CarnagexD
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April 21, 2023, 02:01:57 AM |
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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? Many speculators anticipated rejection from $30K level, as this was previously support for 18 months in from 2021 to mid 2022 and could become strong resistance. Although so far (as of writing) we have only seen a -5% correction to $29K. Ultimately I think it's too early to tell if price will correct further to $25K, $23K or break the recent higher low of $20K. But nonetheless people have started to get concerned, hence this thread. Some positives to consider: - Price remains above all Daily moving averages (20,50,200) while above $29K, so far from bearish longer-term
- Price remains in a bull flag / upwards trend since mid March with short-term support level around $28.6K
- Price previously broke through $25K strong resistance that could well turn into new support
- The current sell-off isn't supported by strong volume, similar to the move to $30K initially
These are just a few factors that come to mind. While short-term (1hr/4hr) price can be seen as bearish, it remains bullish on the Daily time-frame and still reversing the bearish trend on Weekly/Monthly time-frames. Personally I think $28K level is likely to act as strong support, due to the 3 weeks of consolidation/accumulation that occurred recently. Otherwise below this level I think a re-test of the 200 WMA around $26K, as well as $25K becomes increasingly likely. The 200 Day MA however continues to rise from $20K, now above $21K, with major consolidation/accumulation zone currently priced at around $23K. I would say do not be worried. If you are worried just because your profits might be gone or you're not in position yet so your thinking of FOMOing in. Don't. This case scenario only reflects that you don't have a plan trading or investing. You're investing after your emotion and that's the worst thing you could do. Instead of worrying where price is likely to go or trade to (which is absolutely you have no control with) Plan how you are engaging the market. Be the operator of your own trades and investment. Plan ahead, what will you do if price get to a level then what you are going to do. IF...Then this... If $28K is revisited Then I will buy If $25K is traded lower Then I will cut my losses and preserve my capital If $35K is traded higher Then I will take partials or take full profit. That's just an example. But I will tell you. Have a plan. So you don't have to worry. If you have a plan, then worry will be gone. That easy. Following it is hard. That's why 90% fail and lose money.
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michellee
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April 21, 2023, 03:53:31 AM |
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But we don't expect to see the price of BTC continue to decline because that will make people lose hope again. After all, they have seen it before.
Moreover, we are now at the weekend when another correction might occur. So we have to be really alert and prepared if that happens so we can buy bitcoin at low prices again.
Why would you lose hope when bitcoin goes down, don't we always want to buy low and sell high for the best profit? If you are also using that strategy, you will be happier when bitcoin can fall even further. I'm not like you, I expect bitcoin to drop below $25k which is a good thing because buying cheap bitcoin will give me bigger profit later on. I'm aiming for ATH in 2025, so I expect the bear season to last rather than end soon. I think people will lose hope. After all, I never lose hope when bitcoin goes down because I still see an opportunity to buy low so that would be a good moment to increase my bitcoin amount. But if the price drops below $25k, it would be a good time to buy bitcoins but the crypto market may experience a shock as the prices of other cryptos follow the bitcoin price. That's why I said we have to stay alert and always be ready for whatever happens so we can adapt to the market situation.
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irhact
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April 21, 2023, 04:23:54 AM |
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Bitcoin threw the needle exactly where it should turn, I expect it to form a stage by filling and emptying between 28.500-29.500 for a while. However, for now it is around 28,300 and stands at the end of support. If there is a downward direction from here, the support will be broken and alarm bells will ring.
The danger is not past, but I think the severity of the correction is decreasing. If BTC is calm, it expects to go up one notch in altcoins.
Altcoins are getting the highest dump as always, this dump has made many to dump more than 30% so when Bitcoin is done calming, I'll advise we stay away from altcoins as their future is likely more dump then increasing because after Bitcoin becomes calm, nobody knows the direction it'll take, it can increase in price and try to break the $30k price again or continue dumping. Bitcoin at the moment is holding strong at $28k and we have very strong support in this price since it was once the resistance before we broke out and headed to the $30k price. I always knew we can't hold above $30k since the market was finding it very difficult to reach $35k so a dump was likely to happen.
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BobK71
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April 21, 2023, 05:04:00 AM |
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Bitcoin threw the needle exactly where it should turn, I expect it to form a stage by filling and emptying between 28.500-29.500 for a while. However, for now it is around 28,300 and stands at the end of support. If there is a downward direction from here, the support will be broken and alarm bells will ring.
The danger is not past, but I think the severity of the correction is decreasing. If BTC is calm, it expects to go up one notch in altcoins.
