Bitcoin is going down...now at $7,654.85

[CryptoBry]

I am not actually expecting this because I was thinking that if Bitcoin can go higher than #8,300 then it will be moving sideways in the next few days. Today, Bitcoin plummeted to lower than its support level and is standing at $7,654.85 per CoinMarketCap figures. The whole cryptocurrency market is on the decline and is painted with red juice color.

Where is the next direction of Bitcoin is everybody's guess but I am a firm and strong believer with this coin that I am predicting that it can in hours be heading south. I am still inclined to believe in many analysts' prediction of it to soon breakout the $8800 zone.

Am I just over optimistic and blinded by things happening the market today?

[mike4001_]

This was as always one whale selling lots of coins in a matter of minutes and plummeting the price.

Hopefully he buys back soon :-)

[bittraffic]

It happen so quickly, its was 7,989 USD and when I refresh the page in less than a minute the price dives to 7,600USD already.

This was as always one whale selling lots of coins in a matter of minutes and plummeting the price.

Hopefully he buys back soon :-)

He must have seen the price will drop very soon. I have noticed it also that when BTC doesn't break out after two weeks, the higher the possibility that price will dive. But I hope this whale will learn the weirdest way possible if some whale counter part intentionally burn him.

[Herbert2020]

nobody expected a drop but also they didn't expect a rise either. that is why most investors have been staying away from the market because of this simple uncertainty situation. and when they do that, the order books become emptier which makes manipulating them easier so a big sudden dump from a manipulator can easily crash the price lower and like always the bots go crazy when their stop losses are being manipulated by that dump and start the avalanche.

[1Referee]

I don't get why people are so surprised? It's one heck of a short/sell indicator when the price dips below the 200 daily moving average.

My current target is $6800-$7200 which I believe will form as a temporary bottom at the very least. It will be my first DCA entry point, which is what I have been waiting for since we broke out of the descending triangle. The bullish sentiment within and outside the community was very telling as well.

The good news is that this offers a new (potentially last) opportunity for people who missed to buy at these levels previously to do it now.

[Lucius]

After several attempts to move toward $9000 which failed, it was expected that bulls will lose power and that something like this will happen. We can only speculate on the cause of such a sharp decline which is still going on (Bitstamp $7445), but very likely the cause is a large dump of BTC on some exchange or some very bad news which is still unknown to the general public.

As things stand, it looks like the end of the year will not be in the sign of an increase, but a fall in prices - which is good news for investors, bad for those who have already invested and are planning to sell by the end of the year.

[UnDerDoG81]

Yesterday I thought of selling @8.2k and get out of bitcoin because I knew it will drop soon. But that soon  Honestly I expect 3k in the next months. Of course just a guess. Still hope for ATH.

[alyssa85]

A graph of the plunge:



This seems to me a deliberate attempt to tank the price. Possibly because some futures expire on Friday and someone wants to manipulate the main market because they want to profit from the futures market.

Volume on Bakkt was 332 bitcoins today so far.

[ragavancoin]

I am not actually expecting this because I was thinking that if Bitcoin can go higher than #8,300 then it will be moving sideways in the next few days. Today, Bitcoin plummeted to lower than its support level and is standing at $7,654.85 per CoinMarketCap figures. The whole cryptocurrency market is on the decline and is painted with red juice color.

Where is the next direction of Bitcoin is everybody's guess but I am a firm and strong believer with this coin that I am predicting that it can in hours be heading south. I am still inclined to believe in many analysts' prediction of it to soon breakout the $8800 zone.

Am I just over optimistic and blinded by things happening the market today?

Yes it is really surprising me because when I saw morning the btc price was $8250 on coinmarketcap. Few hours later just now checked the btc price on coinmarketcap it is now around $7546 and btc price was down more than 8% really it too bad, why the crypto market going red now and what is the reason behind.

[buwaytress]

When was the last dip below 8k? Last week, wasn't it? I said then it's been long coming, and today's crash is similarly in the same vein of "should have happened sooner, why did it take so long?".

If all the charts have been suggesting it, and even other fundamentals are not growing more than they should, no reason to think we shouldn't have been seeing these levels earlier.

We've still got a few more pumps above 8k I'm sure too, before we get to see the new direction proper.

[BitHodler]

Wow.... as I posted in another thread stating that I expect the price to drop further, I saw this thread and quickly looked up the price, and it wasn't a troll trying to scare off people, but an actual dump of around $500.

Some times you just want to be wrong, but in this case I was not. I rather be right predicting the price to go up, but this is also part of the market after the massive run we had that started in April, which pumped the price from $3k to $14k.

