Time to long Bitcoin or further drop ?

[Powerjumboo]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

Are you on a spot trading platform or a futures trading platform? If you are on a spot trading platform, I would say that you should hold Bitcoin for a long time because it will take some time for the market to rise. In my opinion, I would say that the market may go further down at this time because we may enter a recession. And if you are on a futures trading platform, you can stick to your decision. But in my opinion and in my judgment, it is better to do spot trading than futures trading at this time.

[ancafe]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

If you're buying to hold any price is worth considering as Bitcoin will always cycle and potentially rise much higher. If you intend to engage in futures trading, the current market potential will be a little more difficult to analyze, so you should apply lower leverage and remember to use a stop-loss. A long position on Bitcoin looks good at the moment, but there's a possibility of a reversal, so you need to be confident in your decision.

If you have sufficient capital to withstand liquidation, taking a long position might be a good idea, but the risk is high. In my opinion, it's much better to set a stop-loss so that if our analysis is wrong, you won't suffer a greater loss. This is not financial advice, so you should conduct your own analysis before making a decision.

[ZAINmalik75]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

If you longed then, you must be in profit now, so what are you waiting for, book your profit and wait for the next opportunity. If you are one of those who think they have found a one in a thousand opportunity, and now you want to make the most out of it then you are delusional one.

Because being in the delusion of making profit while the profit is already in hand, is a clear sign of being greedy. Always book your profit, and use stop loss. Because without SL, all the profit and the capital can turn into huge losses.
And once it all starts to happen, a newbie trader, will not think straight and in order to save the capital, they will add more capital.

[Asiska02]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

If you’re still in a long position, then it’s quite time for you to take profits now because you’ll be up in profits a lot now from the time you asked this question here. You don’t look to be very confident in your analysis and fear the market facing a huge drop soon. It is important that you take your profits now if you’ve scalped this trade because the market looks bearish overall and you took a long position, so this is definitely a scalp trade you’ve opportune to have taken.

The market has not been so predictable and many analysis of top analysts have ended up to go wrong, so you should be lucky to have hit big on this one. If you’re still holding, it is time to close, if not when taking such trades again, risk what you can afford to lose as the market is very volatile and only professional traders tends to have a better chance at the market now.

[Lida93]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

There is uncertainty in the market and traders need to be wise when making decisions about whether to buy or to sell.
This is not the time to long the market because Bitcoin could fall again and those that had long the market could lose their money by getting liquidated. The price of Bitcoin could go down without any sign or signal.

Any trader that wants to go long should be doing it with what they can afford to risk losing because the market is just unpredictable and we can't be sure what the next movement would be. Much sentiment is that bitcoin would fall further dip-ish but we are certain that it's going to fall despite how's looking that way. At this time, investors are the people in safe hands since they're doing it for a long term which when bitcoin can rise.

[Razmirraz]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

No one can be sure whether a long-term or short-term position is the most appropriate, it all depends entirely on the analysis and strategy you apply. The only thing you have to know is that the market is always uncertain, high volatility is a common occurrence. Analysis can help you make decisions, but it's only a prediction. If you feel confident with the chart and on-chain analysis, then it's best to take a long position right away.
If you are afraid that Bitcoin will fall further, then you can take a wise and responsible action or decision by closing the trade just in case. So, before entering a trade, you must do research first because no one can make decisions for you because it all depends on your own ability when trading.

[bitgolden]

If you’re still in a long position, then it’s quite time for you to take profits now because you’ll be up in profits a lot now from the time you asked this question here. You don’t look to be very confident in your analysis and fear the market facing a huge drop soon. It is important that you take your profits now if you’ve scalped this trade because the market looks bearish overall and you took a long position, so this is definitely a scalp trade you’ve opportune to have taken.

The market has not been so predictable and many analysis of top analysts have ended up to go wrong, so you should be lucky to have hit big on this one. If you’re still holding, it is time to close, if not when taking such trades again, risk what you can afford to lose as the market is very volatile and only professional traders tends to have a better chance at the market now.

Yeah, the price will drop further and we will see it reach to a bottom. So, being in the long futures right now would be a bad idea and anyone who does it will just watch their money evaporate because the price will go down and liquidate all your long futures. You can leverage as much as you want, you can margin it as much as you want but in the end you are going to lose it all. We need to make sure that it is not going to end anytime soon, so we should keep staying away from longs for now.

