Bitcoin on Weekly looks Dangerous

[WatChe]

These things are not "dangerous", people should stop talking about price drops as dangerous or even potential of price drop as dangerous, it's not. It's only a natural part of the crypto world and in fact any market in the world, all markets end up being down and up in turns.

So when the price goes down, that's not a dangerous thing and we should not be considering it as a dangerous situation, it should be received as just a normal business day and that's it. I understand that it may or may not go down more, and it has gone down some already, and that makes some people fear it, but don't be, because just as it goes down, it will go up and there is nothing to worry about it at all and should be considered normal.

There is no market that only goes up and never gets stable or move down. The irony with Bitcoin is that whenever it goes up people says that its late to buy Bitcoin now and when Bitcoin goes down then there are speculations all around that Bitcoin is going to zero, its all over etc. If you see price of bitcoin few months back, it was around 16k and right now its 29k. I would say Bitcoin is in much better and stronger position at the moment then it was2 to 3 months back.

[JoyMarsha]

If the price or pattern shows a very deep decline, we shouldn't worry because it will allow us to see an opportunity to buy bitcoin. And if you stay calm in every situation, you will see a big discount opportunity later, so you can prepare some money to buy at a lower price again.

I still can't get an idea where bitcoin will go, but if the pattern does happen, we will get another big discount

Prepare your money and place your purchase order at the lowest price and enjoy the discount

I'm seriously preparing my money in anticipation of a sharp decrease in the price of bitcoin, and it looks like a price of $25k is possible before the month is up. Since the crypto market is currently in the red zone and Bitcoin's price has been falling badly since today, it seems as though nothing can stop it from giving us a discount price of $25k before August end. 

Before the market's price starts to recover, it will be thoughtful to acquire more bitcoin and the other top altcoins. If we are to lose this chance, I'm not sure when a similar opportunity will arise for us to purchase bitcoin at a discount. It is better to start grabbing the opportunity little by little as we can. 

[ImThour]

So, it went as the plan. Also, the retest to the Fib support level is amazing.

[Joshapat]

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

[Baofeng]

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

It did return to $27,500. Unfortunately, in the last 2 days or at least at the start of the months, seems to be that the price did decline to below $26k. Now, we are in the $25,700. Although it did hold, perhaps we might see a decline again, just saying. The market sentiments seems to be negative as investors might be selling again pulling the price down.

Or we could be seeing a sideways pattern, maybe tops of $28k this month. So we will see, with how the volatility is, really hard to predict what will be the short term price or at least for this month alone.

[fzkto]

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

It did return to $27,500. Unfortunately, in the last 2 days or at least at the start of the months, seems to be that the price did decline to below $26k. Now, we are in the $25,700. Although it did hold, perhaps we might see a decline again, just saying. The market sentiments seems to be negative as investors might be selling again pulling the price down.

Or we could be seeing a sideways pattern, maybe tops of $28k this month. So we will see, with how the volatility is, really hard to predict what will be the short term price or at least for this month alone.

If bitcoin does not bounce back up from the current level, but instead continues to decline, we will probably see a new bear market. There are already several red monthly candles now, which is not good. Usually September has not been a bullish month for cryptocurrencies, so we shouldn't expect a rise this time around either.

[Dickiy]

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

It did return to $27,500. Unfortunately, in the last 2 days or at least at the start of the months, seems to be that the price did decline to below $26k. Now, we are in the $25,700. Although it did hold, perhaps we might see a decline again, just saying. The market sentiments seems to be negative as investors might be selling again pulling the price down.

Or we could be seeing a sideways pattern, maybe tops of $28k this month. So we will see, with how the volatility is, really hard to predict what will be the short term price or at least for this month alone.

Yes, I see from the confirmation of the formation of the nearest support and resistance that I think it is time for a reversal (back up), because the price is already at the lowest support point and almost touched the support a few months ago, right now the price is sideways. In my opinion, prices should go back up at least until they break through the highest resistance this month, which is around $27,900. Because clearly Bbisa can see the history from the beginning of 2023 until now there is still no breakout in the previous support area, the trend line shows bullish still dominates. But yes I also haven't seen the perfect confirmation of the current conditions to show a reversal. Yes if in the next few days candle confirmation shows a decline then maybe until the end of this year the price is difficult to reach $35,000. Yes, if investors go back to selling then I can't imagine and definitely the decline is very significant, maybe it could be up to $20,000 more. Honestly I'm afraid it's going to go back down, like you said, it's hard to predict completely, but yes we hope there's an indication of a rise again there, but we'll see.

[gunhell16]

This week of course makes us worried because it has dropped more than 14%, although today it can return to $ 26k, but many are worried if the bear market continues, even many analysts believe that the price will fall below $ 20k, we will see in 2 or 3 days if the price will drop below $20k.

