Correction has started?

[freedomgo]

Bitcoin dumping so fast, it's very red now.

From $33k today, bitcoin has dump to $28k..

What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.

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[Chrystora123]

I also paid attention to the movement of the Bitcoin market and was not so surprised by the large correction that had been predicted.  Bitcoin price volatility has been taken into account, in the next few days maybe we will see market corrections occur continuously.  for me personally, the market correction is the best moment to buy more and more Bitcoin..

[Viscore]

Let's see if bitcoin can recover from this, as of this writing, bitcoin is back at $30k, but I'm not convince yet that it will start rising again. Speculation is the best game to play at the moment, sometimes we are bias because we are investing, some are bullish and some are bearish especially those people who are hoping to buy a cheaper price.

[kentrolla]

I would say that BTC is giving us the opportunity again might be whales played a placard today, Many thought BTC is doing the same like it did in the past pump. Panic sell was quite extreme as BTC went down nearly $5k and again it is back to normal momentum, we can't feel disappointed for that because that's how the crypto market is all about. So let's not be too much greedy as well as not to sell in panic let's watch each and every market movement and plan based on that.

[TopTort777]

$31k already and going up. I think this correction was a last chance to jump in into the rocket.
Or it was a move from whales to kickout holders by panic sale. And I must say that they have succeeded in it, according to volume, quite many bitcoins were sold during that drop.

[error08]

A brief correction to $27,7k then rebound to $32k again as fast as it fell. The market still on the bull run, even the correction seems bullish. Whoever started the sell-off has failed to influence the market to panic sell. $30k as the support level appears to hold pretty well, and the next attempt to break the resistance will begin shortly.

[Lucius]

This is just a small pullback, and as you can see it didn’t take long. While it may seem drastic to some, given the price we have now - even a few thousand dollars up or down in 24 hours should come as no surprise. The reasons for this short-term decline, according to some, may be that someone decided to take a profit and dump a significant amount of BTC on the market - but given that the prices of some altcoins jumped sharply at the time of BTC decline, we can conclude that part of the capital went to their side.

[aurel57]

Corrections are very healthy as it just builds new bases to work up from. We are better to have smaller and more often correction that less often and big ones. Holding my coins steady here.

[cabron]

Comes back up again quickly too. If this is over, the altcoins could have been the first to plunged down close to zero but they weren't. I guess the bulls are still up to break resistance in a week. Listening to some speculators, they were saying that because of BTC domination being so high that the holders are shifting to altcoins. This is why ETH is also more than $1000.

[CryptopreneurBrainboss]

Bitcoin dumping so fast, it's very red now.
From $33k today, bitcoin has dump to $28k..
What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.

The dip is just a healthy corrections and I believe that's something we all can agree on. For weeks now the trends has just been upward and it was due for something like this to occur. Personally I thought it would had happened earlier but it didn't. The corrections gave opportunity to some altcoins to record some profit and ethereum been one of the notable beneficiary. Guess that's another positive outcome we can take from the corrections.

The altcoins mooning means the market is still bullish but just may be the energy is shifting to altcoins now. How bitcoin reacted showed some strong support for the bull. Meaning there's no cost for alarm at the moment. Short term I'm bearish on bitcoin, it needs a re-trace and this will begin from this correction that just happened. Probably we won't be seeing another new all time high until early February.

[ene1980]

Bitcoin dumping so fast, it's very red now.
From $33k today, bitcoin has dump to $28k..
What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.

Everyone who missed out investing in the rally will be happy to see that the market is going down as they were deppressed to the core that they were not able to invest to ride the rally . The price is around $31k and i am not sure in which exchange it went down to $28k. When the price was rallying you need to expect there will be a correction and hopefully it will not be a big one.

[BrewMaster]

10% to 15% drops are corrections not "dumping fast". you are making a common mistake of looking at the big numbers and feeling panicky which is probably why there was a panic sell today.
otherwise $4000 looks big but it really is 11% not to mention that price is already back up again due to sheer amount of panic sell and panic buy that are fighting against each other these days.

another example of big numbers but small percentages is Berkshire Hathaway (the Buffet stock since these days it is being talked about a lot) it dropped $5275 today but that was only 1%

[el kaka22]

Just because bitcoin drops a bit, do not be worried that it is going to crash to unstoppable levels. Just like how we moved from 29k levels to 34k levels without a stop, we could very well drop there as well, because there isn't much strong resistance or support levels there, which allows us to move a lot higher and quicker and same with lower levels as well.

