Current price action / correction

[HashRate Hero]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

[BitMaxz]

What does the order book tell you?

I don't see any panic yet; I see a huge selling pressure recently, but it does not mean its a panic sell. Look at the chart; it was came from a huge price jump, and it was oversold already. The current price movement, I think, is a pullback or retracement or going to retest the $83k level, which is the recently strong resistance and now support.

If no one supports this area, I feel like the market wants to absorb all liquidity first below the price before it continues to price pump again.

[HashRate Hero]

If no one supports this area, I feel like the market wants to absorb all liquidity first below the price before it continues to price pump again.

You right  about the 83k zone. Market owners always hunt that deep value first anyway.

I can say that sweeping the lows is inevitable. Good call.

[Popkon6]

No matter how much the market situation goes into the abyss, I do not panic, because I always think that the market will improve in the future. Because I have seen that no matter how much the market is dumping, the market situation goes up again and it will help you more, no matter how low the price of Bitcoin is, you will definitely benefit if you buy.
So even though the market situation is naturally upward at the present time, it may go towards correction according to the cycle. So there is nothing to panic about, so we will not panic and move forward with Bitcoin holdings towards the future.

[Oshosondy]

Ehst that is very important about the market is that the price of bitcoin can not continue to increase always even during a very huge bull run, there will be a period of calm and a period of little retracement before the price of bitcoin will continue to increase. Although it is very important to know that bitcoin is at a level that it might fall right now, bit if it does not fall, there will be a high probability of going to almost $100000. Let us chill and see the one that will happen.

[AprilioMP]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

Selling pressure remains high based on money flow analysis data. The rally to $86,000 was used by people to lock in a small profit by selling, and they will use the upward trend to make a profit—after which they will wait for the price to drop from $86,000, not out of panic.
Today, the price is at $83,000. With the proceeds from their previous sales, they are now able to make new purchases. This is a deliberate move, not a reaction to panic. Long-term investors are not concerned with current market prices but remain focused on their long-term goals.

[maydna]

The market seems push the price to go down because I see down movement although there are more walls prevent the price to down. The line is not good to see and we are heading on the weekend which usually trigger the price get a correction. If the price can sustain on this level, the price could be back on higher next weeks so people can take their profit again. But if its not, we could prepare our money to buy at low. No need to worry and just prepare and be ready and you will be fine.

[Odohu]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

The market have never been as stable as it is this period, moving gradually and in an organized fashion with volatility at its lowest ever. This is contrary to your postulation about panics from the side of the retails. What characterizes panic in the market is high volatility and sporadic vibration in the market, and we don't have that at the moment, so I beg to defer on your stance. There is however, no denying of institutional involvement in Bitcoin which has increased the capital injection over the recent years. The only problem with have not is that most of their purchases are through OTC and not on-chain which is why we are not benefiting much from them in terms of rise in price.

[l99l]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

The market have never been as stable as it is this period, moving gradually and in an organized fashion with volatility at its lowest ever. This is contrary to your postulation about panics from the side of the retails. What characterizes panic in the market is high volatility and sporadic vibration in the market, and we don't have that at the moment, so I beg to defer on your stance. There is however, no denying of institutional involvement in Bitcoin which has increased the capital injection over the recent years. The only problem with have not is that most of their purchases are through OTC and not on-chain which is why we are not benefiting much from them in terms of rise in price.

There is solid support at the $83k level despite any selling pressure, the price tends to bounce back from there.
We haven't seen such a steady rise in a long time. That’s why I remain optimistic that this stability will continue. Whether it involves pullbacks or a gradual climb, that makes for a healthier trendthis is exactly how it should be.
Hoping for a lovely autumn and winter on bitcoin.

[HashRate Hero]

Maybe we have to stop sweating over the 5-minute charts. See the  that panic-selling right now are just the same traders that are going to buy back 15k higher  crying about missing the train.

Maybe sometimes we have to Relax.

[LogitechMouse]

Re: Current price action / correction

The Demand Area of Bitcoin on the 1D chart has been touched and currently, we're onto a correction phase which is pretty much needed after 2 consecutive pumps that happened.

The resistance has been touched, got rejected, and now what we are waiting is what would be the next support. Looking at the charts, the lowest support that could be in the short term is around the $75,000 area, but there is a Fair Value Gap that's wide open at around $80,000 that's barely been touched. It's more of a Technical Analysis thing-y, and I know that we all have different ways to analyze the market, and that's fine. What works, works.

I will not add another chart, but on the 4H, I plotted a FIB retracement already, and it touched the 0.618 already, and bounced currently. If the price of Bitcoin doesn't go below that zone, there's a chance that we will be continuing the pump with ~$83,000 acting as a support. Anyway, I do hope that there are many spot traders out here who already profited from that last 2 pumps.

[HajiBagi]

No matter how much the market situation goes into the abyss, I do not panic, because I always think that the market will improve in the future. Because I have seen that no matter how much the market is dumping, the market situation goes up again and it will help you more, no matter how low the price of Bitcoin is, you will definitely benefit if you buy.
So even though the market situation is naturally upward at the present time, it may go towards correction according to the cycle. So there is nothing to panic about, so we will not panic and move forward with Bitcoin holdings towards the future.

Panicking when the price drops shows that the person is not ready, what some people don't understand is that no matter how the market goes, the price will definitely rise and they will benefit from it, I will never panic when holding bitcoin, the only people who will panic, and I will not blame them, are those who just bought bitcoin this year or started buying, those people can panic because they are new to investing in bitcoin, and with time, they will understand.

The market of this year is also an example for investors, bitcoin price drops to $57000 and the price is now $83000, we don't need to panic, panicking can force us to sell our bitcoin when we are not ready, the best thing to do is ignore the price, do not even check it if you are the kind of person who panics when you see the price is going down.

