Bitcoin Just Plunged $700 Upon Reaching $9,060, Correction or Reason To Panic?

[Wexlike]

It wasn't really unexpected that there would be more people selling at higher levels, maybe buy orders couldn't reach up with the sell orders when the price went up and that is something we all knew would happen eventually, that is what happened and everything is still going according to plan. What we have to be really careful about right now is that if buyers are done buying or not, if they are not its even better future for us because people who would sell already sold, now is easier to go even higher, however if they are done, not much we can do about it.

I personally think this was better, sellers just got out of the market by selling and dropping the price, now there is less money required to go back up, buying now would basically mean buying a currency that has %10 increase easily achievable, not definitely will happen but easier at least.

The market is pretty depleted currently I would say. It is a time correction (sideways) for now but overall bullish. Here are a few points to consider if you trading short term:

- the price stays above SMA50, SMA100, SMA200 and they confirm the bullish trend
- the price bounced from the support zone formed by SMA50 and SMA100
- we got a new swing low which is higher than the previous one
- the price broke the local downtrend line

[STT]

Correction is increasingly how it looks, how far we go to form and complete that correction will be a varied opinion.    I cant actually say if we are neutral waiting to go higher or need to visit 8000 at present.
  My general opinion over medium to long term is 2020 will not be a breakout year, however I've been too apprehensive in the past.   I can remember the last halvening and I'am going off that, its not a bad time to hold to buy even but I still wont expect much higher and no ATH



Ok the read for this is the yellow line is a weekly cap to momentum.  The blue line is 2 day very fast momentum, we are below both however I still dont assign this price action as declining below neutral until we are losing that 8600 area then we might get a new low after this recent high meeting the 200 day average.

The chart is big but its just clearer that way, I prefer it highly visible.

[Fundamentals Of]

For sure. If traders are seeing similar patterns and tip points, they might also be placing automatic orders on the same price, or if not exactly the same price, just around that price. That contributes to the falling of prices after reaching at some point.

There are automatic sell orders on the resistance lines as there are also automatic buy orders on the support lines.

I think those have been happening regularly just above 9k and just above 10k -- for me, the fact that almost no volume or resistance/support ever seems to take place in between those levels (least last year anyway) is evidence. So I keep thinking, moving from 9k to 10k (and vice versa) isn't very significant at all. So if and when 9k becomes a clear support, the next support actually is at 10,500 or even 11k.

Think it's just psychology that sell orders are at 9k and 10k for almost anything bought below 8k.

Yeah, sell orders are probably set between $9,000 and $10,000. But the moment we step on that 5-digit price, it would almost certainly develop into a psychological support. I guess there will be much stronger hodling to keep that 5-digit price alive. No more sliding down away from it.

[gabmen]

For sure. If traders are seeing similar patterns and tip points, they might also be placing automatic orders on the same price, or if not exactly the same price, just around that price. That contributes to the falling of prices after reaching at some point.

There are automatic sell orders on the resistance lines as there are also automatic buy orders on the support lines.

I think those have been happening regularly just above 9k and just above 10k -- for me, the fact that almost no volume or resistance/support ever seems to take place in between those levels (least last year anyway) is evidence. So I keep thinking, moving from 9k to 10k (and vice versa) isn't very significant at all. So if and when 9k becomes a clear support, the next support actually is at 10,500 or even 11k.

Think it's just psychology that sell orders are at 9k and 10k for almost anything bought below 8k.

Yeah, sell orders are probably set between $9,000 and $10,000. But the moment we step on that 5-digit price, it would almost certainly develop into a psychological support. I guess there will be much stronger hodling to keep that 5-digit price alive. No more sliding down away from it.

Well i doubt that will be the case. As you've said, many people will likely take their profit once the price touches 10k and that would signal a correction. It's probably going to be back and forth like that until a catalyst comes that could either boost the price beyond 10k or drop it hard. The halving could play that part but we don't know to which direction it'll go.

[AakZaki]

The price of Bitcoin has fallen in the past few days because this is part of the correction, because last Sunday the highest resistance has been reached at 9188$.

This week I look at my technical analysis, because prices are already trading below key prices around 8640$, then most likely until next Sunday, it will be predicted to fall to 8200$ in the first support line and if it continues to fall it is likely to reach 7950$ in the support line  second.

And the worst possibility is if it keeps falling again then 7500$ is a good choice for buying Bitcoin.

[bitcoindusts]

The price of Bitcoin has fallen in the past few days because this is part of the correction, because last Sunday the highest resistance has been reached at 9188$.

This week I look at my technical analysis, because prices are already trading below key prices around 8640$, then most likely until next Sunday, it will be predicted to fall to 8200$ in the first support line and if it continues to fall it is likely to reach 7950$ in the support line  second.

And the worst possibility is if it keeps falling again then 7500$ is a good choice for buying Bitcoin.

It seems bitcoin is having a problem with its support at  $8.3k, it won't be surprise if we see Bitcoin going below $8k on the next days.  Analyst seems to see a sign of Bitcoin going down below $8k since they saw a patter of exhausted demand on the lower $8k.  And they also see that once the major support is broken it can easily go down to $7500. 

