Bitcoin on sale, will the support continues to hold?

[TravelMug]

Heres a critical point, a downtrend that we need to outlast and beat to continue this slight recovery from the sell.   I'm looking for price to handle itself positively past the 49k area or continue negatively as per prior price action.


The critical confirmation to negative resolution of this current sideways movement would be to trade below 46900 on 4hr bars, I think that could be an important point to observe.

I see that today bitcoin is starting to correct, although not too much but it looks like the bitcoin price is starting to slowly rise again, in the last 24 hours the Bitcoin price has started to rise to almost 7.87% from the previous price below $49K, although the upward trend is not enough strong but at least it shows that bitcoin is recovering very quickly at the moment.

Bitcoin price will definitely recover because the current support for bitcoin is big enough.  There must be many out there who panic sell, they really don't learn from the history of bitcoin prices, the price of bitcoin will not fall below $40k again, in the near future for sure bitcoin will return to $60k+

Support is just what it is, until it is broken, and we have seen the $50k and even $48k being broken right? So I wouldn't discount that they are big enough, as people panic and we will see a huge sell off and that support will crumble.

The good news is that in the last 2-3 days, bitcoin is quite in the recovery phase, posting as high as 7% growth in 24 hours.

A gauge that we might be back to normal buying again and obviously, very bullish this December.

[Reatim]

Analyst says Bitcoin is 'on sale' after BTC price dips below $54,000

Bitcoin price is dropping back toward monthly lows, but analysts agree that the current range is a “buy zone.”

Bitcoin's (BTC) downtrend extended a few rungs lower on Dec. 3 after the price dropped under $54,000 and traders will note that the BTC/USD daily chart shows a notable uptick in sell volume.

Investors seem concerned at the emergence of a new COVID-19 variant and hawkish comments from the Federal Reserve. Meanwhile, veteran investment icon Charlie Munger added to the fire by comparing the price action in the crypto market to the dot-com era that ended with the bubble popping.

Strong lower support at $52,000 to $53,000
The “listless” nature of Bitcoin's price action over the past few weeks was highlighted by crypto market intelligence firm Decentrader, who pointed to the choppy price action on lower timeframes and the evidence of a slow downtrend on high timeframes as cause for traders' increased fear “that the bull run may be over.”

The analysts suggested that once BTC breaks out of its current range, “the most obvious support cluster lies around $52,000 to $53,000” near the point where the price broke down during the May crash earlier in the year.

Decentrader said,

“Should we get a deeper correction then a strong support area lies around the 200DMA at $46,200 and at the lower support level of $44,300. To the upside, a significant resistance level lies at the round number of $60,000.”

I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

It is continuing to Keep holding , Look at the market situation now just got increased to 59k but never taken the 60k (in which being broken many times this year)
this shows how the denial is happening and we may see this for another week before finally given the much awaited increase in value.
70k? well now that bad to expect but of course looking for 80k if possible before New Year as i would be glad to withdraw and use some funds for vacation .

[Botnake]

Heres a critical point, a downtrend that we need to outlast and beat to continue this slight recovery from the sell.   I'm looking for price to handle itself positively past the 49k area or continue negatively as per prior price action.


The critical confirmation to negative resolution of this current sideways movement would be to trade below 46900 on 4hr bars, I think that could be an important point to observe.

I see that today bitcoin is starting to correct, although not too much but it looks like the bitcoin price is starting to slowly rise again, in the last 24 hours the Bitcoin price has started to rise to almost 7.87% from the previous price below $49K, although the upward trend is not enough strong but at least it shows that bitcoin is recovering very quickly at the moment.

We need to go over $52,500 in my opinion to be able to say that we are out of the bearish cycle for now.

But the price just seems to be hovering around $50k-$51k for the meantime, but it's better if we take it slowly and not go spike again. Maybe there are more buyers obviously that are not afraid to gamble right now because the price is cheap at ~$49k.

And maybe the news about the Omicron variant has settled down a bit that's why we have a good rally in the last 24 hours. So let's see and be positive that it will continue this week and try to attempt $52k.

