[bullish] Are we at the first sell off point now?.

[beerlover]

Holding right now is the smart way to go, people are too much in panic mode and we are not really at that level yet, people are overreacting to what's going on. Obviously this is not ideal and we would have been happier with a 15k price or even 100k price to be honest but just because it is a bit down doesn't mean that it is over, we are still looking strong and the price will definitely go up eventually.

It means if you do not panic right now and end up losing money, you could make more profit later on, could be today could be a year from now but you will make that money, I would rather way around for my profit to come versus just losing money and hoping my next trade could be more profitable, we never know how the next trade will be so it is smarter to just wait.

[1715484221]

1715484221

[nelson4lov]

Bitcoin moves a couple of percentages up and suddenly everyone is longer bearish and no one is talking about the CME gap that still didn't get filled at ~ 9600 price levels.  If we're at the first sell-off phase, I don't think we're over it just yet. History shows that Q4 isn't really the best time for crypto markets. In the past, we've seen several sell-off in the months leading to December. I think we would be seeing more downsides in the coming months. Given that bitcoin has been correlated with stock market assets, I won't be surprised.

I still believe that we're in a bull run but how many people would be willing to buy bitcoin at $15K right now given the current financial situation caused by the pandemic?

[okala]

Over the night bitcoin has show a recovery from the downward trend that was trip a little above $10,000 for more than four day. Today it is above $10375 resistance leve and that is a sign that another bull run may start very soon especially if it can go above $10500 before the closing of daily candlestick.

[pooya87]

Over the night bitcoin has show a recovery from the downward trend that was trip a little above $10,000 for more than four day. Today it is above $10375 resistance leve and that is a sign that another bull run may start very soon especially if it can go above $10500 before the closing of daily candlestick.

i don't think we can call this a "recovery" because price dropped from closer to $12k down to closer to $10k and unless it goes back up to where it was and on the same previous trend, it can not be considered "recovered".
similar to tiny drops that don't last long (reaching $9900 then jumping back above $10k) which are not downtrends and just market fluctuations.

[Ridwan Fauzi]

I always compare bitcoin's price movement with the gold price movement because they have a similarity. Now, bitcoin is trying to reach strong resistance $10.500 that has been failed to be reached for three times. But if we see to gold price movement, now its price has successfully passed its strong resistance $1955, so in my prediction bitcoin could pass its strong resistance.

[suzanne5223]

Over the night bitcoin has show a recovery from the downward trend that was trip a little above $10,000 for more than four day. Today it is above $10375 resistance leve and that is a sign that another bull run may start very soon especially if it can go above $10500 before the closing of daily candlestick.

i don't think we can call this a "recovery" because the price dropped from closer to $12k down to closer to $10k and unless it goes back up to where it was and on the same previous trend, it can not be considered "recovered".
similar to tiny drops that don't last long (reaching $9900 then jumping back above $10k) which are not downtrends and just market fluctuations.

Aside from the market current price range, the momentum posed by the market shows that we're somehow in a stable price condition and the major keep player are the enthusiasm, arbitrage and day traders thats why we dont see huge pump in price.

[Emitdama]

This little tiny bumps in the price do mean something, it doesn't mean something big because lets face it anything could happen at any time, we could wake up to 20k or 5k and both are quite possible in crypto world but these small movements shows the sense in the community right now. When bitcoin goes from 10.1k to 10.5k that means something, that means buyers are still around and sellers are probably done, unless something major changes we are not going to see a fall, if we do end up however seeing some big changes that means price could still fall.

I am afraid of saying this will happen or that will happen because I am not entirely sure but to be perfectly honest with you guys, I feel like we are going above 11k again very soon, probably in a week or so.

[Ryker1]

I always compare bitcoin's price movement with the gold price movement because they have a similarity. Now, bitcoin is trying to reach strong resistance $10.500 that has been failed to be reached for three times. But if we see to gold price movement, now its price has successfully passed its strong resistance $1955, so in my prediction bitcoin could pass its strong resistance.

Well, I think you have a misinterpretation here regarding this matter. Bitcoin price movements is totally different from the gold price movement, they don't have any correlation when it comes to price movement. As a principle of demand and supply, --you can able to determine the price of bitcoin. Unfortunately it looks like there is another correction will happen. Everyone waiting for the bounce back but nothing has happened. Selling during the market crashed is not a good idea, much better to hold and patiently wait until when it will happen of price grow. OP's technical analysis will perhaps become true, who knows about it.