[Dr.Bitcoin_Strange]

I took out time today to do a little top down analysis on Bitcoin and based on what I conclude, I see a high chance of price going to $98k because that seems like the targeted liquidity, the dip yesterday was a correction just to take some liquidity which I believe that the uptrend still continues. I had a limit ord at $77k but looking at price today, it doesn't seem like it's going to dip to $77k before going to $98k. What I do feel confident about is that price is going to reach $98k.

[Comeacross]

Panicking when the price drops shows that the person is not ready, what some people don't understand is that no matter how the market goes, the price will definitely rise and they will benefit from it, I will never panic when holding bitcoin, the only people who will panic, and I will not blame them, are those who just bought bitcoin this year or started buying, those people can panic because they are new to investing in bitcoin, and with time, they will understand.

I hope you know that not everyone is a hodler, we have different types of participants playing different games in the market. If you're holding for a long time, then you have no problem panicking about short term price decline but for traders, you can not blame them for taking action because that's how they get their own profit. Their actions don't mean they don't have faith or belief in bitcoin but it's the way they manage their own risk to restrategise or protect their capital. The way holding for a long time give you peace of mind is quite different if you're a trader.

I took out time today to do a little top down analysis on Bitcoin and based on what I conclude, I see a high chance of price going to $98k because that seems like the targeted liquidity, the dip yesterday was a correction just to take some liquidity which I believe that the uptrend still continues. I had a limit ord at $77k but looking at price today, it doesn't seem like it's going to dip to $77k before going to $98k. What I do feel confident about is that price is going to reach $98k.

If we can clear the 87k to 90k supply without too much drama, 98k should be achievable in short term. For now we are sitting in between low to mid 80 after a sudden rejection close to 87k so as long as we keep romancing around this figures, the price is more likely to pump than dump. So your order is likely to remain on hold for the moment.

[Nathrixxx]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

I think this is mostly applicable to traders alone because if you are a big-time investor, you will know that some of these do not even apply to you, except that you are not able to hold when the market is in a correction.

It will get to a particular stage where we will have to discover the market behavior and pattern, and this will not even be a trigger for any of our actions to either sell or buy because we know where it is heading already. Some traders are just too quick to act based on the short-term market reaction the observe and this has been many reasons why they feel with their trading except the tone to be a long time investors.

[Asiska02]

Today, the price is at $83,000. With the proceeds from their previous sales, they are now able to make new purchases. This is a deliberate move, not a reaction to panic. Long-term investors are not concerned with current market prices but remain focused on their long-term goals.

Short term investors are those that are moved by this current trend in the market. These are not enough to make long term investors panic or take action regarding their investments that will affect their holdings. The market is very volatile but yet when looked into carefully, the risk does not really pose a threat to panic sell. Short term investors that have a better grasp of movement in the market are taking advantage of the uprising and falling in the market consecutively. For a long term investors, the markets is just consolidating and the bigger picture is what they’re more focused on taking overall profit in the long run.

[Shadiq]

Lets Look at the last 100 drops. You easly observe a phenomena of  Retail panics taking place every single time over normal noise while order books tell a completely different story. Stop trading every 5% swing and look at actual volume.

It is wrong to think that if there is selling pressure, it is due to panic. Do we have any news to be panicked? Or is there any reason? No. So many people are taking their profits out of the market.

It is normal for many to take profits by entering the 8-digit house, which has been in the 6-digit house for a long time. This is not a reason for panic.

They will return to the market and express interest in buying at a lower price. This is the nature of Bitcoin, where volatility is more than stability, and traders will profit from that volatility. This is a strategy, not panic.

[cryptomaniac_xxx]

I took out time today to do a little top down analysis on Bitcoin and based on what I conclude, I see a high chance of price going to $98k because that seems like the targeted liquidity, the dip yesterday was a correction just to take some liquidity which I believe that the uptrend still continues. I had a limit ord at $77k but looking at price today, it doesn't seem like it's going to dip to $77k before going to $98k. What I do feel confident about is that price is going to reach $98k.

It's profit taking for short term investors, they didn't expect the price to go that high in just couple of days, so it make sense to see them do that kind of action and mostly will be back in the market again after taking their money.

But it's going to be two fold, as what you have seen, it's either we go and shoot to $98k or there will be one last leg down to $77k.

The market is going to chose the path that we are going, at least before the end of the year.

[Ruttoshi]

It's a norm that when there's a drastic pump in price of bitcoin, short tern investors will rush to take profit which is why we are seeing a little correction in the price of bitcoin. I cannot say if the price will continue to pump or dip below the support level of $83k.

I have decided to change my mindset into a bullish one after the recent pumps because it seems that we might not see $60k+ price range anymore. There is no need for any panic.

[SmartCharpa]

No matter how much the market situation goes into the abyss, I do not panic, because I always think that the market will improve in the future. Because I have seen that no matter how much the market is dumping, the market situation goes up again and it will help you more, no matter how low the price of Bitcoin is, you will definitely benefit if you buy.
So even though the market situation is naturally upward at the present time, it may go towards correction according to the cycle. So there is nothing to panic about, so we will not panic and move forward with Bitcoin holdings towards the future.

I keep on thinking why people have to panic about Bitcoin price, when this is not the actual price where the price started. If you check at the history of Bitcoin, I don’t see any reason why someone should sit down and be thinking about the price whether it will recover if it dips or not. If many long term investors have this same mindset, I don’t think they would still be holding their Bitcoin right now, but they believe its future will be much better than now.

Every market price is an opportunity for every investor to buy more, if you don’t have the money to add more to your holdings, do no sell due to any dip in the market. The price is currently above $80k, while this is not where it was last week. You can see that the market moves on its own, nobody can predict it next move.