It did return to $27,500. Unfortunately, in the last 2 days or at least at the start of the months, seems to be that the price did decline to below $26k. Now, we are in the $25,700. Although it did hold, perhaps we might see a decline again, just saying. The market sentiments seems to be negative as investors might be selling again pulling the price down.

Or we could be seeing a sideways pattern, maybe tops of $28k this month. So we will see, with how the volatility is, really hard to predict what will be the short term price or at least for this month alone.

Yes, I see from the confirmation of the formation of the nearest support and resistance that I think it is time for a reversal (back up), because the price is already at the lowest support point and almost touched the support a few months ago, right now the price is sideways. In my opinion, prices should go back up at least until they break through the highest resistance this month, which is around $27,900. Because clearly Bbisa can see the history from the beginning of 2023 until now there is still no breakout in the previous support area, the trend line shows bullish still dominates. But yes I also haven't seen the perfect confirmation of the current conditions to show a reversal. Yes if in the next few days candle confirmation shows a decline then maybe until the end of this year the price is difficult to reach $35,000. Yes, if investors go back to selling then I can't imagine and definitely the decline is very significant, maybe it could be up to $20,000 more. Honestly I'm afraid it's going to go back down, like you said, it's hard to predict completely, but yes we hope there's an indication of a rise again there, but we'll see.

So there was a pump in Bitcoin that was due to Grayscale winning the lawsuit against the SEC, which revived the Bitcoin spot in the ETF. So, this is clearly the reason why Bitcoin rallied to $27,500. If we remember, Grayscale filed to convert GBTC to a Bitcoin exchange-traded fund (ETF) last year, in 2022. But the SEC rejected Grayscale's filing.

So what Grayscale did was file a lawsuit against the SEC. So on August 29, 2023, the court issued a decision that the SEC must grant the grayscale application for converting GBTC to an ETF. In short, the court wants the SEC to reverse what they did by rejecting the application that was passed by Grayscale, which requires the SEC to review Grayscale's application again. Therefore,  it is still subject to approval, it won, and the result is positive news.

Source: https://cointelegraph.com/news/grayscale-wins-sec-lawsuit

[bestcoins1]

If bitcoin does not bounce back up from the current level, but instead continues to decline, we will probably see a new bear market. There are already several red monthly candles now, which is not good. Usually September has not been a bullish month for cryptocurrencies, so we shouldn't expect a rise this time around either.

At least there could still be some more resistance to the price of Bitcoin in the market for now though don't expect a price increase. Because everyone would definitely be very ready to see an increase in prices if that could happen this month, although I also don't think that could happen anytime soon. But it would be much better if that could still happen this month, but I would be more grateful if Bitcoin no longer experiences a decline to a lower price than now and can still stay at the current price range before the next increase arrives.

[beerlover]

If bitcoin does not bounce back up from the current level, but instead continues to decline, we will probably see a new bear market. There are already several red monthly candles now, which is not good. Usually September has not been a bullish month for cryptocurrencies, so we shouldn't expect a rise this time around either.

At least there could still be some more resistance to the price of Bitcoin in the market for now though don't expect a price increase. Because everyone would definitely be very ready to see an increase in prices if that could happen this month, although I also don't think that could happen anytime soon. But it would be much better if that could still happen this month, but I would be more grateful if Bitcoin no longer experiences a decline to a lower price than now and can still stay at the current price range before the next increase arrives.

The resistance is not that much considering we have gone down from there already and very recently, it takes time for resistance to build up. Whereas we haven't been under 25k for months now and the support level there is quite strong, doesn't mean it can't be broken but it requires a lot more money to make us go under 25k than it requires to get us above 28k.

Like I said, that doesn't mean it will not happen but at the same time I like to side with whatever is the easiest for the market, and for the time being it's easier for the market to make it go up, so when that is easier it is something that feels a lot better to me in the end and I think it should be important to keep it going and do a lot better for a while.

[MFahad]

If bitcoin does not bounce back up from the current level, but instead continues to decline, we will probably see a new bear market. There are already several red monthly candles now, which is not good. Usually September has not been a bullish month for cryptocurrencies, so we shouldn't expect a rise this time around either.

Yes agree because continuously it shows lower price so those who wants to get profit are unable to reap the benefit so if it goes more down from 24k$ then holders will surely loss their hopes which will create more decline in value.

September is not bullish because it does not show any increase in crypto coins but its just a start of month may be in few days the situations become well for holders of bitcoin so on the basis of 3 or 4 days we cannot judge the bear or Bull season.

We cannot say that present conditions will remains forever because neither Bull season remains always nor bear season persist for whole life but situations regularly changes just for the purpose of getting fruitful results from both by patience and knowledge.