Correction from $30K: Reason to worry?

[Woodie]

All the scenarios that you set for the price do not include a rebound above $30,000,
the next trend is bearish, or are you letting the bearish scenarios go?

As I expected previously, the price will not continue to move away from above 30k, and we may retest the same levels after the next Federal Reserve meeting. Until then, I suggest returning to testing the 26k and long-term stability at the 28k.

Less than 24K is a very pessimistic scenario and we may not see it soon.

I like this chart and from what I  can see by eyeballing it, price is currently pulling back into the range between ~$30400 and ~$27600  around the tip of the FU candle which can be clearly seen as we always expect a pullback after every break of structure, and my reaction points I can see from this are around $28000 were price could actually  reverse as price shows its still bullish despite internal  structure showing  bearish intent.

That critical point on the chart, I dont know if we can get there because  if it does then markets will be confirmed bearish once again as this will be the external structure bias .

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[thecodebear]

Why would this make worry you OP?? Bitcoin doesn't just go straight up. Did you already have the same worry like a half dozen times this year?? Cuz there have been plenty of drops so far this year.

Where or when did I say that I was worried about the current price action or yesterday's correction?? Check the OP, I only highlighted bullish factors and made clear that I think it's too early to tell if there will be a correction towards lower prices. My point was that speculators are getting nervous about a correction and I was curious to see if it's reflected in people's opinions here, which doesn't seem the case.

Bitcoin literally just hit $30k a week ago. OP why would you possibly be worrying?

Even just reading the post above yours would have confirmed that I'm not worried about any short-term rejection from $30K that occured.

This is literally just normal price action.

Literally exactly what I said in the thread above yours regarding a -3% Daily move to the downside.

OP, you've answered a lot of your thread title with your fine rationalization. One thing that seems to be missed by everyone is sideways action.

It's a good point. For me sideways consolidation at the highs is bullish. It shows price is able to to sustain higher levels and bears are unable to move prices lower. So in that regard, not being worried about a short-term correction and being bullish is inclusive of sideways price action (rather than just continued upside). Based on the consolidation around $28K, I also agree it's quite likely around $30K in order to remain bullish.

I mean you started a thread to ask if people are worried, and claiming many people are worried, "people have started to get concerned, hence this thread", and ask them if they think the bear market is coming back and if the price will drop back to $25k or $23k or $20k, so you seem worried but trying to be hopeful and wanting to see if other people are worried.

And I was pointing out that you made this thread worrying about possibly a new bear market simply because the price dropped $1000 for a day (and is now back up to $30k one day later). This is completely normal price action. So I was just questioning why you made a thread with the title asking if there is a reason to worry when this is just normal everyday price action. If a $1000 drop is a reason to make a thread asking if a new bear market is coming you could make a new thread about this every couple of weeks, forever. I mean heck, just a bit over a month ago the price dropped like $6k for 3 weeks, and you're asking if people are worried cuz it dropped $1000 a week after it went up $2000. This is just regular market fluctuations.

Just confused why you would start a thread asking if people are worried (potentially about going back into the bear market even!), and claiming people are concerned when I can't imagine why anyone would be concerned because you did this on a day when nothing other than normal price action took place.

[Similificator]

I'm actually not that worried about the price of bitcoin nowadays since I don't day trade. Plus, the bearishness is only at a short time frame. Even at this moment the movement direction of bitcoin is looking good. I even believe that we are slowly going in an uptrend. Still though, I keep extra funds just in case something unpredictable happens in the economy again that affects bitcoin. I'd have to DCA again. What interests me right now though is how bitcoin will move till the 3rd and 4th quarter of this year. Depending on the direction I might have to go from long term to short term or day trading and only leave a part of my holdings on hodling state.

[Coin_trader]

Just confused why you would start a thread asking if people are worried (potentially about going back into the bear market even!), and claiming people are concerned when I can't imagine why anyone would be concerned because you did this on a day when nothing other than normal price action took place.