Altcoins are getting the highest dump as always, this dump has made many to dump more than 30% so when Bitcoin is done calming, I'll advise we stay away from altcoins as their future is likely more dump then increasing because after Bitcoin becomes calm, nobody knows the direction it'll take, it can increase in price and try to break the $30k price again or continue dumping. Bitcoin at the moment is holding strong at $28k and we have very strong support in this price since it was once the resistance before we broke out and headed to the $30k price. I always knew we can't hold above $30k since the market was finding it very difficult to reach $35k so a dump was likely to happen. The current market is slowly trending downwards resulting in massive price declines in altcoins. Investing in altcoins is the riskiest right now. But Bitcoin still exists in a satisfactory situation. However, the price has lost 7 percent in the last 7 days. Now bitcoin is trading currently 28,280. However, the market may turn bullish again at any time. If it falls further from the current price then it could be another good opportunity for investors. But Bitcoin holders should not panic and instead try to grow their portfolios.
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Kelvinid
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April 21, 2023, 06:45:53 AM |
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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? ...
Every time the price of Bitcoin will pump, a correction will then follow. But I'd never think it was worrying enough because it rises back again stronger than before. I'd thought that the majority had already known this situation for this was not new anymore to the market. As long as the price of Bitcoin does not yet reach its peak, I was certain that after $30k, there is always room for $40k, $50k, and more...I think always about it, so instead I feel bad when it drops, why should I take this opportunity to buy more.
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Xinarae*
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April 21, 2023, 08:11:39 AM |
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If $35K is traded higher Then I will take partials or take full profit.
I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.
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Tony116
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April 21, 2023, 08:26:50 AM |
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But we don't expect to see the price of BTC continue to decline because that will make people lose hope again. After all, they have seen it before.
Moreover, we are now at the weekend when another correction might occur. So we have to be really alert and prepared if that happens so we can buy bitcoin at low prices again.
Why would you lose hope when bitcoin goes down, don't we always want to buy low and sell high for the best profit? If you are also using that strategy, you will be happier when bitcoin can fall even further. I'm not like you, I expect bitcoin to drop below $25k which is a good thing because buying cheap bitcoin will give me bigger profit later on. I'm aiming for ATH in 2025, so I expect the bear season to last rather than end soon. I think people will lose hope. After all, I never lose hope when bitcoin goes down because I still see an opportunity to buy low so that would be a good moment to increase my bitcoin amount. But if the price drops below $25k, it would be a good time to buy bitcoins but the crypto market may experience a shock as the prices of other cryptos follow the bitcoin price. That's why I said we have to stay alert and always be ready for whatever happens so we can adapt to the market situation. Even when bitcoin fell from $69k to $15k last year, people continued to believe in bitcoin, there's no reason bitcoin's decline from $30k to $25k would make us lose hope. Bitcoin can increase 50% in 2 months, so it is normal for bitcoin to drop 10% or 30%, we should adapt to that because there is no forever bull market without a correction. Although bitcoin is recovering, but the bearish season is not over yet, so I think we still need to be very vigilant and not be subjective just because we see bitcoin recover quickly.
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CageMabok
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April 21, 2023, 10:47:43 AM |
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I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.
Now is the time to wait again because for some people it is not possible to sell Bitcoin during this downturn. The price of $35K after the correction is still very much achievable for Bitcoin and indeed it is right for everyone to wait for it to arrive after this correction is over on Bitcoin in the market, although I don't expect it to be reached immediately within this month.
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dragonvslinux (OP)
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April 21, 2023, 12:48:19 PM |
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Personally I think $28K level is likely to act as strong support, due to the 3 weeks of consolidation/accumulation that occurred recently.
Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not, but the selling has slowed down for now: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fs3.tradingview.com%2Fsnapshots%2Fd%2FDXDklIJ2.png&t=665&c=TELphpcbq8LOHw) Failing that there isn't a lot of trading around $25K, despite it being previous resistance, so the next support would be around $23K it seems (previous accumulation zone). This is also where the bullish trending 20 Week MA is priced, which has just crossed the 50 WMA in bullish formation.
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justdimin
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April 21, 2023, 07:18:04 PM |
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if you look at the current movement of Bitcoin, maybe it's something that won't happen, but it's all uncertain, the price of Bitcoin moves quickly so that everything is very possible to happen and everyone has different wishes and expectations for the price of Bitcoin.
in the last two days the Bitcoin price has been corrected slowly and with a small percentage and when compared to the increase that has occurred, a small correction will not cause panic because the movement is slow and only a few. for support points maybe we here have different beliefs, but personally I still firmly believe that the price of Bitcoin will not be corrected too deeply and will recover in the near future.