[SilverCryptoBullet]

Yeah, the price will drop further and we will see it reach to a bottom. So, being in the long futures right now would be a bad idea and anyone who does it will just watch their money evaporate because the price will go down and liquidate all your long futures. You can leverage as much as you want, you can margin it as much as you want but in the end you are going to lose it all. We need to make sure that it is not going to end anytime soon, so we should keep staying away from longs for now.

Price will move unpredictably as it can move up or down in a way most of market participants can not predict accurately. The most important fact of the market is it usually moves oppositely with common predictions and expectations of the crowd. If we mostly think of a bull run, the market will move down, and if we mostly think like the bear market bottom is here, price will fall down more and deeper.

In this volatile and unpredictable market, don't leverage your initial capital and take too much risk, your positions if leveraged greedily and unsafely will very likely be liquidated. Liquidations will make market makers and exchanges richer while gamblers in this market will become poorer, even be bankrupted.

Lastly but very important, bear market is most terrible and sensitive time for centralized exchanges and people who consider accounts on CEX as their wallets, as these exchanges can be bankrupted, died or do their scam exits.
Events made you scare about custodial wallets, centralized exchanges.
Cryptocurrency exchange graveyard.

Around the bear market, it's time to withdraw all your fund to your non custodial wallets because black swan events like Terra, FTX will be possibly appear again.

[rbynxx]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

It's just fine I guess to have that feat considering the drop has been done for weeks now and tbh sellers would be exhausted by now and I think a hit to $80k would be probably significant for a take profit opportunity. Best is to trust your gut rather than relying on someone else's opinion and technical analysis, at the end of the day it's you that will celebrate your wins and grieve for your losses.

I think $60k for a support when we got to $120k is so strong, I will probably take this as the bottom for the next ATH.

[el kaka22]

We cannot know short term small moves, even when you asked this question to right now things change. So we can't say what the high leverage risky futures market will do, maybe it will be good to buy long now, or maybe it would lose all of your money.

Remember, when you long, depending on your leverage of course, you could lose even with a small movement and that is why it is not easy to make that decision and it's a momentary small dynamic thing so we can't say here. Like in an hour long would be good, but in two hours it could be bad, we can't know for sure.

[terrific]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

That's so close if you haven't closed the order, the lowest price that we've got today is $65,900.
I hope that you were not liquidated with that trade of yours.
While the rise could continue now and that seems to be the safe support zone for Bitcoin.
You can just hope for it but you can't tell of how low it can still go. That's how bitcoin usually reacts, you don't have much profit from that leverage as of now.

[whiteblue]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

You already have a target price to buy and should have entered, that fear should not be made an excuse because it will wait continuously until bitcoin will not touch $ 65k again like what you had expected before, make purchases with DCA to be able to have more opportunities if bitcoin has decreased in price again, I know it's not easy but it has to be that way so that you don't miss the opportunity to buy more bitcoin, not a few people who do the mistake of continuing to think prices will decline in the end it doesn't happen at all and they say we regret not accumulating slowly.

[Faisal2202]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

I don't think technical analysis would be enough because, despite the buying pressure the price of btc pumped only to $70k. Which is low in my opinion because if the investors really think $62k is a price that btc will never hit again they would have bought more and the price of btc have crossed $86k but it did not.

So, I think Bitcoin will dump more, and once it does that won't be for so long but a quick one. I suggest you to take your profit, because one trade can't decide your future unless you have invested a huge and the profit is also too big for you.

Don't be greedy, be smart, book what you can and look for more opportunities.

[taufik123]

Now think about it simply, If your lowest price target is $65k then you have to buy it in a gradual way and if there is a decline you can buy again, that's all you have to do.
Then there are no regrets about buying at the price you have determined because gradual purchases are also made.

The most important thing is how you manage the capital you have, don't do all of this at one price or one coin, diversify it is also necessary not only in Bitcoin,
the top altcoins can also be an option when crypto prices are crashing like today.

Actually, this has become common knowledge, it's just a matter of how to manage it and this happens over and over again.

Technically if you look at how the Bitcoin pattern is happening at the moment, the Bitcoin price did crash after touching and passing the Support Price at the $75k++ trend Flip Point and touching the fairly strong Support at the $60k++ price.

This $60k++ support will determine whether Bitcoin will continue on the rise or will just repeat the crash as in the previous cycle.
I see this pattern on the 1-Month Time Frame and for the long term, I think if at the close of the February candle Bitcoin is able to make a reversal at this point, then a market recovery may occur.