[STT]

And we all know that the Federal Reserve is artificially propping up the stock markets.

The FED is debasing the monetary base for every citizen not just of USA but globally where dollar is used as a reserve currency in multiple countries as an exchange asset (trade, asset stability etc.).   Lets not credit them with anything especially positive, I'll only say they mean well but I dont find anything noble in actions which will certainly lead to failure.     A prop could be viewed positively where it helps heal the underlying structure but this will not, volatility will rise from excess easy money policy.

The current action is a pullback resolving slowly, I might presume downwards but its not especially proven that so far.   The largest point towards that argument is closing weekly bars below 10500 which I would take as another pin towards moving downwards.   July we moved upwards past this resistance only to now resolve downwards, that could be taken as a negative indicator for future action.

 BTC progress is not always linear sometimes its held back then rushes forward.   Right this moment its retreating from a 'good' ceiling or regular resistance and thats normal enough on off peak weekend hours though Japan enters its working week around about this time and earlier.



Recent high is top of the range since we corrected downwards, I would still say this isnt especially negative at present and could just represent profit taking.   Trade above 10400 would be a near term positive but more important is to maintain this recent low which is weekly average and we've been positive since Friday while achieving this level as a low or support.   If we can hold below 10200 then we might get a larger move actually worth trading, its just a bit flat at the moment and I'd guess not the best place to put on risk and walk away.

[jackg]

Recent high is top of the range since we corrected downwards, I would still say this isnt especially negative at present and could just represent profit taking.   Trade above 10400 would be a near term positive but more important is to maintain this recent low which is weekly average and we've been positive since Friday while achieving this level as a low or support.   If we can hold below 10200 then we might get a larger move actually worth trading, its just a bit flat at the moment and I'd guess not the best place to put on risk and walk away.

Imo, this is either a "Bart" fakeout or we're going further down...

I'm not certain but I think we're in for at least filling the cme gap and potentially going further to the 8.8k regions.

[RealMalatesta]

I am trying to figure out if the people who are so much pessimistic about bitcoin could hang in the crypto world too long and how much they affect it. I mean sure there are some very downey people who keep bitcoin and they get out as soon as they get scared, but how many of them do get back in?

If you are a person who thinks that bitcoin can't be worth anything and it is going to eventually end up being zero and so forth, you should not be here at all, but every single time bitcoin falls I keep seeing people who think that bitcoin is nothing and it will be zero, like why the hell are they still here? What is the point of being so much down about bitcoin in the total? I can't figure it out but I hope that they will be gone one day and we will not have to deal with them.

[vaultman]

Personally, I still do not believe in the growth of bitcoin above $ 15,000, because it is a very outdated token, there are more modern and advanced cryptocurrencies than bitcoin.

[okala]

The market is at undecid level and I think anything can still happen. We are not far from what happened in September and October 2017 went bitcoin went down in the medium of the month of September.

[pokeronlinestatus]

You can believe any coin you want and you can have all the hopes you want from the new coins but the reality is no matter how many hyped coins that comes up, bitcoin still worths more than entire crypto market without it, so that means if you take ethereum which is second and from there down to last coin all of them combined do not worth as much as bitcoin.

Of course you have your right to believe whatever you want, but it is like saying mcdonalds is dated and will no longer be eaten or coca cola is outdated and nobody will drink it, obviously there will be smaller competition, obviously there is pepsi as well, but when you look at face value they will never be going down. Plus 15k+ is not that far away neither, I would totally understand if you said 100k but when you say 15k it is quite possible very soon.

[Mahanton]

I am trying to figure out if the people who are so much pessimistic about bitcoin could hang in the crypto world too long and how much they affect it. I mean sure there are some very downey people who keep bitcoin and they get out as soon as they get scared, but how many of them do get back in?

If you are a person who thinks that bitcoin can't be worth anything and it is going to eventually end up being zero and so forth, you should not be here at all, but every single time bitcoin falls I keep seeing people who think that bitcoin is nothing and it will be zero, like why the hell are they still here? What is the point of being so much down about bitcoin in the total? I can't figure it out but I hope that they will be gone one day and we will not have to deal with them.