I think slow one matters because of two things. Yes it is going down, but it is not going down too much, it has been just a small drop and when the amount is this insignificant, that doesn't really matter to people and that's the important thing. But the second thing is that if we are talking about the current period, it had a lot of increases at the moment before this happened, so when you go from 16k to 32k that means that we are going to end up with a small bit of increase and that is why I think people are fine with that. I know that reaching from 16k to 32k means that you are going to have a bit of a fall and that's fine. I also believe that we are going to see it stay here and then up higher after all of this drop is down.
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YUriy1991
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April 21, 2023, 07:39:41 PM |
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If you look at it, it appears that Bitcoin is showing its usual sideways behavior, especially over the weekend. At the moment, the cryptocurrency is holding on to minor support, with safe entries for long positions around the 26500 - 2600 levels. If Bitcoin falls below the red line, it may face a correction to the 25k level. However, if the current support remains intact, Bitcoin still has the potential to rise again to overcome the existing daily resistance. It's important to approach the current situation with a cool head and careful consideration of the risks involved in any investment decision.
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OgNasty
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April 21, 2023, 07:56:24 PM |
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If you are worried about the market erasing a week of gains then it is very clear that you have far too much money invested in Bitcoin. If this applies to you, you're looking at the daily data way too much and you're going to miss the forest for the trees. Bitcoin should be viewed in 4 year increments, not weekly increments. You want to buy the bottom every four years, and then sell the tops. You don't have to trade yourself to riches along the way, you just need to keep buying and holding. Once you change your mindset and have some faith, you realize that it is that simple. Traders mostly miss the peaks by selling for little gains or flat out lose their money on bad trades. If you believe in BTC, you don't need to trade it. You need to stack it.
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Quidat
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April 21, 2023, 08:05:10 PM |
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If you are worried about the market erasing a week of gains then it is very clear that you have far too much money invested in Bitcoin. If this applies to you, you're looking at the daily data way too much and you're going to miss the forest for the trees. Bitcoin should be viewed in 4 year increments, not weekly increments. You want to buy the bottom every four years, and then sell the tops. You don't have to trade yourself to riches along the way, you just need to keep buying and holding. Once you change your mindset and have some faith, you realize that it is that simple. Traders mostly miss the peaks by selling for little gains or flat out lose their money on bad trades. If you believe in BTC, you don't need to trade it. You need to stack it.
Having too much stashed bitcoin or been bought doesnt automatically means that you would really be that impulsive whenever it do make out some declining price behavior.There are people who do really get used to it and doesnt mind whether it would be going down below and instead on freaking out.They would rather be buying even more or simply making out some DCA we know that we cant really be seeing the price which might be possibly the last to be seen on this cycle. For those wo do have that huge awareness and experience on how this market behaves or works then you wouldnt really be making yourself that impulsive.
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dragonvslinux (OP)
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April 21, 2023, 08:44:38 PM |
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Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not Well, there goes $28K support. It held well for a month but isn't holding anymore. With the -10% correction so far this week, I suspect we'll see a further pull-back next week unless $28K can be reclaimed by end of week. I don't mean to sound bearish, only realistic, as not convinced the 200 WMA will hold, nor $25K, as most of the volume is around $23K which is the realistic next level of support for price. Either way it's a good time to accumulate I think. It's been almost a year that price has been in a wide range between $15K and $30K, so the fact it remains there is still bullish imo.