I believe that we are going to be fine, we are still not dropping, and we recovered to 30k levels right after we went low, so it means that we are not doing that bad at all. At the end of the day bitcoin is a volatile market and it could be up and down a lot very quickly, if you act too quickly you are going to miss out on opportunity to make more money, or even worse you could end up losing money as well. There is no bear call right now, so I believe we are not going to be crashing to 25k or under levels any time soon.

[Wysi]

Yes everyone observed the huge drop and I think is might be a temporary correction phase which will act as a slingshot for new investors because they can utilise this moment to buy Bitcoin because Bitcoin has pooled in lot of institutional investment from different sectors and I don't think any bear run is in the pipeline as of now, this looks like a similar correct phase which we witnessed before Bitcoin hit $20k.

[Sterbens]

Bitcoin dumping so fast, it's very red now.

From $33k today, bitcoin has dump to $28k..

In the meantime, based on my thinking, (NOT MUST TRUST) bitcoin will be quite stable at $ 26,500 - $ 28,500, of course bitcoin gives other altcoin the opportunity to experience significant increases. plus once Ethereum touched $ 1000, the potential for bitcoin decreased dramatically. It is now evident that the price has fallen to $ 28,000. This is what bitcoin does, the pattern is still the same as in 2017, the only difference is the price, but the bitcoin pattern will drop dramatically when Eth has touched $ 1000 more

[thecodebear]

Nice healthy correction, or should I say bear trap?? So far all the dips since the price blasted off of $10k like three months ago have been bear traps. Great if you used them to get back in on a dip, terrible if you sold low because you thought it was the start of a solid correction.

What do you think, was last night a bear trap from $34k-high down to under $27k-high ($7000 / 20% drop from earlier highs) or the start of a more substantial correction? It rallied all the way back to over $32k immediately after the drop and is currently at $31k.

We might see some consolidation at current levels while the market decides which way to go. But what do you think the next move is? Up back to pushing new all time highs this month, or more substantial correction back to $20,000s this month? So far it just looks like a bear trap like we had several times during the past 3 months.

I got all the way in on the dip and don't plan on selling for profit at current levels, so I expect it to keep moving up from here this month, but wouldn't be surprised to see it range in the low $30,000s for a bit as some people take profits on fear of further drop before they are exhausted and the big institutional buys take over again.

[bryant.coleman]

Recovery of $2,000 per coin in less than two hours. Do you guys call this as correction? 

The verdict is loud and clear. There is too much demand out there, and any extra supply is being mopped up by the bulls. Obviously one of the whales dumped a huge amount of coins, and this resulted in the prices crashing from $34,000 to $29,000. Let's not forget the fact that Bitcoin has gone up by 200% plus during the last few months. A lot of the investors may go for profit booking, and in the coming days we may witness more of these sort of wild swings in the exchange rate.

[exstasie]

It's hard to know until hindsight. I'll be very interested to see how this daily candle closes.

When you see instant retraces back to the top, it's usually just a fast shakeout followed by upside continuation. Springing back above that $33.5K consolidation area would look that way.

Tagging the 0.618 and consolidating on the other hand.....the jury is out. 30-42% total decline still technically on the table.

10% to 15% drops are corrections not "dumping fast".

20% in 24 hours is pretty damn fast. I can understand why people get emotional.

Stairs up, elevator down.

[Gozie51]

We are not to get surprised about the drop. The bear has been waiting to come before price hit to 30k but instead of the bear at 26k, the price jumped and kept jumping to 34,000. The price jump deceived many traders to hodl longer but now we don't need to shout as the expected has happened. At every bull, we need to expect some correction.

[milewilda]

Bitcoin dumping so fast, it's very red now.

From $33k today, bitcoin has dump to $28k..

What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.

Just a typical pullback scenario where bitcoin can really give off those kind of corrections on certain percentages on a short span of time.For sure lots had already anticipated
that it is going to crash once again just like on what happened in year 2018 where everything goes red.To look at on the current price and basing off with technicals
it did really have some strong support in 29k which it did really happen and lucky for those who had buyback into that level since the price is already recovering now.
It is an easy profit btw for 24 hours time frame. For those who had entered on 33-34k and suddenly the price did fell off then i believe that someone did
really panic sell.