He didn't know for sure that the price will recover immediately after dipping 1K after hitting the above the 30K mark multiple times. The current price is at the peak for the current bull run cycle. There is nothing wrong to worry about for a correction because it's a normal occurrence in trading once the price pump hard.

You are only making this comment after the price recovery and not yesterday when the price is dipping that’s why you sound confident in your opinion. There is no straight upward movement and having a correction is good for a healthy price development. Although I agree with you that there should be no worry if there will be a correction or none as long as there is no bad news that will give huge impact on the market.

USD and banks are crashing! BTC is best way to dodge this catastrophic shit to save pur savings from inflation.

[dragonvslinux]

Why would this make worry you OP?? Bitcoin doesn't just go straight up. Did you already have the same worry like a half dozen times this year?? Cuz there have been plenty of drops so far this year.

Where or when did I say that I was worried about the current price action or yesterday's correction?? Check the OP, I only highlighted bullish factors and made clear that I think it's too early to tell if there will be a correction towards lower prices. My point was that speculators are getting nervous about a correction and I was curious to see if it's reflected in people's opinions here, which doesn't seem the case.

Bitcoin literally just hit $30k a week ago. OP why would you possibly be worrying?

Even just reading the post above yours would have confirmed that I'm not worried about any short-term rejection from $30K that occured.

This is literally just normal price action.

Literally exactly what I said in the thread above yours regarding a -3% Daily move to the downside.

OP, you've answered a lot of your thread title with your fine rationalization. One thing that seems to be missed by everyone is sideways action.

It's a good point. For me sideways consolidation at the highs is bullish. It shows price is able to to sustain higher levels and bears are unable to move prices lower. So in that regard, not being worried about a short-term correction and being bullish is inclusive of sideways price action (rather than just continued upside). Based on the consolidation around $28K, I also agree it's quite likely around $30K in order to remain bullish.

I mean you started a thread to ask if people are worried, and claiming many people are worried, "people have started to get concerned, hence this thread", and ask them if they think the bear market is coming back and if the price will drop back to $25k or $23k or $20k, so you seem worried but trying to be hopeful and wanting to see if other people are worried.

I guess you haven't seen other threads of mine whereby I see the correlation between this bear market relief rally and 2019, and generally think $50K is possible, or at minimum $40K for a relief rally, if the bear market is indeed over. It might seem like I'm bearish or worried if I'm creating a thread like this, but as per usual my threads are usually in order to gain market sentiment from bitcointalk users - hence they nearly always have a poll.

As I said, if you read my words rather than focusing on the title, it'll help to better confirm my opinion. Especially when I'm not providing any bearish analysis, only referencing the opinions of others.

And I was pointing out that you made this thread worrying about possibly a new bear market simply because the price dropped $1000 for a day (and is now back up to $30k one day later). This is completely normal price action. So I was just questioning why you made a thread with the title asking if there is a reason to worry when this is just normal everyday price action.

If a $1000 drop is a reason to make a thread asking if a new bear market is coming you could make a new thread about this every couple of weeks, forever. I mean heck, just a bit over a month ago the price dropped like $6k for 3 weeks, and you're asking if people are worried cuz it dropped $1000 a week after it went up $2000. This is just regular market fluctuations.

I created the thread at the time as $30K had eventually been reached, followed by a short-term correction. It wasn't because price had dropped $1K specifically, it was simply because a short-term correction had begun and I was curious about market sentiment on here, as it's often very different from the likes of crypto twitter or elsewhere as usually has more longer-term Bitcoin holders that see the bigger picture.

If a $1000 drop is a reason to make a thread asking if a new bear market is coming you could make a new thread about this every couple of weeks, forever. I mean heck, just a bit over a month ago the price dropped like $6k for 3 weeks, and you're asking if people are worried cuz it dropped $1000 a week after it went up $2000. This is just regular market fluctuations.

