From Sideways to Downhill

[Fredomago]

Apparently, the sideways market broke down not out. Are we in a "now what" situation? Or do you think this is as far down as it goes? Even the week chart looks bad for BTC. Any suggestions what to do?

Everything is expected just when the market starts being bearish. Bitcoin could even fall below $20k and settle into $3k just like what had happened before. So what we are seeing right now is never the first time to happen in the market. If you can maximize your purchase this time especially for bitcoin, that would be very great as bitcoin will always be the first to skyrocket and then altcoins will follow too. So never gets depressed and disappointed with the market, crypto market has been here already but after that, a sudden huge price increase is usually observed.

Instead of being disappointed if you place your entry when the price still at the peak, best not be shaken or not to fear but instead if you can study much deeper holding your asset for longer time can still bring you the benefits, not all can take it but patience is always a key factor when dealing with crypto. The volatile nature gives pain in the ass for most traders.

Invest the amount that you can spare and forget even if takes longer than what you originally plan.

[judaspriest]

Apparently, the sideways market broke down not out. Are we in a "now what" situation? Or do you think this is as far down as it goes? Even the week chart looks bad for BTC. Any suggestions what to do?

Unfortunately, yes, we are waiting for a break out run, but it goes South. I don't think that we are in a 'now what' situation. We are in a bear market situation so what do you expect? Again, even if others will say that this really looks very bad, but in the long run this might be good after all.

As you can buy cheap bitcoins, at a discount and then fill your wallet. All you have to do is HODL and then have the mentality to not sell until the next bull run in maybe 2024-2025.

As long as we make good use of this bear market condition by buying potential coins, it will be profitable in the long run,
the most important thing is never to sell at a time like this because it will only make us lose,
it's not easy to hold on and it takes patience

[TheUltraElite]

Apparently, the sideways market broke down not out. Are we in a "now what" situation?

It is a time to buy if you have cash at hand. If you keep thinking why and how it happened, you will never be able to reach the trading decision.

Or do you think this is as far down as it goes?

It can be beyond this price too. It only means that someone is selling out there and lower than average prices are possible to be bought at.

Even the week chart looks bad for BTC. Any suggestions what to do?

Good and bad dont really exist in the professional traders vocabulary. It is either a choice to buy or sell. When the selling pressure is high the chart will be in red. For bitcoin if you have faith in its future considering it past charts, then you can make this decision on your own.

Comparing bitcoin to the fiat markets, every market has been feeling a selling pressure due to many reasons. So put your fiat to good use and buy whatever you wanted to till date.

[Findingnemo]

It is still red and may follow the same for a while but I expected the 20K will be the lowest and it may go little further down due to the weak hands who are already in huge loss and probably want to exit with just a loss. No one knows when the things will change so keep your coins until you make profits or just exit with a loss as many of the amateur investors are doing.

[virasisog]

Apparently, the sideways market broke down not out. Are we in a "now what" situation? Or do you think this is as far down as it goes? Even the week chart looks bad for BTC. Any suggestions on what to do?

Only crypto events such as Bitcoin halving could make the market recover but although the market is in bad shape, it isn't the right time to back out. Cryptocurrency only opens the best buying opportunity during this season. The market crash usually happens and the market can't remain in its bullish state. It has to undergo a bullish and bearish trend cycle. If you're a wise investor, then you should know how to take advantage of every situation.

[Dunamisx]

It is still red and may follow the same for a while but I expected the 20K will be the lowest and it may go

This long anticipated prediction for $20k is already achieved now and bitcoin still remains a digital currency, no drop in value, no lost in hope and no doubt for uncertainties for any reason, what we aim at is to achieve a climax high on it next move to rising, right from the on set i don't believe any unnecessary claims about bitcoin except for altcoins, those are the ones that should be avoided to be use as an investment asset because of the risk level of it possession, bitcoin always goes down to rise up as it gathers momentum for that.

[Japinat]

This could go far down even below $20k, nobody knows what happens next. After the crypto market losses $100b it immediately drops $25k level and currently Btc continued to fall down as it's currently trading at $23,700+.
Please replace that " now what" type of mindset coz this the "this is it" situation. This is what the crypto enthusiast is looking for. A good entry point.

