What the Effing Hell is Going On!?!?!

[cocoadreamboy]

I was hoping the same thing. The price did not go that route, so today I started scalping again.

If I see it go below 10K again, I will buy and hold and wait.

I prefer to measure the creation cost and enter into bitcoin when it is at wholesale prices. When I first got into bitcoin in a large way it was March 2017. The price was almost equal to the creation cost. Look into the creation cost and identify risk to build confidence before throwing down at a price.

https://www.amsinger.org/how-it-works

Aaron

[1714117196]

1714117196

[Pipdips]

It is at $11,770. Big price drop today down from the mid $13K range. It did not reach a new yearly high. It looks like the parabolic is losing steam in the shorter term of days and maybe even weeks. It is the same down pattern after the last parabolic reached $20K. Down it went. Slowly. Despite all the great news and hype, that is how the chart looks to me.

I am HODL!

[STT]

Right this moment it has a bit of a bounce, easiest to see is the 8 day average price as underlining very recent low.    Daily there is a uptrend and this is the upper band in this area; so this plays as a factor also.  



Its challenged both tops and bottom prices a few times but its not lost the inter month up trend. Very short term I guess some bounce but it should be testing lows a bit more imo ie. circa 10k at least but i often miss the forest for the trees on the spirit of the move, till broken thats up

Lower high should we close out day here is bearish enough to take note.

Be a bit more optimistic if we close bars above 11,900 on 1hr 4hr

[Pipdips]

Currently it is at $11,330 and it keeps going lower, slowly, every day for the most part. Today it went all the way down to $10,983!

Today's 1-week candle time chart shows another bullish red candle in the shape of a graveyard doji, or close to it. Thus, I think Bitcoin is on it's way down and it will continue slowly going down despite all the great news coming in every day. This parabolic is toast and there will be no more action until the halving next year. There is less manipulation occurring in this new parabolic since the previous all time highs parabolic of $20K.  This is it folks.

[Yamifoud]

Currently it is at $11,330 and it keeps going lower, slowly, every day for the most part. Today it went all the way down to $10,983!

That's how volatile BTC is now but we know it will not go down further, it's still a good price, it was not just able to break its resistance as once again the whales are cashing after it reach $13,000, and they made enough profit when it increase 10%, and now it's been 2 days of correction but soon it will end.

It surely it come into an end and we have nothing to in this volatile market but just to keep in track and stay calm all the time.
Have this another break isn't the thing that we should have to look for but to think of its sustainable market that could last longer. I just think that this drop is a preparation for the most awaited bull run.

[figmentofmyass]

i'm surprised at the lack of major bounce since the top a couple days ago.

after the $13.8k top, we saw several strong bounces (bull traps) on the way down, often to the .618 fib area. this time, the strongest bounce we've seen is .382. it's bled down pretty fast and hard.

if today's low was a local bottom, then $12300s could be the next local top area.

[STT]

I think its within reason for it to take its time to find a bottom price that people can find more confidence in.   BTC sometimes and immediately bounces, not alot of markets can do this so often.   Right now its bumped its head a little too often, time to sit down a while is within nature.

Its not lost an uptrend, it has entered between the two bands rather then bouncing off the rev limiter high in the atmosphere

Heres 8 day average first as support or underlying the price, now as a ceiling to it.   11,800 or less to remain a more moderated price.   Lower highs, lower lows on this short term view

[exstasie]

Nice selloff but these high volume undercuts of the previous bottoms look like failed fishing expeditions. They represent lots of trapped sellers if we can hold above the $11,700 area:



Selling momentum is very weak at this point, evidenced by the bullish divergence and curving of the trend. I think we will test those pivots ~ $12,200 and $12,335. Then time to reassess.

[jonsky05]

It's down to $10,900.  It was at $13,600 yesterday. What the hell is going on !?!?

Like a fool I bought some at $13,600. Regrets?

We know know the market is so volatile so its not surprising that the price of bitcoin is ups and down. And we know that the price is depend to what peoples demand in the market.Just hold if you want dont be so emotional..

[exstasie]

I'm surprised by the price action. Considering all the volume on those dump candles from a couple days ago, I thought getting back above them would have triggered a nice short squeeze towards the mid $12,000s. Looks like we failed to launch instead.

Feeling less bullish than yesterday. Let's see how this goes over the weekend.

[STT]

We got a fairly big move, big enough a person might well ask what in all the 7 hells is going on here then!