No need to figure it out and theres no need to stress out yourself to look on the answers that you do have in mind on why these people are still here on this market.
We know that you cant pleased anybody and this is why we do really see different side of things when it comes to their mindset towards Bitcoin or as a whole.
There would be criticisms and negative views and inputs which can be commonly seen on dumping or bear market times and those words would be reverted to positive
when the market is shooting up.The same cycle would continue thats why i do able to say that you should be getting used to it.

[jackg]

If you are a person who thinks that bitcoin can't be worth anything and it is going to eventually end up being zero and so forth, you should not be here at all, but every single time bitcoin falls I keep seeing people who think that bitcoin is nothing and it will be zero, like why the hell are they still here? What is the point of being so much down about bitcoin in the total? I can't figure it out but I hope that they will be gone one day and we will not have to deal with them.

Assuming this isn't aimed at me, I think they're probably sad they missed the boat in 2010, then 2012, 1026 and potentially around now.

Personally, I still do not believe in the growth of bitcoin above $ 15,000, because it is a very outdated token, there are more modern and advanced cryptocurrencies than bitcoin.

It's the one EVERYONE'S heard of. Even if it's as "scary Internet money" online banking is still like that to a lot of people too... Point is they move on..

And what's the coin you like? I've never had to pay a $50 tx fee in bitcoin in 4 years (if it's eth).

[adaseb]

Basically the stock market and crypto markets are highly correlated because bitcoin is considered a risk-on asset. You can pretty much get a head start shorting or longing crypto just by looking at what the stock markets are doing. Look for the last few trading days for global markets and see how when the NY markets opened and headed downwards crypto followed shortly after.

So basically if the stock markets keep correcting for the next few weeks so will bitcoin. If there is some major stock market crash where the circuit breakers keep going off then there can be a massive crash as in March 2020. However nobody knows exactly when this will happen. This all could be nothing but a dip in the stock market which was needed for a major correction.

The NASDAQ is only 12% down from the ATH, which is not at all too concerning. It would be concerning if it was -20% from the ATH which is considered a bear market and might lead to higher sell-offs and crypto would shortly follow.

[Yamifoud]

I don't want to look into the chart because it only disappoints me and even thinks about selling (worries may come out) and exactly what I do now is to keep holding. I'd come in here for a reason and aiming for another ATH yet it somehow hard to reach this time but I was then to wait. No, market volatility will actually save me for this and there is a reason to believe that after their short dumps, pumps will be followed. I don't want to reckon the 2017 Bullish and bearish event, I assume that this year is quite different...

[ultrloa]

I am trying to figure out if the people who are so much pessimistic about bitcoin could hang in the crypto world too long and how much they affect it. I mean sure there are some very downey people who keep bitcoin and they get out as soon as they get scared, but how many of them do get back in?

If you are a person who thinks that bitcoin can't be worth anything and it is going to eventually end up being zero and so forth, you should not be here at all, but every single time bitcoin falls I keep seeing people who think that bitcoin is nothing and it will be zero, like why the hell are they still here? What is the point of being so much down about bitcoin in the total? I can't figure it out but I hope that they will be gone one day and we will not have to deal with them.

No need to figure it out and theres no need to stress out yourself to look on the answers that you do have in mind on why these people are still here on this market.
We know that you cant pleased anybody and this is why we do really see different side of things when it comes to their mindset towards Bitcoin or as a whole.
There would be criticisms and negative views and inputs which can be commonly seen on dumping or bear market times and those words would be reverted to positive
when the market is shooting up.The same cycle would continue thats why i do able to say that you should be getting used to it.

Its the emotion what drives people to think negatively if something bad happen as well if there's something good and we cannot really please anybody to think the same since we have different attitude and understandings on the situation. So best for now to not get panic for some dumps and if we can't take to see the current market situation then better to dump to take the stress out.

[jackg]

I don't want to look into the chart because it only disappoints me and even thinks about selling (worries may come out) and exactly what I do now is to keep holding. I'd come in here for a reason and aiming for another ATH yet it somehow hard to reach this time but I was then to wait. No, market volatility will actually save me for this and there is a reason to believe that after their short dumps, pumps will be followed. I don't want to reckon the 2017 Bullish and bearish event, I assume that this year is quite different...

To clarify, this was a bullish stance I have on the coin going up, I might change the topic to suggest that as quite a few are getting confused.

A small dip is what we need to go up healthily. A 2k drop is nothing to worry about... But it is a buying point.