Right now, bitcoin is priced at $21,006 and its definitely the best price so far. But i think it will drop more in the next few days so always get ready with your funds or do DCA as its the safest strategy that you could use in buying bitcoin with its dropping value. Don't panic OP, bitcoin has even dropped into $3k if you trace the history and yet, it still recovers. So same with this, bitcoin will skyrocket again once this big crash is over. For now, its best to buy and hold. And certainly no selling, as you don't have to sell for a loss.

[Sanitough]

Apparently, the sideways market broke down not out. Are we in a "now what" situation? Or do you think this is as far down as it goes? Even the week chart looks bad for BTC. Any suggestions what to do?

Bitcoin price won't always stay on top, it falls down particularly when a bear season hits the market, or when negative news influenced bitcoin. So expect that its value will always on the move. And once bitcoin experience dips, its even the best time to buy a lot of it as its certainly a big opportunity to maximize your portfolio with bitcoin. If you believe in bitcoin, you should never doubt how low its price will fall, because apparently bitcoin never stay forever dumping, it always moves up and boost again its price.

[dothebeats]

It is still red and may follow the same for a while but I expected the 20K will be the lowest and it may go little further down due to the weak hands who are already in huge loss and probably want to exit with just a loss. No one knows when the things will change so keep your coins until you make profits or just exit with a loss as many of the amateur investors are doing.

Even the guys in stock markets are having some problems too. It's just not cryptos that are affected by this global sell off, and it's still worsening by the day. Well for a few years, bitcoin and most of the cryptos stay relatively stagnant, until the market turned sideways and now crashes. It has to happen somehow, and perhaps now is that perfect time for that to happen considering all that's happening around the world

[Fortify]

Apparently, the sideways market broke down not out. Are we in a "now what" situation? Or do you think this is as far down as it goes? Even the week chart looks bad for BTC. Any suggestions what to do?

It seems like in times of economic emergency, that Bitcoin is on track to tumble at the same if not further than the stock markets. It does not seem like a safe place to store money, especially as it does not return anything while holding it. The bubble is well and truly bursting right now, it might go back up in the long term but it should simply be seen as a trading mechanism rather than something similar to gold. Use it to send money overseas and avoid middlemen, you might get favorable exchange rates compared to banks / forex traders. Too many people simply saw it as an asset, which they ultimately hoped to sell to someone at a higher price, but that many people will now lose and still not sell off at the right time on the way down.

[serjent05]

Why many of us are still surprised by the Bitcoin price going downhill.  Isn't this normal in a bear market?  The bear market trend is sideway to lower lows.  Lower high might happen occasionally but it is always short live.  I think this sideway downtrend of Bitcoin price will stay for another year, so we better prepare our extra fund for Bitcoin on sales events during this Bear Market.

[Gyfts]

But the main question is, why do you sell when the price is already in the process of finding its bottom?

Because people need liquidity and bit off more than they could chew. The golden rule of investing is do not invest more than you can afford to lose. With every market down (except for real estate, which has a bubble forming), high inflation, and low wage growth, people are taking their cash out of the markets in order to afford to live.

IMO Bitcoin's growth was too unstable and highly speculative following the pandemic. A correction was incoming but the severity of the correction is just people panic selling in combination with a global economy that's extremely fragile. Entire crypto industry will recover, so for those panicking I can't help but think they're young investors that have not experienced volatility before.

[Silberman]

The downward movement that we are seeing is without a doubt unexpected but it is not outside of the many different scenarios that we should have thought to be possible, so the situation should not be that surprising, and about what to do, that is a decision which is extremely personal and it depends on too may factors to give a standard answer, personally I am still holding and I have even bought some bitcoin with my fiat available, but I can understand if some other people cannot really afford to do something like this during the current crash.

Maybe what surprise people about this dump is how fast things happen unexpectedly and no investors expect that we will go this far. But as many scenario pass like this maybe its good for investors to settle down and think about how they can grab the opportunity given by bear market sales since the price of the coins are mostly so cheap at the moment.

Without a doubt the speed at which this can happen can be quite surprising even for those which have been part of this market for a long time, however the economy is in such a bad shape that a drop in the price was basically inevitable, and when we add this market was not doing that well either then it is understandable the price went down so fast, however now we need to wonder about what to do next, and buying some bitcoin does not seem as a bad choice as we know it will recover sooner or later.