[gentlemand]

Bitmex deciding they want to start making money again?

https://twitter.com/lawmaster/status/1186995147566915585

Anything between 6500 and 11,000 is now officially a bit dull in my eyes. I'm looking to this time next year for some interesting rumblings.

[Leahhhh]

Any thoughts on how low it will go?  

[Wexnident]

This was as always one whale selling lots of coins in a matter of minutes and plummeting the price.

Hopefully he buys back soon :-)

I think so as well. The price was way too sharp a drop after all. It was almost instantaneous and caught me off guard. I honestly thought it was just gonna hover around the 7900 mark then rise up or at least steady itself by that much.

I wasn't really expecting a possible push towards 9k. The Plummet really caught me off guard. Although it is good news for others and maybe me as well cause I'm considering of buying more BTC before the bullish season. If so, then I'd probably wait a few more weeks and see if it would drop any lower than it already has.

Am I just over optimistic and blinded by things happening the market today?

You're not being optimistic. It's just that the market at the moment was manipulated by the whales a bit which caused the price to drop sharply. I hope it would rise back to normal again one of these days but who knows. It really is unreadable at times after all.

[Jating]

I am not actually expecting this because I was thinking that if Bitcoin can go higher than #8,300 then it will be moving sideways in the next few days. Today, Bitcoin plummeted to lower than its support level and is standing at $7,654.85 per CoinMarketCap figures. The whole cryptocurrency market is on the decline and is painted with red juice color.

Where is the next direction of Bitcoin is everybody's guess but I am a firm and strong believer with this coin that I am predicting that it can in hours be heading south. I am still inclined to believe in many analysts' prediction of it to soon breakout the $8800 zone.

Am I just over optimistic and blinded by things happening the market today?

Right now I was surprised to see the price going below $8k, not good.

However, we have been trading sideways for the past days and it's about time we made a break out. The only sad thing is that it went on the opposite side. But I still be fairly optimistic, this is just another bump and I still seeing a jump to $8k above sooner. I appreciate those TA guys around (not naming names here) for giving us a warning about the incoming decline, so I'm prepared but surprised that it came suddenly though.

[Herbert2020]

Any thoughts on how low it will go? 

it is impossible to tell because of what i said above!
look at the charts, there is a big red candle without even causing a volume spike which shows there isn't even that much panic sellers left to dump their coins! compare that with September 24 where we had a similar big red drop and see the volume spike of that time. all points to this being unnatural.

[Wysi]

Wow.... as I posted in another thread stating that I expect the price to drop further, I saw this thread and quickly looked up the price, and it wasn't a troll trying to scare off people, but an actual dump of around $500.

Some times you just want to be wrong, but in this case I was not. I rather be right predicting the price to go up, but this is also part of the market after the massive run we had that started in April, which pumped the price from $3k to $14k.

Even I am shocked hear a a sudden dump of over $400 and it's bit worrisome as I thought there will not be such a fluctuations looking at past few weeks.  I really wish and hope that your predictions comes true as this dump will send a negative impact to the market and might trigger panic selling to the gloomy market and cause further damage.

[PryptoMontreal]

Bitcoin is down to 7450$ now and I don't see any reason to panic yet. Seems like a whale trying to manipulate the market looking at the sudden dump, building up opportunities to buy more coins for cheap 
Buy every dump, Sell once the price is stable!

[Murat]

I wasn't expecting $7475 right now. Though as I predicted earlier this month looks like Bitcoin failed to hold the price & now it looks like we're going below $7000 in few weeks. We might see another downtrend to below $6k but not sure if we test below $5k again or not. The market condition is not very good right now. I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market. The volatility of the bitcoin market always scars off the real investors. I would avoid trading for now and move to a stable coin. Surprisingly Altcoin market looks good at this recent market.

[Fredomago]

I wasn't expecting $7475 right now. Though as I predicted earlier this month looks like Bitcoin failed to hold the price & now it looks like we're going below $7000 in few weeks. We might see another downtrend to below $6k but not sure if we test below $5k again or not. The market condition is not very good right now. I don't understand how could price crash $700 in just 30 Minutes. It looks like a group of people controlling the market. The volatility of the bitcoin market always scars off the real investors. I would avoid trading for now and move to a stable coin. Surprisingly Altcoin market looks good at this recent market.

The current conditions is for those who can handle the risk and have the nerve to play with the whales, this quick downfall can be backup by another big dive down, best to observe everything first before trying to scalp. It can be another trap from big whales club who wanted to create artificial trend and shake every weak holders hands.

If you have decent assets it would be much better to stay away from the exchange or looking with your balance in order not to be tempted selling with loses, instead, if you have spare money to invest buy additional if the market continue to fall.