I think $52k is very much possible within this week since we are now seeing bitcoin above $50k and to think that we are already out of the bearish looked market, then hopefully the present value can go straight forward to $55k and then finally $60k. The Omicron variant may affected the market but did not created a huge impact and that is why bitcoin is now starting to recover. And before we knew we are close to year end, bitcoin has already reached a new ATH maybe $70k-$80k which are closely possible. This is the reason why hodling bitcoin this time is still the best option to make.

[btc78]

I think $52k is very much possible within this week since we are now seeing bitcoin above $50k and to think that we are already out of the bearish looked market, then hopefully the present value can go straight forward to $55k and then finally $60k. The Omicron variant may affected the market but did not created a huge impact and that is why bitcoin is now starting to recover. And before we knew we are close to year end, bitcoin has already reached a new ATH maybe $70k-$80k which are closely possible. This is the reason why hodling bitcoin this time is still the best option to make.

the 24 hours Highest reached is 51,934$ meaning 52,500 is almost being taken but suddenly price drops again now to 50k level.
 but what I am seeing this week is 55,000 because the bear seems to be ending and stabilization is coming to take over and that is the 55k-60k level again in which the barricade this couple of weeks that 60k is really hard to climb.
I may consider Holding my funds for the whole year now since there is no views that we will be making another ATH this end of 2021.

[rahmatrf331]

year-end holidays will be a strong price correction trigger for now, I think many are trying to sell bitcoin assets for year-end holidays, but it's only for a moment and can't be a benchmark for a long correction. bitcoin will be a strong defense to face the end of the year.

[justdimin]

the 24 hours Highest reached is 51,934$ meaning 52,500 is almost being taken but suddenly price drops again now to 50k level.
 but what I am seeing this week is 55,000 because the bear seems to be ending and stabilization is coming to take over and that is the 55k-60k level again in which the barricade this couple of weeks that 60k is really hard to climb.
I may consider Holding my funds for the whole year now since there is no views that we will be making another ATH this end of 2021.

Accumulation stage has already ended, whatever drop we had, we had it already and that was it. I am quite happy with seeing all these increases because it shows that there is a good chance we could end up making a good return from them. Obviously it is not guaranteed deal and we just need to make sure we are doing fine with what we have and not risk too much thinking we are going to skyrocket from here.

Those investments are the riskiest, we think we saw the bottom, we put everything we have into crypto and then we realize there was a bigger bottom and that causes everyone to panic and basically it is just pure chaos in the market. We just need to relax, invest what we can afford to lose as always, and try to have a positive outlook and try to avoid saying anything that would risk the future increases in bitcoin. If we all do that, then we could profit very well.

[Boov]

We should learn what had happened lately on how the situation of dip goes over, because as downtrend begun to burst out buyers also entered. Every opportunity they've seen is a great chance to own bitcoin and hold until such time recovery comes. Strong holders always take the risk, but don't ignore possible crashes when these traders meet their specific goals. Everytime support continue to resist, weak handed individuals tend to lose patience.

[bbc.reporter]

Agreed. However, sometimes bitcoin is very much manipulated by the whales. They short in the futures market first before they dump the spot market. We have witnessed sustained selling for weeks before this big dump we are witnessing right now. If anyone is not shaking their heads in suspicion on this then they might need to go to a doctor to check their brain.

I am just getting this scenario for the first time. Now that many exchanges are making it also possible to use bitcoin directly to trade USDT M futures, also that Coin M make use of coin directly, like bitcoin as the coin example. The whales can likely just use bitcoin for the trading and short it but later also sell the bitcoin which will result to further price fall. People just need to be careful, a lot of trader's fund had liquidated when bitcoin plunged from $57000 to $40600. The market is mature but there is still manipulations.

Also after manipulating everyone and dumping, they begin buying all the lower priced coins then begin pumping the market again and create fomo hehe. I am shaking my head why there are some people who still think that the dump was caused by weak hands. There are no more weak hands. All of them have no more money hehehehe.

We can't totally blame the whales here, if that's how they make money, so be it. But overall I don't find that 100% this is the reason for some dumps on the market. We already reached a $1 trillion crypto market cap, volume is growing and I believe manipulate is slowly difficult as the volume continue to go up.

Another thing here is the traders who are using leverage too much or don't really know how to use leverage. Because these leverage trades could be a trigger also on short/long squeeze and massive percentage of dump or a pump.