[Ultegra134]

And we're now officially below $20.000, currently trending at $19.000. The market went downhill in just a matter of a few hours and is doomed to crash even further in the upcoming days. Okay, let's be honest, I expected it to crash below $20.000, but the signs are currently showing that a further drop down to $16.000-$18.000 is almost inevitable.

[Reid]

Wait. Be patient. That's all you can do if you are a long term investor. Just don't look at the market for now if you cannot take it.
This will happen eventually and it's always just a question of "when?". We didn't know. No one knows. There might be those analysts that made the right prediction but those are guesses which doesn't have 100 percent accuracy.
The other thing you could do is buy more for a cheaper price then be patient again.

[mm2543363580]

Wait. Be patient. That's all you can do if you are a long term investor. Just don't look at the market for now if you cannot take it.
This will happen eventually and it's always just a question of "when?". We didn't know. No one knows. There might be those analysts that made the right prediction but those are guesses which doesn't have 100 percent accuracy.
The other thing you could do is buy more for a cheaper price then be patient again.

The inflation has made the life difficult for everyone. So the life is going downhill for everyone.
The rise in petrol prices and the hike in the prices of everyday items has been done in our country. Don't know how we will be able to survive the inflation.

[Lanatsa]

And we're now officially below $20.000, currently trending at $19.000. The market went downhill in just a matter of a few hours and is doomed to crash even further in the upcoming days. Okay, let's be honest, I expected it to crash below $20.000, but the signs are currently showing that a further drop down to $16.000-$18.000 is almost inevitable.

No one had anticipated for this drop to happen but we know that everything could really be that possible into this market where crash and pumps could really happen and something that could happen in shortest time as possible.Cant really be denied that we had really just become too confident that the price wouldn't dropped like this and now the time has come or reached on this then we can't really just believe on what we are seeing.

8k is in rumors which we might really be seeing these numbers if ever this market will really becoming even more worst on upcoming days or weeks.So it's better to brace ourselves when it comes to possibilities.

[kensaii]

And we're now officially below $20.000, currently trending at $19.000. The market went downhill in just a matter of a few hours and is doomed to crash even further in the upcoming days. Okay, let's be honest, I expected it to crash below $20.000, but the signs are currently showing that a further drop down to $16.000-$18.000 is almost inevitable.

It's just a matter of time for BTC to hit lower than your price range, between $16k and $18k. Feel pretty shit how we could get to this low and bypass all the resistance walls that fast. There is no floor here, I expect it could go low as $10k.

[Furious 7]

And we're now officially below $20.000, currently trending at $19.000. The market went downhill in just a matter of a few hours and is doomed to crash even further in the upcoming days. Okay, let's be honest, I expected it to crash below $20.000, but the signs are currently showing that a further drop down to $16.000-$18.000 is almost inevitable.

It's still going to look like that because regardless of anything this is likely to happen but I don't think there's anything to worry about because in bears anything can happen and maybe even the lowest point in this bearish season is worse than we thought. guess.
Now the $20k is gone and it would be better to just keep waiting if you have some spare funds because it will look good later even if we have to wait a little longer.

[Ultegra134]

And we're now officially below $20.000, currently trending at $19.000. The market went downhill in just a matter of a few hours and is doomed to crash even further in the upcoming days. Okay, let's be honest, I expected it to crash below $20.000, but the signs are currently showing that a further drop down to $16.000-$18.000 is almost inevitable.

It's just a matter of time for BTC to hit lower than your price range, between $16k and $18k. Feel pretty shit how we could get to this low and bypass all the resistance walls that fast. There is no floor here, I expect it could go low as $10k.

To be honest, I believe you're right. It's already at $18.200 and continues losing in value. I never expected to fall so quickly, practically ignoring any resistance. I'm really hoping that it doesn't fall so much, however, it's almost a lost cause, there's not much to do now but wait. Selling now would be a disaster, although it's bound to crash even further in the next 48 hours.

The exact same thing had occurred to me in 2018, it crashed so badly that I was disappointed enough to abandon Bitcoin for years.