I guess you are focusing on the timing of the thread, as opposed to it's purpose. Price has returned to 18-month long previous support after breaking it around 10 months ago. So sure, every 10 months I'm very likely to make a thread questioning whether people think previous support will turn into new resistance. I also created a similar topic at $25K as well as at $20K, both times with some accurate analysis it's worth noting.

Just confused why you would start a thread asking if people are worried (potentially about going back into the bear market even!), and claiming people are concerned when I can't imagine why anyone would be concerned because you did this on a day when nothing other than normal price action took place.

Again this is about the price level rather than the timing. For months many bears have anticipated strong resistance at $30K because it was previous support for 18 months, not so different to $25K price level which held as resistance for some time. While based on technical analysis this makes a lot of sense (as it usually happens in markets), I've argued for as long that it might well not be the case based on the 2019 mini-bull market / bear market relief rally. Simply put $6K had acted as support for over 6 months and when price came back to re-test this old support as new resistance, price broke to the upside with ease and virtually no resistance what so ever. Despite many speculators anticipating this previous support to become new resistance, potentially for as long as it was support, for example like in 2015. There was also a lot more volume at $6K than around $4K (with price below it) than is currently the case at $30K. So actually, there's a strong argument that price can break through $30K much easier than it did $6K in 2019, at least based on volume.

My fairly rambling point is that unless you've been living under a rock this year, many bears have been anticipating rejection from $30K for many months now, basically since price broke below 10 months ago. They see it as similar to $25K that took 9 months to reclaim (after numerous rejections). Personally I'm not of that opinion as I stated, I actually think reclaiming $25K was the hard part rather than reclaiming $30K.

Just confused why you would start a thread asking if people are worried (potentially about going back into the bear market even!), and claiming people are concerned when I can't imagine why anyone would be concerned because you did this on a day when nothing other than normal price action took place.

He didn't know for sure that the price will recover immediately after dipping 1K after hitting the above the 30K mark multiple times. The current price is at the peak for the current bull run cycle. There is nothing wrong to worry about for a correction because it's a normal occurrence in trading once the price pump hard.

The fact price has returned to $30K doesn't exactly invalidate the idea of a correction quite yet imo. If anything, price is facing some short-term resistance at $30.3K which is a short-term distribution zone. Obviously whether price breaks through it or not is a different question, but unless price can hold onto $30K in the coming days, there still might be a short or longer-term correction towards say $28K initially.

My point mainly is that by the end of the day price could be back under $30K, so I'd say the topic will remain as valid discussion until price crosses $32K.

You are only making this comment after the price recovery and not yesterday when the price is dipping that’s why you sound confident in your opinion.

In fairness, thecodebear did comment on this topic yesterday pointing out (quite accurately imo) that it was normal price action.

[ItsCrafty]

in the 4hr tf, the 28k could be a strong support that this price could bounce up to $32K which is a reason not to worry. for short-term trader though, its going to be a good time to sell.

This year start was a little bullish for Btc. although Feb and March btc crashes but The month of April can be called now Up Ral for btc. from the start of this month btc gradually start rising and now its price above 30k when i writing this post.  If we see the chart carefully we will see same the same chart like 2019.

it's after $32k that there will be the possibility of correction which $25k will be the support. because the correction is much longer when the market will be on overbought at the weekly chart.

if we see weekly candle then bottom can be around 27400 which is strong resistance and there is very high volume of buyer and big whale. There will be up and down but we may see btc push up to 34 k next month. at the same point if 28 resistance broke them we can also btc dropping to 25. Because of halving I feel very positive and i strongly believe that there will not big crashed this time and we will recover very soon after correction for next big ATH for this year which can he 34k-35k

[lixer]

I'm not worried about the drop this time because I still believe bitcoin can go back to $30k and can even go higher. You should not need to analyze too deeply if you bought bitcoin at a low price yesterday and still want to hold bitcoin longer.