[bitbunnny]

The price of Bitcoin has fallen in the past few days because this is part of the correction, because last Sunday the highest resistance has been reached at 9188$.

This week I look at my technical analysis, because prices are already trading below key prices around 8640$, then most likely until next Sunday, it will be predicted to fall to 8200$ in the first support line and if it continues to fall it is likely to reach 7950$ in the support line  second.

And the worst possibility is if it keeps falling again then 7500$ is a good choice for buying Bitcoin.

I agree this is just correction and I would add expected one. There is no reason for panic although it's possible that price goes below 8000$. That is still not a tragedy, it will only be the chance to buy more Bitcoins but I don't expect some sharp price fall.

[StephenJH]

The current week is very important for the BTC if the price breaks down the support line at $8200 I predict the price will head down for testing the $7000. The market sentiment is not favour of bears but market makers have control over the crypto markets. Let's hope the price will stay at the corridor of $8000-$9000 till halving.

[Baofeng]

The price of Bitcoin has fallen in the past few days because this is part of the correction, because last Sunday the highest resistance has been reached at 9188$.

This week I look at my technical analysis, because prices are already trading below key prices around 8640$, then most likely until next Sunday, it will be predicted to fall to 8200$ in the first support line and if it continues to fall it is likely to reach 7950$ in the support line  second.

And the worst possibility is if it keeps falling again then 7500$ is a good choice for buying Bitcoin.

I agree this is just correction and I would add expected one. There is no reason for panic although it's possible that price goes below 8000$. That is still not a tragedy, it will only be the chance to buy more Bitcoins but I don't expect some sharp price fall.

Been waiting for the last couple of weeks to buy @$7k or below. But it seems that the price is somewhat on a sideway patterns, but its good to see it going $8300 today, as it is going to my target price to enter again. Yes, this is not a tragedy, of course we wanted to see the price going 5 digits, but people are here to make money so maybe most of them decided to take profits at $8600-$9200 and be back when the price falls down again.

[STT]

Correction in play, where to speculate now is on the support that is possible.    I'm looking at 8300 to 8200 area for a reasonable area that relates to pricing early in January.   Like I said before that would be quite bullish to pullback and confirm in this area and continue upwards, quite healthy.
  


Other area is the 8000 mentioned previous and also its fair to note we are outside of positive momentum with day to day and weekly averages now overhead.   I never mention my bottom indicator which is OBV, I believe it shows with some accounting for volume that 8000 area is a reasonable target to the downside.   I want to observe how we deal with action when we get there.

[john1010]

It is good to see my old post when the price of bitcoin plays around 7-9k USD only, Back to that day, if someone bought that price and hold until now, or even this previous Bull, definitely, they will enjoy the huge profit. Love to bring back the memory. What do you think guys, will BTC reach ALT again like 100K usd this year 2022-23?

[carlfebz2]

It is good to see my old post when the price of bitcoin plays around 7-9k USD only, Back to that day, if someone bought that price and hold until now, or even this previous Bull, definitely, they will enjoy the huge profit. Love to bring back the memory. What do you think guys, will BTC reach ALT again like 100K usd this year 2022-23?

When we do try to look back into old threads which the price had been talked into or been speculated and now we are above or ahead and its really something that regretful thing for us not to buy much or lots into

those times which simply means that we had missed out lots of possible profits which we might have able to make if ever we did able to get in into those early times but well it cant really be avoided that we would

really be that hesitant on making up such decision due to price unpredictability then it would really be that normal that we have high chance or odds on missing up opportunities
but well past is past and its not too late to accumulate yourself much more coins as of this moment.

[STT]

I reckon its good perspective to look back at old price action.   This even connects to now, people did get shaken out of this maybe in Jan but in March certainly we know it plunged and hard to blame anyone who sold in that spike down.
  The action now, June lows that trend matches the low of Jan 2020.  Not sure it matters but the most significant trend will be the one with the most common points of incidence with price continuing regularly. 

  If wanting the big gloom, the lower point (trend) that would match March 2020 to now equates to a price of about 10k  ( also of Dec 2018).

[Dave1]

It is good to see my old post when the price of bitcoin plays around 7-9k USD only, Back to that day, if someone bought that price and hold until now, or even this previous Bull, definitely, they will enjoy the huge profit. Love to bring back the memory. What do you think guys, will BTC reach ALT again like 100K usd this year 2022-23?

I do agree, sometimes it's nostalgic to go back in the old thread (actually this one is not that old), and see what is the members reaction and what are their thoughts on it.

$100k will definitely be the next target, but I'm not seeing it in 2022-2023, most likely it will be touch when we go on the next bull run of 2024-2025.

@STT - hopefully that scenario of March 2020 will not equate to $10k as we all know that there is Covid-19 scare that time. Unless we have another phenomena like that that will crash the market to that levels. So for now I will say that it has been invalidated.

[Pujangga]

Bitcoin which carries the concept of decentralization is certainly very volatile, the price goes up or down more than 10% per day is normal, the problem is do we take advantage of the moment to buy when the price falls? can we be patient to hold when the price is rising? all control is in hand and makes us have to be able to take advantage of the moment.