1500 levels which I don't believed.

As for the current price, this $3K levels should have a strong support, we never broke it for the last year or so, even when there's FUD around China banning Bitcoin and Jamie Dimon attacking the system, this support levels was not broken.  And personally, I see bears are exhaustive, sooner or later they will get tired with all this sell-offs so the bulls will take over again.

[Jet Cash]

Hasn't Bitcoin dropped by 90% or so in the past just before a major bull run. The fundamentals still look good to me though. The movement does look a bit fishy, it seems to be coming down in steps, and that makes it look as if it is orchestrated.

[1Referee]

The movement does look a bit fishy, it seems to be coming down in steps, and that makes it look as if it is orchestrated.

It could very well be institutions artificially working towards a bottom, shaking out noobs in the process. In a market as thin as it is today, institutions can easily sell the market down by dumping into their own orders. They might lose a certain percentage due to smart traders trying to benefit from the lower prices, but they make up for it on the OTC market.

People who thought Bitcoin's easy pump days were over around $20,000 can breathe again. The price pumps nicer from where it is right now back to its all time high than from the peak to whatever higher level.

[Wilhelm]

If you look at the last pump, we all knew that the 10k to 20k move was too much and it would end. Everybody wanting in to Bitcoin is a bad sign.

Now we see the other side, pushing down lower and lower even though we know it is below it's value.
This panic downtrend will get countered soon. We are close to the bottom. Below $3k would only be temporary.
People leaving Bitcoin is a good sign!!

Anyway it's been quite a while but I bought some BTC
Holding out for <$1k is ludicrous but between $4k and $3k is good value for money....


Buy when there is blood in the streets even if it's yours!!!!!

[KryptoKai]

I also noticed that this dump looked different, usually there is a rebound even a small one that gives people a bit of hope, even if it's just a dead cat bounce. However, this dump went all the way to the floor in practically a straight line. Must be a mega whale dumping hard, someone like mt gox

[Tytanowy Janusz]

MT gox is not dumping:
https://www.cryptoground.com/mtgox-cold-wallet-monitor/

We had strong support at 6k $ for more 9 months. After each bounce from support more and more investors was buying setting stoplosses under 5,5k. It should not be surprise that after breaking such an important support (btc market never had support that holded for that long and was tested so manny times) price will dump much lower.

Normal asset should create another support from which price should jump to another bull run if it'll hold. This might take even years. But its BTC not normal asset. I suppose that this is fake break. Biggest bear trap in history of btc. 3600 looks strong. At liest for now. Soon we will see short squeez which will pump price close to 6k range where we will retest support.

[gentlemand]

But what has particularly struck me in this one is the absence of any buybacks or even temporary relief rallies, no matter the time frame.

What it means to me is that this is not the bottom. It signifies that buyers are uninterested at these levels and expect to continue to be ravaged by sellers. They're on strike waiting for an opportunity they believe in. This isn't it.

[cryptokwuk]

MT gox is not dumping:
https://www.cryptoground.com/mtgox-cold-wallet-monitor/

We had strong support at 6k $ for more 9 months. After each bounce from support more and more investors was buying setting stoplosses under 5,5k. It should not be surprise that after breaking such an important support (btc market never had support that holded for that long and was tested so manny times) price will dump much lower.

Normal asset should create another support from which price should jump to another bull run if it'll hold. This might take even years. But its BTC not normal asset. I suppose that this is fake break. Biggest bear trap in history of btc. 3600 looks strong. At liest for now. Soon we will see short squeez which will pump price close to 6k range where we will retest support.

You realize MtGox holdings are completely irrelevant with players like Roger Ver and CSW in the game right? There is at least an order of magnitude difference in the impact these two can make on the market, each of them, separately... So yea, i wouldn't worry about Gox, worry about these two scammers aiming to ruin the entire space and sell their own scam as the future of crypto.

[izanagi narukami]

Every people have their own fear against crypto and as for now, it's really happening where most people do panic sell but it's normal to happen on crypto trading.

Nov 2017 , $ 20.000
Nov 2018 , $ 3.773

I can see the bloody market will continue until Dec 2018 and Jan 2019 will be a new momentum of crypto chart !

[The Sceptical Chymist]

It is a bit strange to me and makes me think whether this time it is different. TA is not very much respected (well it was never too much respected to begin with with BTC) but especially after breaking the 6Ks there is hardly any buing reaction, like a patient that is already clinically dead but still supported from machines..

First of all, I cringe whenever I hear "this time it's different" when someone says that about financial markets--any of them.  As I write this, preev has bitcoin at $3759, which is a damn good drop from where it was, but if there was no "support" or people buying at all, bitcoin would be headed toward zero--and it's not.

