Was 22.3K the correction?

[peter0425]

i Have been monitoring since 5am because of making final decision what to do in my holdings,Abd it seems like correction is coming ,because the movement has no consistency and altcoins are also in Pain.
but only two things will happen for sure,and that is either we will continue bullish  till 2021 or market will dump before the year end.

The correction now turns out to be somewhat complicated to forecast, in the world a new strain of the virus is now being put, this can cause some panic, some countries are already closing borders again, everything would be a matter of waiting, really the price per now the Bitcoin one is very good.

Exactly ,the complicated movement make it harder to tell ,so maybe i will just keep my coins.

[el kaka22]

By the looks of it the price is not going down "that" much. The news about XRP should have dropped the price a ton, and it did dropped a bit or maybe it was just coincidence that the price dropped during something like this, but the price dropped nevertheless yet when we look at it, price drops in all crypto goes from 2% to 8% or so at the top level, which is not really all that much and bitcoin is still above $23k level.

This shows us that bitcoin is not ready for a big drop just yet, doesn't mean that it will never drop, but it just means that bitcoin price will probably not fall that all that much for just right now. It is going to be strong and the support of buyers will continue to keep it high, we now have corporations with us trying to buy which allows us to be stronger, normally I hate these financial companies but they are very helpful during this period.

[STT]

It had some correction just today but its really not much, just topping out on a Fib line thats matched highs all along this large price movement for weeks.   I suspect its from the news of further delays to any stimulus bill being sent, really I dont trust news like this as a proper reason for movement but it does effect market sentiment overall so to BTC now we react to Dollars so often and have main market involvement



So negative projection as OP feared, here by this extrapolation that'd be about 19k at first count.   That low would match Dec 11 low and also the thanksgiving sell off, still within a range of positive movement but a correction.   Blue line is 50 day average, its a fair downside target to pencil in but theres not much excuse to expect it as yet and we are above the 2 day average.   2 day is declining and weekly still rising, if they meet we could sell properly at that time perhaps.

[DoublerHunter]

^ We will never know until the middle of next year. But for me, it is not a correction. We have to consider the fact that one of the greatest holidays of the year is about to come.  So people would consider selling and profit with their assets first then reinvest later. So for me, we will know it once we reached the next 6 months. I have been eyeing it since it hit $23k already. I was expecting a more dramatic decrease in the value as bitcoin is very volatile. But luckily, it did not. It’s slow so there is a chance that It will still increase. Remember that once there is a correction there could be a price pump in the market.

[Fatunad]

^ We will never know until the middle of next year. But for me, it is not a correction. We have to consider the fact that one of the greatest holidays of the year is about to come.  So people would consider selling and profit with their assets first then reinvest later. So for me, we will know it once we reached the next 6 months. I have been eyeing it since it hit $23k already. I was expecting a more dramatic decrease in the value as bitcoin is very volatile. But luckily, it did not. It’s slow so there is a chance that It will still increase. Remember that once there is a correction there could be a price pump in the market.

Im presuming that we would be heading back down to 20k price or lower since we are on a holiday season which same as you said where people will be taking off their profits.

Yes, there was a decrease in price but it didnt really go as bad as we presumed but we cant conclude either that was already the correction or pullback that we've been waiting.

On technicals there were several spots for some buyback but it seems the price had stabilized or moving sideways once again which make it really hard to
make up some decisions neither you do buy or sell to this point.

[Baofeng]

^ We will never know until the middle of next year. But for me, it is not a correction. We have to consider the fact that one of the greatest holidays of the year is about to come.  So people would consider selling and profit with their assets first then reinvest later. So for me, we will know it once we reached the next 6 months. I have been eyeing it since it hit $23k already. I was expecting a more dramatic decrease in the value as bitcoin is very volatile. But luckily, it did not. It’s slow so there is a chance that It will still increase. Remember that once there is a correction there could be a price pump in the market.

Im presuming that we would be heading back down to 20k price or lower since we are on a holiday season which same as you said where people will be taking off their profits.

Yes, there was a decrease in price but it didnt really go as bad as we presumed but we cant conclude either that was already the correction or pullback that we've been waiting.

On technicals there were several spots for some buyback but it seems the price had stabilized or moving sideways once again which make it really hard to
make up some decisions neither you do buy or sell to this point.

It didn't slow down a bit, the price is still a decent $23k++ right this Christmas holiday so it's very different as compare to lets say December of 2017 wherein there was still a big rally because of the positive news about CME and CBoE. But then again, time has change, narrative has change as well that's why we didn't see any massive dump today. Yes, there could be some pullback in the future but probably in the range of 1%++ not a huge dump. So the price today will be the next support and then it goes on.

[Kelvinid]

$ 22k is indeed a correction, and finally it goes up to $ 24k,
of course this makes the support really strong, I hope Bitcoin doesn't fall any deeper than $ 20k,
because if it is below $ 20k the bullish is over.

Even though it goes back to below $20k, we can't say that it ends up the bullish season.
If we take a look at the last 2017 trend, we suffered a huge drop last December but what we have now is truly amazing and different situation. People are not so dumb to sell their cryptos for the Christmas season but instead of keeping them.

It was this year that despite the virus spread, Bitcoin demand is getting stronger and many companies are adopting this. This will have a huge impact on the market trend and I foresaw that this rally will continue till next year.

