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buwaytress

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Quote from: adaseb on October 29, 2021, 09:37:26 PM

ETH broke its ATH today and it looks like it might be another false breakout type of play. It’s already under the old ATH figure. Going into the weekend we will see how it plays out however it seems like the weekly will close under the old ATH.

So if ETH which is the 2nd largest coin closes under, it will become more suspicious because it’s starting to look bad with all these weak breaks. Seems someone out there is selling a lot of coins to keep the prices of BTC and ETH surpressed since they can’t stay above their old ATH.

I somehow failed to even recognise this, normally you can't avoid any ATH news for BTC or ETH but here I am catching up to the news after confirming it, 24 hours later.

I'm not so familiar with what happened ETH-wise in 2017 and I doubt we can use that as a measure for what's happening now correlating (or rather, not correlating) to Bitcoin.

It is fairly surprising that the weekend is closing weak for both markets. But I see this as non-consequential timeframes for November. Q4's not done yet.

Ararbermas

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Well it always happened very often when bitcoin really surging, i mean there are some holders that jump out especially if their traget price already reached just to prevent massive correction ahead, and of course those day traders that's why there's always an impact in the market.. But i think no need to worry on this situation because for sure it will continually making good performance as it still above and not showing negative sign.. It is just a correction probably like what always happen before breaking new all time high value.

Poker Player

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Quote from: Wind_FURY on October 28, 2021, 06:55:19 AM

Quote from: NeuroticFish on October 28, 2021, 04:29:32 AM

Quote from: Wind_FURY on October 28, 2021, 04:22:20 AM

I believe double your investment is at the very minimum.

Not necessarily. Far too many are preaching/expecting 100k mark getting passed this year. Many are telling that another exponential growth phase is just about to begin. I don't know if they're right (I wish they are), but then x2 should be easy-peasy.

Then we agree that double the investment is at the very minimum?

I believe the sentiment has simply changed again after the current correction.

I agree with that. And I don't see what are the reasons to think we won't get to $100k this year. Technical analysis points to it, and it has to be confirmed in the next couple of months. Fundamentals too: there is demand, and I see no reason for people to want to sell en masse. I think we exceed $100k before 2022 unless we have catastrophic news that brings the market down.

STT

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It hasnt moved dramatically either way, its not a break of anything so far I guess. If we account for devaluation continuous in Dollar then the ATH now is about the same as the ATH at year start because nominally they are different but value mostly the same price point.

I was looking for a downtrend and it seems to have outrun it, I've given up being negative but honest take is we dont know until it resolves properly. Weekly bars are really the minimum safe conclusive data to draw an idea of pattern bullish or negative trend; otherwise we remain speculators guessing which way to bet in the days that wave back and forth. I presume we have no solid reason to see a pattern down at present.

adaseb

legendary

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ETH broke its ATH today and it looks like it might be another false breakout type of play. It’s already under the old ATH figure. Going into the weekend we will see how it plays out however it seems like the weekly will close under the old ATH.

So if ETH which is the 2nd largest coin closes under, it will become more suspicious because it’s starting to look bad with all these weak breaks. Seems someone out there is selling a lot of coins to keep the prices of BTC and ETH surpressed since they can’t stay above their old ATH.

Gozie51

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Quote from: magneto on October 27, 2021, 09:59:53 PM

In terms of long term growth I am almost certain that bitcoin will hit 6 figures in a few years/next halving cycle.

This is quite possible with the speed of growth and the adoption rate. I don't think we are going bear as we did in 2018 and 2019 after the run of 2017

Quote from: magneto on October 27, 2021, 09:59:53 PM

There are people calling for $150k BTC by the end of the year, $1 mil BTC by 2022, etc. etc. These are just not possible even with the Bito approval.

No not believing that $1m is realistic in 2022. It is a very huge dream to happen anytime in 2022. $150k can be thought of next year.

Quote from: magneto on October 27, 2021, 09:59:53 PM

These are good indicators that the current bull market is likely close to being finished, imho. And this is coming from a long term bitcoin holder.

This is not over yet. A correction can happen to give strength to the bull run till December

Wind_FURY

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Quote from: NeuroticFish on October 28, 2021, 04:29:32 AM

Quote from: Wind_FURY on October 28, 2021, 04:22:20 AM

I believe double your investment is at the very minimum.

Not necessarily. Far too many are preaching/expecting 100k mark getting passed this year. Many are telling that another exponential growth phase is just about to begin. I don't know if they're right (I wish they are), but then x2 should be easy-peasy.

Then we agree that double the investment is at the very minimum?

I believe the sentiment has simply changed again after the current correction. Another surge for the month of November should make everyone say, “triple the investment is at the very minimum”. Cool

LogitechMouse

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Quote from: adaseb on October 27, 2021, 09:45:38 PM

Yes this is a false break out. Generally when this happens it bearish.

I think you used the wrong words here

.
You might mean that "when it is at its ATH" or at least the same.

In general, a false breakout really happens when a coin like Bitcoin surpassed its past ATH. Many holders tend to sell their Bitcoin at the same price or at least near that price either lower or higher but there are some too who are getting FOMO'ed for some reasons and that causes the prices to go up even more. At this time, sellers are in control since they want to get their profits causing the price to go down thus a false breakout happens.

What will happen after this? Now that Bitcoin is at $61,000 again at the time I'm posting this, there is a chance that it might try to reach the ATH again @$66,000-67,000 or might go down even further Cheesy

.

NeuroticFish

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Quote from: Wind_FURY on October 28, 2021, 04:22:20 AM

I believe double your investment is at the very minimum.