If you analyze bitcoin again, maybe you'll find something that can worry you even though it's not like that will happen later. This correction gives me more opportunities to buy bitcoin and maybe this correction will last for a few days or a week before the price can go up again.

This wasn't the first drop that we experience this year so why will we worry? We are in fact excited about it because we can be able to add more coins in our stash. We already experience $30k for a long time so some of us are bored on this price and want some actions again but they mostly want an increase more than the dips. The good thing about Bitcoin is that it was like a ball. It just bounce after a fall.

It can go high because we are not yet in the real bull run. Bitcoin investing doesn't need analysis, this is why it's the most newbie-friendly crypto. If an analysis can trigger worrying, then we better avoid it because it can only ruin our plans. It's often said that emotions is our worse enemy when dealing with cryptos.

[Fatunad]

I'm not worried about the drop this time because I still believe bitcoin can go back to $30k and can even go higher. You should not need to analyze too deeply if you bought bitcoin at a low price yesterday and still want to hold bitcoin longer.

If you analyze bitcoin again, maybe you'll find something that can worry you even though it's not like that will happen later. This correction gives me more opportunities to buy bitcoin and maybe this correction will last for a few days or a week before the price can go up again.

This wasn't the first drop that we experience this year so why will we worry? We are in fact excited about it because we can be able to add more coins in our stash. We already experience $30k for a long time so some of us are bored on this price and want some actions again but they mostly want an increase more than the dips. The good thing about Bitcoin is that it was like a ball. It just bounce after a fall.

It can go high because we are not yet in the real bull run. Bitcoin investing doesn't need analysis, this is why it's the most newbie-friendly crypto. If an analysis can trigger worrying, then we better avoid it because it can only ruin our plans. It's often said that emotions is our worse enemy when dealing with cryptos.

If you've been here on this market for long years then these drops would really be just liking to be part of an ordinary day as it does move out every single second or moment which it isnt shocking anymore.
If you are just a newbie then these drops would be something that would be freaking you out but once you do already get used to it then you would definitely just ignore these drops and instead of
freaking out, you would be simply seeing these moments are the best time for you to buy which its a must thing that you should do but since we do have those TA and other tools
then we do always make our analysis on when to get in and this would vary on each trader or investor in the market.

[GreatArkansas]

With price dropping today from $30K to around $29K, are you worried there will be a deeper correction, or return to bear market, or is this just the short-term correction before re-testing $30K?
(....)

Bitcoin right now is already sitting above $30,000. I believe there will be a lot of tests will happen that start here on this level.
It's still possible to drop down below $30,000 as I believe this $30,000 level will become a significant support, now, I believe Bitcoin will create support on the $30,000 level.

[Dave1]

With price dropping today from $30K to around $29K, are you worried there will be a deeper correction, or return to bear market, or is this just the short-term correction before re-testing $30K?
(....)

Bitcoin right now is already sitting above $30,000. I believe there will be a lot of tests will happen that start here on this level.
It's still possible to drop down below $30,000 as I believe this $30,000 level will become a significant support, now, I believe Bitcoin will create support on the $30,000 level.

Yes, usually this round numbers are a big test for us, but once we get over the hump, definitely it will become a support.
And market is very volatile in the last couple of days, hence this thread was created by the OP to gauge our sentiments. But it seems everyone is still very positive that this is still bullish, with just minor corrections and no need to worry at this point as the support is very strong at $30k.

[GigaBit]

I'm actually not that worried about the price of bitcoin nowadays since I don't day trade. Plus, the bearishness is only at a short time frame. Even at this moment the movement direction of bitcoin is looking good. I even believe that we are slowly going in an uptrend. Still though, I keep extra funds just in case something unpredictable happens in the economy again that affects bitcoin. I'd have to DCA again. What interests me right now though is how bitcoin will move till the 3rd and 4th quarter of this year. Depending on the direction I might have to go from long term to short term or day trading and only leave a part of my holdings on hodling state.

