Bitcoin is getting more bearish, what is the trigger?

[bots1]

We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.

If you want to invest or trade, it's better to be careful because the potential price towards the $40k level is still possible.

[Oshosondy]

If you want to invest, you can leave the coin alone for 4, 5 or more years, you have nothing to be worried about, or you can have plans like invest some as the price is decreasing. Like when the price is $55000, you can invest, then invest more at $50000, invest more at $45000 and so on as the price is decreasing. When the bull phase will begin and bitcoin increase over $60000 again, then you are in money.

Traders are the ones that can lose especially if they are leveraging.

[Poker Player]

In this thread:

https://bitcointalk.org/index.php?topic=5375333.msg58608133;boardseen#new

people mention a supposed ban on personal wallets but I can't find any recent news about it.

The news broke in July:

A blow to Bitcoin? Europe plans to ban anonymous crypto wallets.

So, I don't know what the **** is going on.

[timerland]

Seems like this marks the end of the bull run.

I do think that we are due for a correction though, so this is nothing out of the ordinary. You shouldn't be fazed as a long term holder.

The halving cycle is certainly coming to an end now as expected (around 2 years after the halving event actually took place). Bitcoins are on sale once again so load up your bags, people.

[hugeblack]

In this thread:

Personally, I see that the news follows the price, meaning that the content writers are looking for any story to be appropriate with the price change.
I was surprised because we see levels below 50k in December which are good levels for those who want to buy, but it seems that we will need more months to reach ATH.

We may not follow the same model that happened in 2017, but we will be two or three months late.

[NeuroticFish]

We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.

Actually you see whatever you want to see.
The last moves, drawn by somebody in red, mean absolutely nothing, the market may or may not go on that path.
Somebody more optimistic may get the same drawing - especially it has only the chart from before the last dump - and paint a nice falling wedge. Actually many did that last week.

I don't say that Bitcoin price will go up, down or sideways. I don't know. The last dump was a surprise for me. What I say is:
1. OP chart means nothing. This TA is weak at best.
2. I don't know whether OP believes we entered a bear market or just wants us to believe that.

[Chato1977]

We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.

If you want to invest or trade, it's better to be careful because the potential price towards the $40k level is still possible.

its sad that when i wake up this morning , a Bad scenario takes my eyes and that is the very Bearish market like now.

I did not manage to take profit and now will force myself to Keep long term holding as the Bear trap seemingly taking place.

Be careful to everyone , looks like Whales are playing the cards again.

[Hypnosis00]

Yes, it is gonna be disappointing to see the market turn more bearish today but I wasn't in the mood to think it bad and get worried. I will hold, that is certainly I gonna do this time, like I wait for the price to recover rather than to make play this volatile network. It looks like whales are playing some games again against the weak hands.

In a month or two, I was very optimistic to see the market back at high again. I'd rather take this chance to buy more while there is a price deduction. Anyways, we'd come to this dip before it going to the bullish again.

[stomachgrowls]

Aside from technical analysis then it isnt really bad to consider fundamentals too.
Whats the trigger? For sure this one.
$300 Billion Bitcoin And Crypto Price Crash After Stark Fed Warning—Ethereum, BNB, Solana, Cardano And XRP In Free Fall
Source: Link

I do really expect something like this that anytime could happen on which this market is really highly reactive to news or fundamentals
which it could really fucked up those TA's.

[dothebeats]

In this thread:

https://bitcointalk.org/index.php?topic=5375333.msg58608133;boardseen#new

people mention a supposed ban on personal wallets but I can't find any recent news about it.

The news broke in July:

A blow to Bitcoin? Europe plans to ban anonymous crypto wallets.

So, I don't know what the **** is going on.

I don't think that this is the trigger. No recent developments on this particular news, and if it is indeed the cause of the downtrend, it would have had affected bitcoin as early as when the news circulated. It wouldn't make sense for a news to affect the market months after it was announced, most especially if there were no active updates on the said event/news that was broadcasted

[Obito]

This is a big opportunity for those that have the money to buy right now, now that a lot of alt coins and bitcoin is going down, I think that it's a good time to start buying right now especially with a possibility of pump in the next year or even this month, you don't want to miss out. As for me, I have everything in place, just need to get more money to buy more bitcoins.

[Oshosondy]

So, I don't know what the **** is going on.

Just the end of bull run for now, the market price can not keep going higher without any bear phase, some people still want to invest in bitcoin, there will be a chance to invest if the price fall to certain price, they will invest and the price of bitcoin will increase back and continue to remain volatile but increasing than the last low price. There is nothing about making US citizens to register personal wallet, we all know that is not going to work.