[Finebone]

I don't think technical analysis would be enough because, despite the buying pressure the price of btc pumped only to $70k. Which is low in my opinion because if the investors really think $62k is a price that btc will never hit again they would have bought more and the price of btc have crossed $86k but it did not.

So, I think Bitcoin will dump more, and once it does that won't be for so long

Your sentiment here is true, Bitcoin presently is seriously crashing, but as you have already said, it wouldn't be long before it bounces back, so buying at every available opportunity is the best thing you can do for the growth of your portfolio

I suggest you to take your profit, because one trade can't decide your future unless you have invested a huge and the profit is also too big for you.

Don't be greedy, be smart, book what you can and look for more opportunities.

Taking small small profit from your Bitcoin investment can't impact your finances much, so it's better you focus more on stacking up a very huge stash of Bitcoin now that it's very cheap, because when Bitcoin has gone up later in the future, that portfolio of yours that was already large when the price was down like this , will significantly rise in value and may change your financial history forever. So thinking long term while accumulating Bitcoin is the best way to reap significant result from your Bitcoin investment, not by cashing out small small profit.

[Ndabagi01]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

The market is not in the bullish direction whatsoever now, it is already channeled towards going into a full blown bearish move, so going for long now at that price is very risky as the market may not obey any further uptrends in the market again, but will eventually change direction into a bearish trend in the market. If you’ve longed it for sometime, you should have gotten to take profits now, so just keep the remaining trade and for a more better position in the bear market to take advantage of. Technical view of the market is not even enough to tell the right direction of the market, the market is in a volatile state now but we’re watching more closely to get to see how the market reacts to the market conditions presented to it now.

[Puzzled_bystander]

Even as someone who tries to maintain a slightly bullish expectation, I must admit that the chart does not look good at the moment and in the short run. It is downward sloping, with too many red cancles, which too often are larger in terms of volume then the fewer green ones.

The lack of buying pressure and follow-through are striking. In fact, on the 12h and 1d log chart, the past few days ominously look like a continuation of the ladder down just before Feb 5, though seller volumes seem to have decreased somewhat on the 12h chart.

I therefore believe we are almost certainly going to see another stab at 65K and 63K, probably already tomorrow. Unless we see a powerful bounce on meaningful volume at these levels, a retest and failure of the low at 60K seems the most probable outcome to me.

Having that said, save for the Sharpe ratio, the monthly RSI, and the monthly MACD, key indicators look criminally oversold on higher timeframes. There seems to be considerable technical support in the low 60s and high 50s.
Yes, the damage inflicted to the chart looks truly ugly, and the fear and pain are still very palpable. But without very bad macro or sector news, and given that major liquidity gaps are now located above, I just don't see how the sellers and bears could push the price below the low 60s or high 50s in the current circumstances, excluding odd wicks to the downside.

Thus, whilst a lower low will likely occur the way the chart looks to me at this point, I do hope that in such an event we should see a quick and strong confirmation of the cyclical bottom, ideally in the form of a swift wick down, followed by a reversal on powerful volume. Hopefully, we are about to witness the last stage of the bottoming process, and the sooner, the better.

[shield132]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

I longed from a similar price too. If you didn't use high leverage like 10x leverage, then you don't have to worry about anything because Bitcoin won't significantly dip further and if you open a short position, you'll regret it because it's almost guaranteed that Bitcoin will grow further.
Also, consider that long position is always better than short position. What's the max profit that short position can give you? 100% and that's only theoretically if the price goes to zero but what's the max profit that long position can give you? There is no limit. Stick with long position always when you feel that it's the right time to buy Bitcoin.

[YOSHIE]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price . I will appreciate some technical analysis or opinions.

If you are a large investor who has a lot of capital, of course the current situation where the Bitcoin price is at $67k is a good opportunity to invest, You can let go when the price of $70k - $75k is already profitable or you can do it for the long term waiting for the price of $150k to come.
Likewise, if you trade, the current market situation is a good step and goal to gain profits.

Well, it's different if you're not a big investor/don't have a lot of capital, you can buy Bitcoin at no stage, if you're sure $65k is still going down, buy at $65k and $60k and $50k target for the long term, if the price of Bitcoin rises to $100k, the three strategies you do, all three are profitable.

[michellee]

You need to trade short time and not delay to take your profit. The market still unpredicted and if you place a long position, you should know when to close the position. The thing is no needs to be greedy because the unpredictable situation and no needs to use high leverage because the risks will be bigger.. If your analysis says the price will down, you can placing short position and closing it when you profit.