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Baofeng
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April 21, 2023, 10:27:17 PM |
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Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not Well, there goes $28K support. It held well for a month but isn't holding anymore. With the -10% correction so far this week, I suspect we'll see a further pull-back next week unless $28K can be reclaimed by end of week. I don't mean to sound bearish, only realistic, as not convinced the 200 WMA will hold, nor $25K, as most of the volume is around $23K which is the realistic next level of support for price. Either way it's a good time to accumulate I think. It's been almost a year that price has been in a wide range between $15K and $30K, so the fact it remains there is still bullish imo. Yeah, unfortunately, the big $28k support has fallen, it's huge though, I mean we have been trading for this price for more than 10 days if I'm not mistaken, and it's really a big support for us in March which really pushes our bullish sentiments. But now that it has been broken, we might expect some bearish trend this month (I don't want to sound bearish, but still better to be prepared). Not sure if you also look at the average mining cost of bitcoin, because it seems to be below as well right now. So again, just another data that I have been looking in the last couple of months to see if there is some correlation with the price action. https://en.macromicro.me/charts/29435/bitcoin-production-total-cost
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dragonvslinux (OP)
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April 23, 2023, 03:12:14 PM |
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Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not Well, there goes $28K support. It held well for a month but isn't holding anymore. With the -10% correction so far this week, I suspect we'll see a further pull-back next week unless $28K can be reclaimed by end of week. I don't mean to sound bearish, only realistic, as not convinced the 200 WMA will hold, nor $25K, as most of the volume is around $23K which is the realistic next level of support for price. Either way it's a good time to accumulate I think. It's been almost a year that price has been in a wide range between $15K and $30K, so the fact it remains there is still bullish imo. Yeah, unfortunately, the big $28k support has fallen, it's huge though, I mean we have been trading for this price for more than 10 days if I'm not mistaken, and it's really a big support for us in March which really pushes our bullish sentiments. But now that it has been broken, we might expect some bearish trend this month (I don't want to sound bearish, but still better to be prepared). $28K was support for longer than 10 days, price first reached this level over a month ago and consolidated for 3 weeks around this level before moving higher. If you ignored the weekly close last week above $30K, that now looks like a fake-out to the upside, then price has basically consolidated for over a month between $26.5K and $29K. In Bitcoin, this is actually quite a long-time to consolidate in a tight range. Not sure if you also look at the average mining cost of bitcoin, because it seems to be below as well right now. So again, just another data that I have been looking in the last couple of months to see if there is some correlation with the price action.
I used to keep an eye on this metric, specifically when hash rate was correcting or consolidating, but since it has started rising again then I've largely ignored it. Others on this forum have pointed out how unreliable this "average cost" basis is, as it's impossible to factor the cost of electricity in countries where it's much cheaper, or otherwise the cost of mining with renewable energy that's much cheaper to maintain etc. As far as I understand this cost basis would be based on the average cost of energy worldwide based on non-renewable energy, or maybe even just US-based. As generally it's hard to believe there would be such a large Bitcoin mining industry if the cost of production was around the same as the price of Bitcoin. This "average cost" is simply based on "mining at home" operations or otherwise "hobby mining" imo. For example hash rate has increased in the past 3 months along with Bitcoin's price rise, so the industry has been growing, but this "average cost" basis has generally been around the same price of BTC.
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BitDane
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April 23, 2023, 08:29:57 PM |
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I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.
Now is the time to wait again because for some people it is not possible to sell Bitcoin during this downturn. The price of $35K after the correction is still very much achievable for Bitcoin and indeed it is right for everyone to wait for it to arrive after this correction is over on Bitcoin in the market, although I don't expect it to be reached immediately within this month. Isn't it better to accumulate than waiting? If anyone who is cost averaging, buying at the current dip of Bitcoin would be a good deal. If a trader enter at $30k. the recent price decline is a good time to average down his investment cost. It is still better if the price continue to go down before the market to have fully transition to bull market. This way those who accumulate can get Bitcoin at a lower price before they see the price started to surge and have an uptrend rally. This might be the last time we can see Bitcoin at this price range so better to take advantage and fill our bags before the Bitcoin market pick up and uptrend. If we missed this opportunity, we might end up missing buying Bitcoin at this price range. Always remember, every cycle, Bitcoin has a higher lowest floor than the previous.
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Baoo
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April 23, 2023, 09:33:19 PM |
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If $35K is traded higher Then I will take partials or take full profit.
I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision. Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market.
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Lucius
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April 24, 2023, 10:13:12 AM |
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Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. ~snip~
Do you have any special reason to believe in a price jump of even 30% in less than one month? I'm not saying that there is no possibility of this happening, but I see only bad news on the horizon, whether it's about the US or the EU, not to mention that the war in the east of Europe will soon enter a very critical phase because a massive offensive is being prepared by the Ukrainians. Anyway, this year should be in a positive sign when it comes to economic recovery at the global level. I do not believe that the price of Bitcoin will deviate too much from these trends, and the additional tailwind can only be a few more banks that will experience a collapse - because maybe that is the reason why we have witnessed an increase in the price of BTC of almost 100% in a relatively short period of time.
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Yaunfitda
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April 24, 2023, 11:37:30 AM |
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If $35K is traded higher Then I will take partials or take full profit.
I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision. Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market. Wow, that is a huge jump though, I mean we are in $27k, so it will be like $8k increased in then next 2-3 weeks? That will be huge. Not saying that I don't trust your prediction, but let's say it's better to put a numbers that is doable though, maybe $31k could be far stretch, but we have reach that price already but it just didn't hold that strong. So let's see, the month is going to end and this might be the first time this year that we might be in red candle as the first 3 months end up very good to us.
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