[GreatArkansas]

From what I see here, I am looking forward to an area of $19,000 - $20,000 is strong support here, significant support especially from last 2017 peak. People may start buying again or waiting for $20,000 to buy again, it is also psychological support for some.
If you check the price of Bitcoin last month, we got a lot of time that Bitcoin stays around $19,000 and after it broke the $20,000 it easily reach the $22,000 - $23,000 level.

[pooya87]

It is not possible to talk about the size of the correction but we can be sure that the total size during bull runs (which we are currently in one) is always a lot smaller than any other time because of the increasing demand and the momentum that exists during these times creating a "resistance" against the fall.
With that said I wouldn't be surprised if we never see any price below $22k ever again even though this is the end of the year and there is always newbies panic selling for no reason.

[Zemomtum]

The way the chat looks, it is like 22k is the correction, we might hit 25k before the end of this year and the bull run proper will begin in the year 2021 where there will be a lot of FOMO

[JimboToronto]

It was a correction, one of many.

[SquallLeonhart]

Considering the price is still above 23.5k as of right now, that was probably the correction when we bottomed out with the help of XRP getting investigation news was probably impacting on the crypto world a bit as well, which means price was meant to go down. But considering it is way about that already, literally just 24 hours later, I assume that correction was a short lived one and we are doing much better once again.

Do not forget we have spent weeks and even months around the 19k level, went up and down many times, and in the end we broke over that and look where we are right now. Which could mean that maybe the price of bitcoin could have hard time breaking over 25k for a long time, but in the end if we keep this up and not allow price to go down, that could mean that the price could actually go above 25k eventually, even if not right away.

[Fredomago]

$ 22k is indeed a correction, and finally it goes up to $ 24k,
of course this makes the support really strong, I hope Bitcoin doesn't fall any deeper than $ 20k,
because if it is below $ 20k the bullish is over.

You can't assure that, there's still possibilities that test will try to go deeper considering that there are whales who still holding huge amount of this coin, they can easily play and shake most of the holders. Make sure to understand all those factors that may affect the current market trend before assuming what will happened next.

This current rate may be a good corrections since it bounce back and now residing above $23K, showing a good strength
and holding, bull still working and still gaining.

[Furious 7]

$ 22k is indeed a correction, and finally it goes up to $ 24k,
of course this makes the support really strong, I hope Bitcoin doesn't fall any deeper than $ 20k,
because if it is below $ 20k the bullish is over.

Even though it goes back to below $20k, we can't say that it ends up the bullish season.
If we take a look at the last 2017 trend, we suffered a huge drop last December but what we have now is truly amazing and different situation. People are not so dumb to sell their cryptos for the Christmas season but instead of keeping them.

It was this year that despite the virus spread, Bitcoin demand is getting stronger and many companies are adopting this. This will have a huge impact on the market trend and I foresaw that this rally will continue till next year.

And we should not just believe the news that spreads bitcoin FUD will remain stable at 20k+ look what happens now where altcoins have decreased quite drastically and now bitcoin is still holding $23k this is a bit of a correction where the bulls will not go away once Me, Christmas is a good day for them and of course this is in demand so much because there are no long holidays so they are saving more on their assets than having to worry about what viruses are happening now.
Adoption is still happening but I think it will continue at an increasing price.

[fortunecrypto]

Was that price the correction or are we expecting it to hit 20K?

It's hard to tell where the correction is going now we are in a bull run and Bitcoin is setting a lot of new records but if there's a correction between 22 and 23k we need not worry as long as there is no bad news, and no price crash I have a strong feeling that Bitcoin will end up in the $24 to $25 level, we only expect $20000 but the price reached $23000 it's really a big year ending surprise.

[Questat]

I believe it is, but we consider it as a minor correction only, we have some surge and therefore it's expected that major correction will come. Bitcoin on the other hand is still bullish, I'm not certain if it has already top, so I think it might rise a bit before the big correction will start.

However, this is just my own personal opinion, I could be wrong like many others, we just have to be smart and don't make ourselves greedy on what we are seeing as we might be FOMOd.

[Quidat]

It was a correction, one of many.

People still get surprised anything like this? Without even realizing that we had been facing this for a decade now. 
Correction can happen anytime because it wont really be called a market if there would be no price pullbacks to happen.
We cant just see a market that have some continous rise and therefore we should really be making out some measures
on buying out while its still cheap and waiting for some good run or increase for us to make profits.

[cryptomaniac_xxx]

It was a correction, one of many.

Exactly, the only difference is that we have touch a new all time high and that's why everyone is really excited getting to $25k. But it won't be handed on us on a silver platter, the market needs to move on it's natural course because we can see $25k or even higher. Correction is over though, we have even momentum again to push to $24k, that bears didn't take over the market, normal pullback, and you're right, just one of many.

[Bitstar_coin]

If that's the case it means to buy at every little dip that occur because from the look of tings there won't be any major dip like previous years where btc dip alot, this time it seems only little corrections and the price will readjust for the next run, this year is really different, 2020 has got some events that will go down in history.

[sarmrakib]

Was that price the correction or are we expecting it to hit 20K?

Have you seen the recent spike its already on 24K$ .It means we are strongly at the bull run .Which are not surviving and still there is no chance of downfall and nvere be at 20K$ soon .I think we can touch 30k$ at this year hand cause we still have few days to end and btc is rising fast .Everything is possible on crypto we need to eye on the market always .