We have breached the upper band of the up trend, now resting on the bottom trend.   We should see some shorts closing here, possibly some buy.    We are below momentum for the week
   We are still above the 50 day moving average at 10k and it seems likely next week is to open more positively then it appears just now.    We'll see how main markets react tomorrow evening

[exstasie]

We got a fairly big move, big enough a person might well ask what in all the 7 hells is going on here then!

We have breached the upper band of the up trend, now resting on the bottom trend.   We should see some shorts closing here, possibly some buy.    We are below momentum for the week
   We are still above the 50 day moving average at 10k and it seems likely next week is to open more positively then it appears just now.    We'll see how main markets react tomorrow evening

More bearish than I expected. I had figured on some whipsawing and didn't think we would immediately breach the June high, but I didn't expect a straight line back down to the $9Ks either. Dropped nearly $2,500 from the last local high and barely a bounce worth noting the entire time. Reminiscent of bear market behavior, to be honest.

In all likelihood, we're heading lower. $10,300 or a retest of the $9,650 bottom are likely targets. I wonder if we'll finally get a decent bounce first or not though.

[Oceat]

Looks normal to me so far since the price was staying stable for a couple of days or so and there is nothing in the news that's changing the price yet. All we have to do right now is to wait if we are just planning for long-term investment but to people who plan to do scalping, it might be a little hard to it with the condition of the market right now.

[Pipdips]

$9,458 probably time to cut my losses.

[Pipdips]

Perfectly honest? I am out! I took limited profits from all my buys and converted to Stablecoin. I believe Bitcoin is going down to the $6,000 level and perhaps lower into the $5,000 region is also realistic. Since I bought down around $3,500-5,000 areas I did make profits but I have lost enough money from Bitcoin. Have fun reading all these lofty news stories about how it is just a simple correction and look at the charts for yourselves.

In red: that is what the effing hell is going on.

[figmentofmyass]

Perfectly honest? I am out! I took limited profits from all my buys and converted to Stablecoin. I believe Bitcoin is going down to the $6,000 level and perhaps lower into the $5,000 region is also realistic. Since I bought down around $3,500-5,000 areas I did make profits but I have lost enough money from Bitcoin. Have fun reading all these lofty news stories about how it is just a simple correction and look at the charts for yourselves.

In red: that is what the effing hell is going on.

ladies and gentlemen, this is what capitulation looks like. we may not have seen the bottom yet, but the bulls are definitely surrendering and giving up their dreams of getting rich quick. soon enough, they'll all be spectators holding no coins, and all the sub-$10k coins for sale will be bought.

i predict we'll see new highs by october and that we won't go below $8k.

[Wilhelm]

Perfectly honest? I am out! I took limited profits from all my buys and converted to Stablecoin. I believe Bitcoin is going down to the $6,000 level and perhaps lower into the $5,000 region is also realistic. Since I bought down around $3,500-5,000 areas I did make profits but I have lost enough money from Bitcoin. Have fun reading all these lofty news stories about how it is just a simple correction and look at the charts for yourselves.

In red: that is what the effing hell is going on.

ladies and gentlemen, this is what capitulation looks like. we may not have seen the bottom yet, but the bulls are definitely surrendering and giving up their dreams of getting rich quick. soon enough, they'll all be spectators holding no coins, and all the sub-$10k coins for sale will be bought.

i predict we'll see new highs by october and that we won't go below $8k.

A $70k should be doable in 2 years ;-)

[Pipdips]

ladies and gentlemen, this is what capitulation looks like

We shall see.  In the next few days we are looking at 8K, 7K, and I think it is going to continue down to 5 or 6. It is doing the same thing as the previous parabolic high. It is going down, then people like you post saying not to sell, then it goes down, then you say don't sell, then it goes down more, then you say don't sell.

All the great news about Bitcoin in the world does not matter. The price is being manipulated again just like it was for the previous parabolic high.

5 or 6 if you are lucky.

[STT]

Best thing to decide is the long term view on Bitcoin and then buy during these times of doubt when BTC price is on sale vs the previous highs.   When else do we turn away from a product now priced lower, unless news justifies such a large movement so that your long term stance is different; worry not.

Presently the price moves around the 50 day average price, if its closing the daily bar below average then I imagine it has more time till it proves positive in momentum once again.   That point is about near to 10k very roughly

[figmentofmyass]

A $70k should be doable in 2 years ;-)

i'm always amazed at how low bulls set their sights around here. even if we just follow the diminishing gains from 2013 to 2017 (35x above ATH vs 16x) then we should be aiming at $140k or above.

and 2 years, you think? in january of this year, that sounded reasonable. my expectations were super low. but i look at the monthly chart now and i'm pretty sure the next cycle has already begun. sooner than all of us expected......