I reckon for a not very mature and very manipulated market similar to these we witness in the cryptospace, big dumps on everyone will occur more than markets from Wall Street. Once the funding rate is on a certain level, someone will begin deleveraging and reset the funding rate. This is the work of the whales usually. However, it appears it is Tether protecting support through Bitfinex.

[cryptomaniac_xxx]

year-end holidays will be a strong price correction trigger for now, I think many are trying to sell bitcoin assets for year-end holidays, but it's only for a moment and can't be a benchmark for a long correction. bitcoin will be a strong defense to face the end of the year.

Hmm, last year we don't have this kind of year end triggers, and even it's a holiday, bitcoin investors continue to buy at a rate last year.

Maybe this year it's different, the price maybe too expensive for now, or there is some kind of manipulation going on as we seems to can't get over the $50k resistance and then the Omicron still lingers in the space.

So support will be at $48k, if the price continues it's downward slope when we might re-visit that price again.

[Sanitough]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

[$crypto$]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

[RealMalatesta]

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

I doubt that the return to 55k could be resulted with that if we include the hype involve right now. The year is ending and whenever people are getting closer to something like that, they end up getting excited about it. Consider it like a reverse panic sell. Whenever there is a price fall, it could be regarding ANY reason at all, there are also people who panic sell, and the number of them do not grow smaller because even though old "newbies" become veterans eventually, there are also brand new newbies that end up doing it again and again until they become veterans.

Same goes out for bitcoin prices going up, the moment it starts to go up, there is a "panic buy" or whatever you want to call it and people jump into the bandwagon hoping that they could get rich and that usually end up being not so much profitable at all for them but they still do it every single time. This will cause it to not drop under 50k if it starts to go up too much, people will turn it into a bull run.

[ultrloa]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

Its hard to spot the best position right now so maybe the best indicator to take is what possible dip it will get at the moment since maybe if we try to buy on that situation we can gain on the current bitcoin movement if we want to trade short. But I think those figures is so near considering we didn't drop more harder yet and I guess we can recover back next year on this correction happened.

[wxa7115]

hopefully this will be the case, but I see a decline from $49k to $47k is just short amount of time, luckily it bounce back to $48k again. We've been trying to break that $50k barrier but to no avail.

I think the Omicron news has just started to settle down a bit this week. And hopefully when everything clears, the price could bounce back to at least $50k. The Fed news might still affect the majority of the investors though, but we will see how it goes.

I believe that breaking 50k would be the simplest thing we could ever do, it is literally nothing for us. Why we haven't already? Because market hasn't decided on it yet, if they decide that they want to pass it, 50k would be absolutely piece of candy. We are already near that price, even breaking 60k would be incredibly easy.

The real problem starts at 70k and that is only because of psychological ATH reasons, anytime we want to break ATH, it takes a while for people to realize it is inevitable and we all go in. Which is why I believe that bitcoin is not "trying to go up" right now, if it was trying to go up then it would have gone up for sure without a problem. In any case, we just need to realize that this is a bit of a time taking thing and we need to wait it out.

The price has gone above 50k many times and it has remained above those levels for a long time, so 50k is not the psychological barrier that 20k was at some point, so I agree that it is an easy level to break.

However I think we are bound to see the market trading between the 45k and the 55k levels for some time as the investors are simply undecided about the direction the market should take in the future and how fast that growth should be, so instead of the December full of ATHs that everyone was expecting I think we will get one where the price is ranging during the whole month.

[Quidat]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

Its hard to spot the best position right now so maybe the best indicator to take is what possible dip it will get at the moment since maybe if we try to buy on that situation we can gain on the current bitcoin movement if we want to trade short. But I think those figures is so near considering we didn't drop more harder yet and I guess we can recover back next year on this correction happened.

The price hadnt really dumped down nor able to break more supports which does signify that this might be the possible bottom yet there are small increments of recovery of price but will still not be an assurance that it wont dip further so making such step or decision will
always vary on the risk that you could put up.This is what makes this market too hard to predict on specially if it doesnt really
make out big movements into its price.

[Baofeng]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

Its hard to spot the best position right now so maybe the best indicator to take is what possible dip it will get at the moment since maybe if we try to buy on that situation we can gain on the current bitcoin movement if we want to trade short. But I think those figures is so near considering we didn't drop more harder yet and I guess we can recover back next year on this correction happened.

