Down below $9k! Buy the dip now?

[adaseb]

I was expecting the triangle to get tested and most likely break the $9100 area and maybe head into the $8900 area from the stops getting hit but the way it sold off to $8000 is pretty scary.

Since it had a healthy bounce I will keep an open-mind however I think we can be entering bear terrority unless we can close above $9000 on the weekly chart. Because this seems way too similar to what happened when we broke $6000, went to $5500, everybody assumed that was the bear trap and would head higher and instead we got a nasty crash right after.

[terrorJR]

Bitcoin that was stable was down even worse by 10% so what should we do right now to buy or wait for the right time? everyone speculates that now the point is not safe.

[Ridwan Fauzi]

Yeah we just put all of our hope to launched the bakkt service but it is just a give negative side and make bitcoin going down so far. But I have a little confident that the 8k ia the lower price and will make a support for bitcoin. The investor only wait to the price goes lower and they will buy more when it has touched the support. The bakkt intention's is give a confident for the investor so as  they will consider that bitcoin is the safest place to invest.

[exstasie]

And the bears are taking over!

In this situation right now, what price do you think will be their new support and resistance level?

The Bakkt hype continues!!! Most freaks out there think that Bakkt would skyrocket BTC, but it looks like we're heading south instead.

Volatility is so high right now, and I bet when I wake up later, it might be going even lower.

Do you think it's the right time to buy now? Or should we wait for BTC to dip even further?

I think it's time right now to accumulate more satoshis in my arsenal, as the bloodbath sale begins!!!!

I caught the knife in the $8,200-$8,400 range with a portion of my cash but most of it is still waiting on the sidelines. At worst, I see this going to the mid-$7000s so I want to wait and see how this develops over the next few days.

Based on previous bull cycles (like 2016) we probably won't close below the 20-week MA or spend much time below the 200-day MA. So the bottom may not be in yet but I think this dip will be short lived.

[dengpei]

The bitcoin price bear run has begun, by December 2019 - May 2020 the flagship cryptocurrency is going to slump down to prices below 5k.

Yes, ''buy the dip'' they might say but how deep is the dip and how low can it go before it starts to rise again?

[Findingnemo]

Whales will move the market in unexpected direction that is what happening right now,so don't get trapped sooner the prices might recover or we are going too deep from $8500.

[stadus]

Bear is not here yet for BTC, but for altcoins its stayed for more than a year already.

The dump create panic in the market but I think this is just temporary and we will not anymore witness BTC falling below $4,000 like we've seen last year and early this year. It's too much of a struggle if we will ever see that, last year, Bakkt launch was an anticipated even but now that its finally launch, it seems like the market is moving different from our expectation, I think there's some manipulation going on here.

[michellee]

Maybe this is the second time of the lower price that we will be going to see. The price still going down, although not too fast than before, we need to stay calm. I guess that after this we will see the price will reverse to the higher price and what we were experiencing will get repaid, and we will make a profit again. Make sure you know in what price you want to buy and wait for a while if the price still going down. Maybe that will be your best price to buy bitcoin. Don't go with all in but split your order buy into many parts.

[el kaka22]

It is an amazing period for people who felt they were too late to get into bitcoin. Right now, price could easily make 20% profits soon, just wait another week or two and even wait a month at max and you will literally still make a ton of money. Right now, price is ripe for everyone to buy, it will not go bad from now on here, sure it could drop more but who cares because we know it will go back to 10k eventually, it could go to 5k if it wants but eventually it will hit 10k once again and than you can make your return you always dreamed of in bitcoin world.

There is nothing in the world right now that could make you 20% profit in a month, I believe the only thing is bitcoin if you believe in it, if enough people believes that than we are the market anyway so it will happen even more quickly.

[BrewMaster]

ever since we entered 2018, anything below $10k has been an excellent chance to buy bitcoin. at the beginning of the year we had the ridiculous luck of seeing price as low as $3k before it jumped back up to normal price levels of $10k and above and that luck is being repeated but this time it will be a small size and short time one.
of course if you are a day trader you always want to wait for the bottom but as an investor you should be picking up bitcoin at these prices because discounts like this don't repeat again.

[Golftech]

Maybe this is the second time of the lower price that we will be going to see. The price still going down, although not too fast than before, we need to stay calm. I guess that after this we will see the price will reverse to the higher price and what we were experiencing will get repaid, and we will make a profit again. Make sure you know in what price you want to buy and wait for a while if the price still going down. Maybe that will be your best price to buy bitcoin. Don't go with all in but split your order buy into many parts.

This situation is really shaky especially to those who are easily being move by the market trends, you need to add more patience with this current event people who are scared of losing money will easily be trapped by manipulators. This will be another testing grounds for traders who are willing to take the risk, it can't be avoided to see more fall if majority of weak holders will follow this market.

[sunsilk]

Down below $20K! Buy the dip now.
Down below $19K! Buy the dip now.
Down below $18K! Buy the dip now.
Down below $17K! Buy the dip now.
Down below $16K! Buy the dip now.
Down below $15K! Buy the dip now.
Down below $14K! Buy the dip now.
Down below $13K! Buy the dip now.
Down below $12K! Buy the dip now.
Down below $11K! Buy the dip now.
Down below $10K! Buy the dip now.
Down below $ 9K! Buy the dip now.
Down below $ 8K! Buy the dip now.

Don't be stupid and buy the dip, the bubble burst at 20K, we are headed back to $1000, and it may not even hold.
There is no price floor for bitcoin , nothing to stop it from reaching $0.

