Was 22.3K the correction?

[RealMalatesta]

Theres waves of doubt that come in after a move down, market takes time to work through that before resolving its final direction either way.    I'd say we are bullish above 30500 or so, however overhead is the monthly average.    I'm told volume favours a further rise from here but appearance might put a few people off, depends on sentiment to some extent and wider markets possibly.
   The price is undecided for the moment and hard to judge, a difficult trade is sometimes best avoided hence I always said trending market is ideal and times like now require alot more attention.  ie. we broke trend

It is definitely a strong point on 30.5k price because it has lowered as much as that point and skyrocketed back to near 34k levels, which is a show of how we are not doing that bad at those levels. Supports are very important during a fall, if a fall can go down under the support levels that means it is not just a simple fall but it is a crash and usually crash happens very quickly and that is what I think will probably happen if we get a crash which wasn't that quick this time around so I think it wasn't a crash.

I believe this wasn't a correction neither, because corrections happen when the price goes up too fast, and yes we did went up to 40k very fast but we had our correction twice to 32k and then went back up, so we are not there anymore. Which means we are not a crash but not a correction neither, this is probably something that is in between of them.

[Jating]

The price will continue to weaken I think because although it looks like there is a quick recovery but still, it will not last long and the decline is happening again. The price is going up and down fast but it doesn't provide a strong pattern for the price to go up any time soon, so with this downside I'm sure the price will still decline or it will just continue to struggle so it can get stuck between $30k.

Yes, the trading volume is already weak to push to $35k. But above $30k, I would say that we are still bullish, its weekend and traders take a respite. And even next week, I would say that we are going to see the same pattern, sideways, we still have bitcoin futures expiration contract that might influence the price negatively.

But come February, we might recover a bit and then push the price to $40k again. And yes, the sentiments is still very bullish, it's just that investors are affected by the negative news and Fud this week.

[Pamadar]

The price will continue to weaken I think because although it looks like there is a quick recovery but still, it will not last long and the decline is happening again. The price is going up and down fast but it doesn't provide a strong pattern for the price to go up any time soon, so with this downside I'm sure the price will still decline or it will just continue to struggle so it can get stuck between $30k.

Yes, the trading volume is already weak to push to $35k. But above $30k, I would say that we are still bullish, its weekend and traders take a respite. And even next week, I would say that we are going to see the same pattern, sideways, we still have bitcoin futures expiration contract that might influence the price negatively.

But come February, we might recover a bit and then push the price to $40k again. And yes, the sentiments is still very bullish, it's just that investors are affected by the negative news and Fud this week.

Still have lots of weak holders who are not capable of holding after suffering with big loses.

The influenced of fuds are weaking more those unprepared investors, we might see bounce back or more corrections that may pullback the value it's a matter of how investors will hold on and keep the barrier not below $30K. It will lessen the fear from the market, and chance to bring new money after strong hold takeover.

[kapalmabur]

29k is a correction, not 22k, if a lot of people want Bitcoin price to dump to $ 22k, I don't think it will happen,
we know since there are futures trading conditions when the correction is not according to TA because many shadows or wicks are twisted,
and that should be us observe before selling bitcoin..

[STT]

I think 22k is reasonable but not just yet, alot can happen before then some speculate a new high.   The price action recently has been fairly weak compared to previously however it cant be called all negative as its stayed sideways.    Lets see how it handles this level challenged just now and its right near the monthly average also.



These are the 4hr bars since about Thursday and I'd say the water level is about here, to be positive it needs to be on top of this surface area.   So far its just bobbing up and down and I would assume more work must be done to prove positive.     I always look for a trend because a good trend will negate these small time frame speculations but right now I think we left trend and we will need to re-accumulate momentum and other factors that power price action especially.