The price hadnt really dumped down nor able to break more supports which does signify that this might be the possible bottom yet there are small increments of recovery of price but will still not be an assurance that it wont dip further so making such step or decision will
always vary on the risk that you could put up.This is what makes this market too hard to predict on specially if it doesnt really
make out big movements into its price.

Just so-so movement this weekend and if even tries to attempt to break the $50k barrier but not enough power to push again so it is a failed break out.

But the good thing is that we are in the middle ground, maybe investors are undecided because it is still not moving. But hopefully we can see a break out this Monday to end the year at least at $50k.

[Taskford]

You don't have to believe the analyst every time, sometimes their statement could be wrong because there are better opportunities to buy that $54k price of bitcoin, when just recently bitcoin dump below $50k, that's the real buying opportunity, or the dip that we should be looking.

However, they could be right as well since bitcoin will eventually recover, so $54k is still cheap.

I don't think it should be ignored because a little analysis is important too but opportunities will exist from anywhere including in terms of a drop below $50k and a quick return to $55k and then down again this trend is the same as before when bitcoin was at $ 30k, a little opportunity so take advantage even if the percentage you get is small but this will be repeated again.

If you hold the long, buy as low as possible, but if you only do it in the short term, then I think you will get a little more profit even if it's a small percentage.

Its hard to spot the best position right now so maybe the best indicator to take is what possible dip it will get at the moment since maybe if we try to buy on that situation we can gain on the current bitcoin movement if we want to trade short. But I think those figures is so near considering we didn't drop more harder yet and I guess we can recover back next year on this correction happened.

The price hadnt really dumped down nor able to break more supports which does signify that this might be the possible bottom yet there are small increments of recovery of price but will still not be an assurance that it wont dip further so making such step or decision will
always vary on the risk that you could put up.This is what makes this market too hard to predict on specially if it doesnt really
make out big movements into its price.

Hopefully that is since we seems like experiencing stability at this point so lets do hope that this will be the bottom then after that we can see the price recovers since if that one happen for sure adoption and trust from other investors will go back again and might the discussion about next country to announce bitcoin will became their legal tender will came true. But I will wait more for few days before taking position since its good to spot the best possible dip to earn huge on u
Its recovery.

[justdimin]

The price hadnt really dumped down nor able to break more supports which does signify that this might be the possible bottom yet there are small increments of recovery of price but will still not be an assurance that it wont dip further so making such step or decision will
always vary on the risk that you could put up.This is what makes this market too hard to predict on specially if it doesnt really
make out big movements into its price.

49k is not bad at all. I would agree that it is not crashing nor has it been for a while and it hasn't gone up too much recently neither. We are living in a situation where it has been decent enough to suffice for a while and that is all we need at this moment.

As long as it keeps being this way then we are going to be fine. Stop loss is a tricky situation and you need to make sure that you put it at the right place, otherwise you will lose a lot of money. For example if you do a stop loss at 48k and buy order at 45k then you could maybe be fine, if you do stop loss order at 42k then you might hit that and go straight back up. All in all just like you said there is no assurance of another dip won't be coming, but there are no assurances about the price is not going back up neither, we just need to be ready for whatever happens next in the price movements, doesn't matter up or down, we need to be ready.

[btc_angela]

^^ Yes, we can take $49k anytime, we are in the sort of the price not going down hard but not people are buying either. We don't know that reasons maybe they are just waiting for something or have move to alt coins for now.

Hopefully we can punch thru that $50k barrier and for sure once we get over that, maybe we could see a new set of FOMO before the end of the year. But if not and the price is just around the $40k'ish, its not that bad, at least we didn't go further in which we might say that we are now at bearish trend.

[STT]

I dont know it has to achieve significantly higher but price action is positive right now.  It has held the support shown by the recent closing lows, it retested this area on the 11th and put in a higher low which was a place to consider a buy.   Its now passed the weekly average and also beaten the downtrend pattern that could be drawn from the ATH so by time and price it is now performing more positively then that initial selloff.
  What happens now is sellers in place or those who held with intent to sell into this recovery will now affect the price, it may not matter if bidding is greater then the offers but its usual for price to be challenged.   If we can hold the lows of Sunday about 49k area and close higher on the Monday daily bar with the full market volume combatting this weekend recovery in price then once again its a reason to view BTC positively.