After the price rise over $30k there was an assumption that the market would turn lower again and we saw a continuation below $29k. But there was no reason to worry. From 29K it is again in bullish trend as before. BTC is currently trading at $30,224. If we take a look at a price chart over the past seven days, BTC is down 0.01 percent and the 14-day price chart is now up 7.3 percent. Various predictors are bullish on Bitcoin and believe that it will be able to overcome the $31k price in the next few days. Currently, there is strong support zone at $28k, so even if the market corrects, there is no possibility of going down much. 

[uswa56]

I'm actually not that worried about the price of bitcoin nowadays since I don't day trade. Plus, the bearishness is only at a short time frame. Even at this moment the movement direction of bitcoin is looking good. I even believe that we are slowly going in an uptrend. Still though, I keep extra funds just in case something unpredictable happens in the economy again that affects bitcoin. I'd have to DCA again. What interests me right now though is how bitcoin will move till the 3rd and 4th quarter of this year. Depending on the direction I might have to go from long term to short term or day trading and only leave a part of my holdings on hodling state.

After the price rise over $30k there was an assumption that the market would turn lower again and we saw a continuation below $29k. But there was no reason to worry. From 29K it is again in bullish trend as before. BTC is currently trading at $30,224. If we take a look at a price chart over the past seven days, BTC is down 0.01 percent and the 14-day price chart is now up 7.3 percent. Various predictors are bullish on Bitcoin and believe that it will be able to overcome the $31k price in the next few days. Currently, there is strong support zone at $28k, so even if the market corrects, there is no possibility of going down much. 

yes, I agree with you, even if we look at the chart for a longer period of time, like this year, what happened was the same and there was no correction that was too deep, the percentage did not exceed the increase that occurred.
so I think then there is no reason to worry about how far the price correction will go.
in the last few days the Bitcoin price has been corrected after a significant increase and until now the correction has occurred very little and even today the Bitcoin price has reached a price of $ 30k again

[superman184]

yes, I agree with you, even if we look at the chart for a longer period of time, like this year, what happened was the same and there was no correction that was too deep, the percentage did not exceed the increase that occurred.
so I think then there is no reason to worry about how far the price correction will go.
in the last few days the Bitcoin price has been corrected after a significant increase and until now the correction has occurred very little and even today the Bitcoin price has reached a price of $ 30k again

The price correction in the last two months is not too deep for Bitcoin, but when there is a correction like today in the market, at least some people are also starting to feel afraid even though they are not going to sell their holdings right away at this time. Because price correction like now is something that worries those who haven't had the chance to sell after buying, while those who haven't bought is definitely a good moment to take advantage of.

And for Bitcoin investors who like to save for the long term, obviously the current correction thing is a very familiar spectacle for them because in the past there have been a lot of corrections that they have seen, but they have never been bothered by it.

[kotajikikox]

from seeing this happening multiple times now? just today it moved 29-30k and 30k-29k ? i believe that this is a reason for not to be bother and just expect this
to come because of the correction from those who are taking their profit or recovering from their losses.
and also those who wanted to make this down for some way to manipulate.

[Similificator]

After the price rise over $30k there was an assumption that the market would turn lower again and we saw a continuation below $29k. But there was no reason to worry. From 29K it is again in bullish trend as before. BTC is currently trading at $30,224. If we take a look at a price chart over the past seven days, BTC is down 0.01 percent and the 14-day price chart is now up 7.3 percent. Various predictors are bullish on Bitcoin and believe that it will be able to overcome the $31k price in the next few days. Currently, there is strong support zone at $28k, so even if the market corrects, there is no possibility of going down much. 

Indeed. But despite my confidence about my position, I am still being wary right now. I even updated my notifications just to get alerts when prices reach near my red zones so that I can prepare counter measures. I already learnt my lesson last time. Sometimes the prices moves so fast that you can't even finish transferring funds to buy or sell whenever it starts to go up or down in price. Losing money and missing out on profit opportunity really feels like crap especially when you know you could've done something. Although there's some on the exchange, it isn't that much since I only store a small amount of usdt on exchanges.

