Bitcoin’s Rise Neutralizes Bearish Mood

Quote from: Pearls Before Swine on October 23, 2019, 07:32:15 PM

Quote from: Theb on October 23, 2019, 06:23:29 PM

I cannot even call it a "price bounce" especially when Bitcoin was literally just hovering around that price area.

No, it wasn't a bounce at all. Maybe a very small one, but it wasn't meaningful. What *is* meaningful is bitcoin performing a little plummet in the past 24 hours, and what a difference a day makes, right?

So much for neutralizing the bearish mood. Let us clink glasses together and make a toast to the bottom, which I'm hoping bitcoin has reached. I am realistic about what could happen but I'm also trying to be as optimistic as I can be in the face of a serious bearish mood. Very gloomy with a chance of failure.

It's not a bounce that's it a 2 to 3% price gain isn't what you call a bounce since it's near the price range on where Bitcoin is currently moving. The the green candle we have seen yesterday is just people who have pump it and short it after. It's really expected since Bitcoin is still on a bearish phase and I really don't expect BTC to go back up above 8,500$ shortly specially when the MACD and RSI all points out to be bearish.

Quote from: 1Referee on October 23, 2019, 01:56:54 PM

I hope for people that they don't chicken out once again, because this is the time for people to pull out their fiat bags and start scooping up satoshis.

I think so too. People are understandably scared; a 47% drop is nothing to sneeze at. However this still looks like mid 2013 or early 2016 to me. In other words, a mid term pullback.

History doesn't repeat but it does often rhyme. This pullback is just taking a slightly different shape than previous ones.

Quote from: skarais on October 23, 2019, 05:42:08 PM

Quote from: figmentofmyass on October 23, 2019, 04:53:56 PM

~Skip
how low will we go? $7k? lower?! that bounce off $7300 doesn't look like a bottom to me.....

Before and after halving the price of bitcoin will still go down, this is proven based on the data. Today, in fact, bitcoin is falling fast and I think this is only temporary. The market will recover this week, I don't think the price will drop below $7,000. Actually this is surprising, but the last few days bitcoin looks stable and in my opinion this is a sign of falling prices, in reality prices are down on Friday quickly. But I think the price will recover soon.

I think you got confused. The history is showing us that before the halving Bitcoin pumps and then loses some value right after, and then usually pumps again when fresh coins mined at higher difficulty enter the market.

I see this dump today as a reaction to the Libra inquiry that was supposed to happen on the same date. The price doesn't dump just like that on its own without something significant happening in the world.

Quote from: pixie85 on October 23, 2019, 10:05:43 PM

I see this dump today as a reaction to the Libra inquiry that was supposed to happen on the same date. The price doesn't dump just like that on its own without something significant happening in the world.

That's a fallacy. Volatile price moves happen all the time without significant news. The Zuckerberg hearing was neither significant nor bad news as far as I can tell either.

The literal cause of price drops is sellers outnumbering buyers. Everything else is just speculation. Wise analysts were expecting this drop might happen, if they weren't outright forecasting it.

Quote from: exstasie on October 23, 2019, 08:37:56 PM

Quote from: 1Referee on October 23, 2019, 01:56:54 PM

I hope for people that they don't chicken out once again, because this is the time for people to pull out their fiat bags and start scooping up satoshis.

47% drop is a significant number, consider it as a crisis but that's not the case if we calculate bitcoin has risen 125% from the bottom $3300 to the current price.
Pardon me, but where this number (47% drop) come from? If it's the drop from $13000, then it just 44% drop.
I've been waiting for bitcoin drop to this level, it's a good thing to stockpiling more bitcoin to my wallet.

Quote from: pixie85 on October 23, 2019, 10:05:43 PM

This is just my perception, you have the right to say different things.
Before halving occurs, the price of bitcoin can go down and you will easily get historical data. But to say the decline this time was caused by bitcoin going to half, I think it's still too early. Prices continue to fluctuate without the influence of any news, and that can happen at any time. The large number of sales proves the price of bitcoin is falling rapidly. The news about Libra that I don't think will make the price movement go down too fast, this is just a whale game that causes prices to fall.

Quote from: error08 on October 23, 2019, 11:56:00 PM

Quote from: exstasie on October 23, 2019, 08:37:56 PM

I think so too. People are understandably scared; a 47% drop is nothing to sneeze at. However this still looks like mid 2013 or early 2016 to me. In other words, a mid term pullback.

Pardon me, but where this number (47% drop) come from? If it's the drop from $13000, then it just 44% drop.

$13,000 wasn't the top. The high on Bitstamp was $13,880. Dropping to $7,293 = 47.45%.

I think we're headed lower too. Hopefully bulls put up a fight below the 0.618 so we don't need to spend much time in the $6,000s.....

Quote from: exstasie on October 24, 2019, 07:13:07 AM

~Skip
I think we're headed lower too. Hopefully bulls put up a fight below the 0.618 so we don't need to spend much time in the $6,000s.....

Yes, this does not seem bad enough to be expected. Prices will improve after yesterdays storm. Today the price looks stable in the Bitstamp exchange, although there is a slight correction, but I think the rise will come soon. There have been several attempts to raise the price so that the price is above $7510+, but it still fails and is quite stable at $7466.