Topic: Again, price breaks below $11,000, is it ready to dip nelow $10K? (Read 350 times)

Panic selling is biggest enemy of crypto trading so we need to control our emotions as a professional trader. So lets control our portfolios without accepting any wrong decisions that reflected on latest BTC/USD movement. New traders are looking for ways to boost their gain overnight. The 10 thousand support level was broken by panic sellers without carring about life and trading cycles so noone can blame the market because: The market is always right

Price of the bitcoin continue decreasing price and I think it will imcrease more little and the price is 9,400 dollars now from 10,000 last few hours it decreased in that amount. You can buy bitcoin now and for sure you will earn a lot of profit in the next few days.  I hope the price will increase again so we can make more profit again. We need opportunity so the price of the bitcoin will increase again.

Depends on the demand and supply, if people wants to sold their bitcoin at a lower price for sure some buyer would love to buy it because they believe on bitcoin. If everyone sold their btc the price will go down, and whales will surely buying back at the bottom so they can make good profit, its a cycle though. Hopefully bitcoin will go up this month, so we can now make good profit.

Let them sell, if they are in a hurry to lose money and to give to us cheap bitcoin why we should stop them, people worry too much, yes I know there are people that invested huge amounts of money in bitcoin but lower prices means an even bigger opportunity to make more money, once you see the dips in that way you will find that no matter what happens you win, if the price goes up you get a lot of money and if the price goes down you get cheap coins.

I believe in a few weeks time bitcoin price will start increasing again and we might see it above $30k and don't panic about the price but buy more bitcoins if you have any spare money. Bitcoin long term holders always makes profit so only invest in bitcoins if you are going to hold it for long term otherwise I recommend altcoins for short term profit.

As of today, the price of BTC is barely hanging at $10k area and occasionally dipping to $9.8k range. I don't know if you noticed it but it appears that positive news regarding BTC and cryptocurrency as a whole is now coming back after the huge dip these past few days. This is by no chance a coincidence and we can only attribute these releases of positive news to whales who are manipulating the market. People are now hoping that we reached the "bottom" part of this bear market. 

But what will happen if everybody wants there money back.  Will there be enough money to pay them all back even if the price goes down. 

I already saw that it dip below $9K, but I guess someone nabs a few bitcoins and push the price instantly above $10K. I have been hearing about the bull trap in the last 3 weeks that I beginning to wonder that maybe, manipulators are artificially pumping bitcoin again, I thought it was a rally already to move past $11K, but then again, I'm always wrong with my prediction.

We will be entering February, I hope that everything will change for the better and we may see reversals, and price picking it up again to the tune of $12K-$15K so say the least.

And it did go below 10,000$. Bitcoin has dip as far a as 9,600$ level and I saw it coming the price action where Bitcoin had rallied fast going to 11,900$ shows us that someone is pumping the cryptocurrency which is obvious as the volume has been lagging behind the price increase. Many have also predicted that it was a bull trap and I have confirmed it with my own analysis. Good thing that I have convert my Bitcoin into Fiat before the dip and I bought it back again when it hit 9,700$ I have now increased my Bitcoin position.

Every January there'll be price fluctuation in the similar manner. As we're nearing to the month of February price increase could get initiated from the current price which is around $10000. Weeks back price fell low to ₹10000 and once again unexpectedly price had fallen low to $10000 which increases the fear among the users.

It is January like every year this year too we had a dip and from tomorrow new months start with a  afresh hope of the prices first to recover above 10k and slowly start progressing towards the 12k and 15k mark. Btc is waiting from some good news form across the globe as January we had some big blows to the btc due to which the prices slump.

What is happening next.  It is just too risky for most people at the moment.  It's all very well to say don't panic.  If you are about to lose your house or life savings of course you will be in a panic. 

You are right. Now we need to take a break. People don't realize the fact that they reduce the price of bitcoin when in a panic sell their coins. I'm willing to wait a year or more but selling at this price of the bitcoin, I will not. If you do so all the price will again rise. The main reason for the fall in prices of cryptocurrencies are our actions.

It is a possibility that it will dip below $10k. With the recent move by facebook to ban anomalous cryptocurrency advertising and the South Korean banning also anonymous cryto trading it may be the reasons for this recent dip. But i am optimistic that bitcoin will bounce back strong.