And bitcoin down to $3,400 and those who have listened to the people who said to buy the dip were still in profits now. There might be no price floor in your opinion but we've seen the ceiling for many times and it can eventually go up there again.

This is just a matter of time and patience should be applied. Personally, I don't even think that we'll see $5k - $8k this quick and the reality that we headed to $13,000 for this year was already an optimistic run for which we can see those highs again in no time.

[michellee]

Maybe this is the second time of the lower price that we will be going to see. The price still going down, although not too fast than before, we need to stay calm. I guess that after this we will see the price will reverse to the higher price and what we were experiencing will get repaid, and we will make a profit again. Make sure you know in what price you want to buy and wait for a while if the price still going down. Maybe that will be your best price to buy bitcoin. Don't go with all in but split your order buy into many parts.

This situation is really shaky especially to those who are easily being move by the market trends, you need to add more patience with this current event people who are scared of losing money will easily be trapped by manipulators. This will be another testing grounds for traders who are willing to take the risk, it can't be avoided to see more fall if majority of weak holders will follow this market.

Yup, we need to be careful to decide to trade or not. If you prefer to stay for a while and only look at the market move, then that will be good for you. If you force yourself to keep trade, I hope you can analyze the chart with well so you can find a good time to enter the market and you can get the right price to buy or sell. I hope that many people could hold their bitcoin for a while and not to panic because we are in the downtrend.

[adaseb]

Right now you just need to look at the weekly candle and see how it closes. I was expecting today to make its way above the $9000 area however it seems to have stalled and kept making lower lows and lower highs, not looking good.

Sure you can make a long trade here with a small R:R but the issue is where do you put your stop? If you put it at $7999, you might get stop hunted and it can reverse. And if you put it at like $7900, there is a good chance so did many other traders and there will be liquidity issues getting filled at those prices and you might get massive slippage like $200-$300 and have your stop hit at $7600 or so.

And its also not worth shorting this area either, since you might be shorting the bottom.

[exstasie]

Right now you just need to look at the weekly candle and see how it closes. I was expecting today to make its way above the $9000 area however it seems to have stalled and kept making lower lows and lower highs, not looking good.

Sure you can make a long trade here with a small R:R but the issue is where do you put your stop? If you put it at $7999, you might get stop hunted and it can reverse. And if you put it at like $7900, there is a good chance so did many other traders and there will be liquidity issues getting filled at those prices and you might get massive slippage like $200-$300 and have your stop hit at $7600 or so.

And its also not worth shorting this area either, since you might be shorting the bottom.

Pretty much. Not a great time to open a margin position. It's a good time for sitting on hands or slowly dollar cost averaging into a long term spot position. I've got spot bids throughout the $7,000s. Not sure if they'll get hit but I figure there's a decent chance with how weak the bulls look.

[davinchi]

It looks like it is on a risky point right now, from now on it could either break out and go higher than 10k because it covered the gap back here but at the same time it could even go lower. It kinda depends on the manipulators as well, after all there is really no way we know who caused this and I bet my money on the whales and long/short people, that doesn't mean I know this, I am just guessing but it looks that way to me.

We were doing fine and everything looked alright and price was prime to go up and suddenly it dropped, the price was stuck between two trends of 9k-11k price never reaching 9k nor never reaching 11k just moving in between which meant traders wouldn't make any money that way so they just decided to make bigger moves for themselves to get better profits.

[STT]

I agree with the dollar cost average because the overall mood is weak, standing in the way of a truck because you think it has good brakes is not sound logic even if you are correct but the average is justified on a longer term perspective and because its not all done at once it might last over the time required for the market to turn around however long that is.

We arent actually moving substantially even though we did make a new low, its in line with an old trend I drew a while back so its still on course.   Not the course many planned or wanted but a proper drop has the truck falling off the road altogether :p



It terms of buy the dip, if we can hold above the two day average which is the blue line we may see more positive action as speculators are often ready to fill open air in pricing.  Its been positive for a little while on these 1hr bars.   My proper break would be to see it get to 6k but I doubt I see it today.   I actually entered a contest months back with that exact guess because of this whole idea, we lost the uptrend and it leads to upset but markets dont act simply so just plain down now is too simple I guess I wont win that contest  

[Morguk]

Depends on your perspective. Long term, 5+ years you can't go wrong accumulating on dips like these. If you have a short term view then yeah you could easily get rekt as BTC could keep falling. I win by always having a long term view lol.

[Duzter]

The 200 day moving average as well as the stock RSI has reached the over sold range. This indicates it to be the downtrend, and further there is more chances for fall in the price reaching low to $7000 if the current barrier gets broken. Considering these factors it is always a good choice to invest on the dips and hold for long term profiting.

[teosanru]

And the bears are taking over!

In this situation right now, what price do you think will be their new support and resistance level?

The Bakkt hype continues!!! Most freaks out there think that Bakkt would skyrocket BTC, but it looks like we're heading south instead.

Volatility is so high right now, and I bet when I wake up later, it might be going even lower.

Do you think it's the right time to buy now? Or should we wait for BTC to dip even further?

I think it's time right now to accumulate more satoshis in my arsenal, as the bloodbath sale begins!!!!

Going by the technicals I think we are again entering into a bearish phase. The daily chart of btc shows a death cross on the EMA. Moreover there was a long descending triangle on the daily chart which is bearish too. Moreover bad news coming all around is another reason. However this can't be completely said a bearish phase because we are still up holding on the weekly chart. So no need to be worried. We can still become bullish with just one wave up.