[pixie85]

from seeing this happening multiple times now? just today it moved 29-30k and 30k-29k ? i believe that this is a reason for not to be bother and just expect this
to come because of the correction from those who are taking their profit or recovering from their losses.
and also those who wanted to make this down for some way to manipulate.

It's the same money being circulated around. I bet the same people who bought it at 29000 yesterday dumped it again today back to 29. They're doing it to see if they can get people to rally or dump following their move and possibly flush some leveraged traders out. Each attack on the support or resistance weakens it and people who are doing it know about it. They want to see which one breaks first because staying at 30 000 is boring. They aren't making any money.

When you see something like that just wait, don't trade until either the resistance or the support fails to hold. Fed meeting is already priced in. They will not cut until Autumn, but it doesn't change anything. Last time they hiked bitcoin went up, so we aren't bound by FED rates just that if they cut we'll have a stronger rally.

[jostorres]

If you've been here on this market for long years then these drops would really be just liking to be part of an ordinary day as it does move out every single second or moment which it isnt shocking anymore.
If you are just a newbie then these drops would be something that would be freaking you out but once you do already get used to it then you would definitely just ignore these drops and instead of
freaking out, you would be simply seeing these moments are the best time for you to buy which its a must thing that you should do but since we do have those TA and other tools
then we do always make our analysis on when to get in and this would vary on each trader or investor in the market.

Even if you've been around for a long or recently joined the crypto market as a trader, technical analysis does play its role if you are regularly trading. If you are just buying and holding for the long term, then you obviously don't need to learn any technical analysis or chart reading or anything but all you need is to be patient enough to hold them for as long as possible.

If we talk about the market at the moment, I don't think we have anything to worry about even if the price drops significantly, we know that it's only a correction and the price will surely recover soon, and on top of that, we will get another opportunity to purchase at a lower price if we have been waiting for that.

[Party24*7]

I would be even happier if bitcoin could correct sharply and drop below $20k again. Every time bitcoin gets dumped, I buy more, so I'm most looking forward to a correction during the bear season. I'm focusing on accumulating bitcoin and only selling when it hits $150k, so I'm happier to see bitcoin drop than to see bitcoin go up so fast.

[Fara Chan]

I would be even happier if bitcoin could correct sharply and drop below $20k again. Every time bitcoin gets dumped, I buy more, so I'm most looking forward to a correction during the bear season. I'm focusing on accumulating bitcoin and only selling when it hits $150k, so I'm happier to see bitcoin drop than to see bitcoin go up so fast.

Didn't you buy more Bitcoin during the bearish season last year? Because in the last year Bitcoin has experienced a bigger decline and even more than just a price correction in the market. I'm sure you know that last year Bitcoin experienced a big drop in price, but if at that time you didn't have time to make a large number of purchases, it's only natural that at this time you would still expect a correction in Bitcoin. But if in the last year you have bought more Bitcoin at a price that is even twice as cheap as it is now, I think it's time for you to expect a better improvement on Bitcoin.

[darkangel11]

I would be even happier if bitcoin could correct sharply and drop below $20k again. Every time bitcoin gets dumped, I buy more, so I'm most looking forward to a correction during the bear season. I'm focusing on accumulating bitcoin and only selling when it hits $150k, so I'm happier to see bitcoin drop than to see bitcoin go up so fast.

The halving is getting closer and people know it's going to be worth more in 2024, so there isn't and there won't be much sell pressure.
What we're seeing now is traders who made some money on that last pump from 28k are taking profit. It's not panic dumping, just short-term investors are scalping what they see as a temporary top.
I wouldn't count on a drop below 20k, unless something completely unexpected happens, like an exchange collapses, the way FTX did. Even if there's a continuation in the dips, I expect to see 40k by the end of the year, and a new ATH in 2024.