Whales maybe or they manipulate price so that panic sell can be done and many will sell in this situation. They use this to collect many more and wait for some time few months maybe and then they increase price. This pattern is seen so many times. One exchange volume dont necessary means that there is some movement but can be a starting point.
 

it is funny how many times the $10,000 bottom has been tested in the past month and each time some people come out and say it will drop so much more and then the price reverses back up above $10k again. it is starting to look like a pretty dumb pattern to me with a strong support at $10k with a huge volume of bitcoin changing hand (26000BTC only on bitstamp over <2 days).

makes you wonder who is buying these coins under the support line?

It definitely did go under $10000 this time, but as expected, it was a panic dump, and right now we've recovered around $400 in an hour or two back up to a level that is comfortably over $10k again. Support is still strong at $10k if you ask me.

Seems like there are still bad news coming out for bitcoin, which is currently stopping the rise of bitcoin. We saw price rise to over $12k earlier in the week.

I think we'll be seeing that soon once again. We just need some time for bitcoin to settle down and get to $11k, and establish the floor there. And when the stream of bad news stops, there will be no question that the price will start hiking again.

So for him this is still part of the price corrections in which is normal but we don't know how many more normal corrections will come as some holders are nearly to panic as the weak movent will continue. Anyway, the suggestion to keep the patience, hold, wait and see are the best moves than panicking again as this will only making Bitcoin value become worst.

I don't really understand the market these days price currently is going down below. Yet, some are still holding btc even me because I believe that bitcoin price were going high again. The most questions these days until when bitcoin price will breaks down below. Yes maybe we should wait and see this market.

Honestly, this is the third time now.  People should start to understand how it works.
Look at the bubbles of 2011, 2013 and now 2017.   Same pattern.  We will bottom out at a few $1000, but it might take longer than a year, and there may be bull traps in between.  If the pattern of 2014 repeats, we might even go up a while to ~$13000 for a while before crashing lower.

The mechanism is quite simple.  A LOT of people have been buying during the run-up.  The "new army of greater fools".  This is the very army that has paid for all the gains of the older bitcoiners that has been selling to them.  If you look at the volumes of bitcoin when it rose above $10000, and you imagine that a sizeable fraction of that wasn't just trading (selling, buying, selling, buying....) but was genuine new buying-in, you can imagine the amount of money from the outside that has flown into bitcoin (and crypto in general).

All these people are burned now (especially those that bought near the top, near $20 000).  They have been holding a while (as long as you don't sell, you don't lose!), but at a certain point, they want to cut losses, so they sell at loss (with the idea never to buy again !).  Money is hence flowing outwards to these people (less money than came in of course, but it is not going to come back, these people are burned by bitcoin !).  This puts a sell pressure that pushes the price down.  There is a buying pressure of "buy the dips", but that's petering out when those "buying the dips" start realizing that the bottom may be much lower: better wait !

Before this trend can be reversed, first, all those that got burned, have to accept their losses.   That may take a time.  Some will still hold for a month.  Some will hold for a few months.  Hoping it will get around $20 000 again, but it won't.  As long as there are still lots of burned people around, that didn't accept their losses, the downward pressure is going to win.

Because suppose that enough of them are finally hodling, even though they are heavily burned.  They bought in at $16000, and now, say, the price is $6000.  They don't sell, but sweat it out.  Imagine now an uprun to $12000.  They are not going to miss that opportunity to cut their losses in a less severe way !  They won't be greedy !  They will get out from the moment they can get a sizeable amount of their investment back !   Also, those that bought at the beginning of the run-up, say, at $8000.  They have seen it go up to $20 000, were stupid enough not to sell, and now  they are at loss !  From the moment it reaches $12000, they've learned their lessons and they sell, with a modest benefit.

Only a small fraction is going to hodl.  Most of the people that got in during the run-up will sell, but at loss.  The amount of money that stays in bitcoin will be higher than before (they sold with losses!), so the bottom will be way higher than the starting point

Only when all these burned people got out, stability near the bottom is possible.  And then a new army of greater fools may come in.  Like the first army in 2011, the second army in 2013 and the third, last year.  If there are still enough unburned greater fools around.

But that will take way over a year.  I think we cannot expect a run-up at least before the next halving.  If ever.  The amount of new greater fools needs to be huge this time.