[yhiaali3]

The strongest resistance for the current downside wave was at 42k$, and indeed bitcoin rebounded from that point. If bitcoin had managed to break through the 42k$ resistance, we would have seen bloody massacres of cryptocurrencies in the entire market, but thankfully there is some hope of watching the rise again after a rebound Bitcoin to the 48k$ point at the moment, we hope that bitcoin can go back to the 54k point for the market to bounce back.

[eaLiTy]

We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.

If you want to invest or trade, it's better to be careful because the potential price towards the $40k level is still possible.

I am a bit surprised that we had a major correction at the beginning of the month and it is really interesting how the market would perform in the next few days, will we see a recovery or we will see further correction because the major reason for the correction is institutional investors booking their profit and i saw that coming but not this early and how they are going to continue is a puzzling question for me and if they keep on selling we might go below $40k as well.

[The Sceptical Chymist]

https://bitcointalk.org/index.php?topic=5375333.msg58608133;boardseen#new

people mention a supposed ban on personal wallets but I can't find any recent news about it.

That's interesting--I hadn't read anything about that before, but as you said the article is from July, so I doubt that's responsible for the massive drop we've seen in the past 24 hours.  Maybe there's some info about that or something else that hasn't hit the press yet but got leaked to some whales....that's the only thing I can think of aside from this just being a general selloff. 

And yikes, what a selloff this has been so far.  I've certainly seen bitcoin do some crazy things, but it's been a while since it's been down $10k within a matter of days.  Usually I don't worry about what's causing price swings like this, but I am curious about this one because there's been no bullish or bearish news besides the COVID stuff.

[The Cryptovator]

First of all, I don't believe this kind of chart where people could draw anything. This pullback was expected for me as I discussed in a few threads. But to be honest this much pullback wasn't expected and it's quite surprising for all of us I think. I thought Bitcoin would play around the $50K zone and perhaps we can short it that zone. When I saw the chart today, I become speechless. I didn't fear to take entry though I know it would recover quickly.

Still, I am wondering what was the exact reason behind this dump. I hadn't found any strong reason or news sources. I am assuming this was a whales game to accumulate at a lower price. So that they could make billions from here.

[justdimin]

its sad that when i wake up this morning , a Bad scenario takes my eyes and that is the very Bearish market like now.

I did not manage to take profit and now will force myself to Keep long term holding as the Bear trap seemingly taking place.

Be careful to everyone , looks like Whales are playing the cards again.

It does look like whales are trying their hardest to break the futures by the looks of it. Ever since we moved over 40k, the long futures have been collecting to become huge, and they just broke most of that overnight, now shorts are looking a lot bigger thanks to this, and with a huge increase they will profit from that as well.

This doesn't mean that they will do it right away, maybe it will take time but waiting instead of panic selling seems like a good idea right now. I believe that we should not be selling right now, it is obvious that bitcoin is volatile and that volatility means every drop will have a recovery and we will profit from this as well. We just need to wait until that happens.

[Silberman]

We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.

If you want to invest or trade, it's better to be careful because the potential price towards the $40k level is still possible.

I think that what we are seeing is the result of the new strain of the virus that has been found at South Africa, people are very nervous about it as we do not know what will be the potential of this new strain that many think is the most dangerous to date, so the markets are going down as a result of this, and since now bitcoin has institutional investors which are also invested in the stock market then we see some correlation forming between bitcoin and the stock markets, causing bitcoin to go down in value for the time being.

[sunsilk]

You're showing a pattern that's favorable to the eyes of the bears and there would surely be supporting analysis that says, we're about to enter in a bear market.

But I don't think we're going there straightly. It's always that after every dip, there's a recovery period and let's see how much it will recover after dipping. Yes, $40k is still possible and let's see if there's some news that will pull it down for more.

[24Kt]

You're showing a pattern that's favorable to the eyes of the bears and there would surely be supporting analysis that says, we're about to enter in a bear market.

But I don't think we're going there straightly. It's always that after every dip, there's a recovery period and let's see how much it will recover after dipping. Yes, $40k is still possible and let's see if there's some news that will pull it down for more.

One can always make charts according to their prediction, and formulate trends according to what they feel will happen. But most of the time, those trends don't correspond to actual happenings. So this is interesting, if the movement drawn by the OP will happen or not? So will bookmark this thread and will visit again once this year is over. And hopefully, the OP will update what indeed happen to the market and compare it to his chart.