Not necessarily. Far too many are preaching/expecting 100k mark getting passed this year. Many are telling that another exponential growth phase is just about to begin. I don't know if they're right (I wish they are), but then x2 should be easy-peasy.

I find it interesting that we've just got a reversed Bart Simpson, which I think it tells that the drop was kinda fake-manipulated. At least for that area.

Wind_FURY

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Quote from: adaseb on October 27, 2021, 09:45:38 PM

Yes this is a false break out. Generally when this happens it bearish. However I don’t want to sell everything just yet in case next week it attempts another run. The biggest bearish case was when we got those large wicks on those exchanges.

Bearish? Near all time highs? It’s simply a complacency phase of the market, ser. We have seen this before, MANY times before in fact. Cool

Quote from: Kemarit on October 27, 2021, 10:40:28 PM

Quote from: Wind_FURY on October 27, 2021, 06:10:24 AM

Quote

Who has any thoughts about what is happening on the market now and what to expect in the future?

Now? The DIP before the surge to $70,000.

The future? Simply, throw all techno-fundamental analysis out of the window, AND ZOOM OUT. Looking at a zoomed out chart will make understand that dips NOW are for buying.

Yeah, why not? another perfect buying opportunity and just hold of the next two months and see how it goes.

It could be fall break out, but the effect is for sure term only. It's just 2 months ago when we are trading just above $30,000. So it might be the cause again, x2-x2.5 up to the end of the year. Still possible so take this as another golden opportunity to double your investments at the end of the year.

I believe double your investment is at the very minimum.

Kemarit

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Quote from: Wind_FURY on October 27, 2021, 06:10:24 AM

Quote

Who has any thoughts about what is happening on the market now and what to expect in the future?

Now? The DIP before the surge to $70,000.

The future? Simply, throw all techno-fundamental analysis out of the window, AND ZOOM OUT. Looking at a zoomed out chart will make understand that dips NOW are for buying.

Yeah, why not? another perfect buying opportunity and just hold of the next two months and see how it goes.

It could be fall break out, but the effect is for sure term only. It's just 2 months ago when we are trading just above $30,000. So it might be the cause again, x2-x2.5 up to the end of the year. Still possible so take this as another golden opportunity to double your investments at the end of the year.

magneto

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In terms of long term growth I am almost certain that bitcoin will hit 6 figures in a few years/next halving cycle.

But the bullish sentiment in the marketplace right now is euphoric and almost outrageous. There are people calling for $150k BTC by the end of the year, $1 mil BTC by 2022, etc. etc. These are just not possible even with the Bito approval.

These are good indicators that the current bull market is likely close to being finished, imho. And this is coming from a long term bitcoin holder.

adaseb

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Yes this is a false break out. Generally when this happens it bearish. However I don’t want to sell everything just yet in case next week it attempts another run. The biggest bearish case was when we got those large wicks on those exchanges.

When this happens the market usually goes that way. The reason why is because there was a lack of bid liquidity. Some large players got out, not enough bids and hence these crazy wicks on multiple exchanges.

There was over $1B people that bought BTC on the new futures ETF and they are all sitting at a loss. So if we retest the old ATH it will be very difficult to break on the first try.

rhomelmabini

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The overall sentiment was still at the 6 figures Bitcoin and will stick to that and will expect until the end of Q4 or even on the early weeks or month of 2022. Was it a double top if we zoom on the monthly candles? This might be not good on the technical side but I guess it can driven out by the good fundamentals like how many huge players comes into play and it's too huge to be ignored.

davis196

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The price growth of Bitcoin is not over,if we are talking about the long term.
However,I think that the possibility of a price correction is pretty big.
I don't know if the current price drop is caused by manipulation or it's just multiple traders and hodlers selling their BTC and getting the profits.
I had a feeling that the October price growth looks like a price bubble,so there will be a price correction and I guess I was right.This still might be a bear trap,or it might be normal price fluctuation of +/-10%.
I'm OK with the price dropping below 50K or even below 40K.There's nothing wrong with that.Another chance to buy cheap BTC. Grin

News about Bitcoin ETFs can't create the same level of hype they used to create back in 2016/2017.

Wind_FURY

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Quote

Who has any thoughts about what is happening on the market now and what to expect in the future?

Now? The DIP before the surge to $70,000.

The future? Simply, throw all techno-fundamental analysis out of the window, AND ZOOM OUT. Looking at a zoomed out chart will make understand that dips NOW are for buying.

Charles-Tim

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Quote from: Symmetrick on October 27, 2021, 04:34:42 AM

Who has any thoughts about what is happening on the market now and what to expect in the future?

I do not know of now, but the future is certain as bitcoin is not that old, fiat will depreciate, bitcoin adoption will increase, leading to more valuation. Having a marketcap of over 1.8 billion will get the price to over $100000 and still expecting more adoption and possibly it can worth half of gold's marketcap and more in the future. We will still reach all-time-high as usual. I am not good in analysing price, but I am certain of the word 'hold because bitcoin price will still continue to appropriate and bitcoin will become more of a store of value.

NeuroticFish

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I don't know if it was a fake breakout or there's now a bear trap, but I agree that the growth is not over. The overall sentiment is still too good.
And news like the one about Mastercard just cannot be ignored (and yet you didn't mention it).

However, sadly, manipulation in this kind of cases for "a quick buck" by the large players is known to happen now and then. So, while it's good to have all this "put on a paper", it's not new behavior, at all.

Symmetrick

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