I don't believe in TA.  I think it's a bunch of voodoo unscientific approaches to predicting prices based on past price behavior.  Sometimes it works, sometimes it doesn't, but it's a bunch of randomness IMO, just like the market is.

The fact is that none of us know what's causing this bitcoin battering, i.e., who's selling.  But Jesus, just be patient and things will probably get better.  Assuming you bought bitcoin above $3700, what are you options right now?  Sell at a loss?  That's a sucker move.  Let the weak hands in the market do that and pick up the scraps--because those scraps are going to be worth quite a bit more in the coming months (and this is just my opinion).  I don't claim to know what any recovery is going to look like.  Hell, we could drop lower too.  It's anyone's guess.

[sorrysteve1]

I would like your opinions on two thoughts:
1. I have seen many many BTC corrections throughout the past years. But what has particularly struck me in this one is the absence of any buybacks or even temporary relief rallies, no matter the time frame. It is a bit strange to me and makes me think whether this time it is different. TA is not very much respected (well it was never too much respected to begin with with BTC) but especially after breaking the 6Ks there is hardly any buing reaction, like a patient that is already clinically dead but still supported from machines..

2. Who is selling? It is hard to believe that all this is panic selling from "noobs". Some dumps are way too orchestrated and timely. When did all this selling power build up? The only normal explanation i could find is basically an assumption: whether bad legal or tax news lie ahead so "big boys" are cashing out. And i do not even mention some of the other alts that look like they will give the ultimate fight for their very existence.

My conclusion is that it looks like a shakeup, a clearing phase. Just like the burst of .com, which enabled the rebirth of some champions. I hope BTC will be there in the next phase as well and not be replaced by some government backed BTC-clones.

if i put all these together, this correction "smells" differently. i am not sure btc will rebound any time soon (and i mean in 2019-2020). And not by any considerable amount.

I agree with most of this. It does seem very similar to the dotcom bubble, I think the big difference to other crashes in the past is that this time it is very much in the public spotlight so it's going to take much more to come back from this. The market needed to rid itself of the hundreds of shit coins. Only then do I think it can become a lot more respected and reach its full potential.

[gentlemand]

, I think the big difference to other crashes in the past is that this time it is very much in the public spotlight so it's going to take much more to come back from this.

Could go either way. Either the increased attention means it stays down for longer, or less time. We're about to find out. I can well believe an awful lot of people forgot about BTC completely after 2013. That certainly won't be the case this time around.

Never underestimate how rapidly things can turn if people sniff dollars. Memories suddenly become conveniently short.

[fabiorem]

I feel the same, OP.

This "correction" was very artificial.

[exstasie]

Surprise, surprise. Most bitcoiners around here think the price crashing must be "artificial" and "manipulated."

In what ways would an organic crash look different?

Hasn't Bitcoin dropped by 90% or so in the past just before a major bull run. The fundamentals still look good to me though. The movement does look a bit fishy, it seems to be coming down in steps, and that makes it look as if it is orchestrated.

That's what downtrends usually look like: market selloffs with sideways "bear flags" and "bear pennants" riddled throughout.

[Quidat]

This market seems too familiar to me might as well familiar to the other who's already here. We are in an extreme downtrend just like before and if I can compare it to last year it is almost the same but the difference is that it all took on December. And for those who are afraid of missing out chose to sell more than holding it you guys suck.

[bintangkejoraku]

I agree with what you say, BTC will not recover in the near future. maybe it will take 2-3 years, or even longer. oh this is so boring 

[talks_cheep]

Cryptocurrency market the most manipulated market in the history of mankind. Bar none. Also, be aware of the coming January blood bath; we are going down to $1500. On the other hand, Feb'19 will mark the start of a long recovery, so there's that. I'm just looking forward to the 2020 Half'ing event.

[pooya87]

you can not call it "fishy" and also "correction". they can't be correct together. it is either a correction which is logical. or is fishy and is a dump aka manipulation.

1. i believe it is be cause lack of confidence in this drop. majority of traders see this as a manipulation dump not a real drop and correction so they are staying away because they want to protect themselves. as manipulations go, they are unpredictable and nobody likes losing money to whales that are swinging the price.

2. i don't believe this drop had anything more than 10% panic sell (compared to any other similar drops which is mostly panic sells). mainly because all the weak hands have been flushed out of the market in the course of 10 months prior to this drop and the rest who remained aren't known for their panicky decisions.

i am not sure btc will rebound any time soon (and i mean in 2019-2020). amount.

it won't but only because it takes a long time to recover from such a big manipulation drop.