Big surprise in mid-August - Do not panic!!!

_BlackStar

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Quote from: Asuspawer09 on September 19, 2023, 02:50:08 AM

Quote from: _BlackStar on August 18, 2023, 02:42:26 PM

-snip-

I mean I'm been holding my investment in Bitcoin and another cryptocurrency, it's really a good thing that I learned to have multiple incomes because now I don't really care what happens on the market since my goal is the bull run, I have no intentions to sell at this point since I don't really need the profit at this point, I just find out the trick since if you always in the market you're always gonna get tempted to sell your investment every time you see the market drop a huge percentage, also it is also a thing and wrong if your investment your only income to cryptocurrency because it is still a very risky investment in the end, it is surely going to temp you if you really are depending on your cryptocurrency profit. So make sure to make multiple sources of income or at least have savings before even starting to invest in cryptocurrency to avoid losing money.

First - having more sources of income is certainly better than having just one source. I remember one advice; if you only have one source of income - then you are only one step away from poverty. So of course - having more sources of income is always advisable, but only if you are able to manage them all without interfering with each other.

Second - if you have an investment plan, then you should have a reserve budget instead of just investment assets. Moreover, it is not recommended to invest all your budget without having a reserve budget - it is intended to protect your long-term investment plans from some urgent matters. Financial planning is certainly recommended rather than just investing - but of course long-term investments will tend to be desirable if you are not really able to take advantage of the market in the short term.

Asuspawer09

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Quote from: _BlackStar on August 18, 2023, 02:42:26 PM

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

I mean I'm been holding my investment in Bitcoin and another cryptocurrency, it's really a good thing that I learned to have multiple incomes because now I don't really care what happens on the market since my goal is the bull run, I have no intentions to sell at this point since I don't really need the profit at this point, I just find out the trick since if you always in the market you're always gonna get tempted to sell your investment every time you see the market drop a huge percentage, also it is also a thing and wrong if your investment your only income to cryptocurrency because it is still a very risky investment in the end, it is surely going to temp you if you really are depending on your cryptocurrency profit. So make sure to make multiple sources of income or at least have savings before even starting to invest in cryptocurrency to avoid losing money.

I really notice that compared to the past years of my investment, I can already control my emotions about cryptocurrency investment because I already have multiple sources of income I don't really need to make money quickly in case the market drops I don't really care because I have money that I can use to survive and buy what I want.

_BlackStar

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Quote from: Jating on September 08, 2023, 11:42:22 AM

^We did drop to $25k again at the start of September, so yeah we might be looking for sideways pattern again as the sentiments seems to be negative. But surprised today, price going up to $26k and so with that, I haven't followed what is the news that put investors to invest some money and push the market price above it's support line of $25k.

But as you have said, oh, September is a bad month, but since it's the 'ber month, I was just thinking that investors might be preparing already for the big haul next year and prepare for the block halving. So yeah, let's see how it goes for September as we are entering the 2nd week this Monday and hopefully we can maintain $26k-$27k.

I hope the panic in August has subsided and improvement in September can be expected. I clearly observe that bitcoin price movements have been somewhat slow and tend to be sideways - but there is good hope at the end of September if bitcoin can lock in a new support level around $27k.

Large investors are certainly ready to continue their long-term journey by taking advantage of the large correction that occurred in August - so we can expect a better price recovery towards the end of this month and into the end of the year.

Odohu

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Quote from: ShowOff on September 18, 2023, 04:24:54 PM

Unfortunately, bitcoin did not manage to maintain its value above $27k today. After briefly exceeding $27.4k, now the price of bitcoin has fallen back to $26.7K, but this is normal as long as many people still trade their assets in the short term.

Bitcoin hitting $27k is already a sign that the bulls are around. If it remains above $26k throughout this month, it will signal that a huge dip in price might not happen. However, we have the month of October filled with not too positive news and that will mark the highest test for Bitcoin. If the promise to repay the stolen funds from Mt.Gox hack schedule to happen next month turn out to be another failed promise as usual, we can be sure that the bulls will register their presence visibly from next month onward.

Indeed, interesting times are ahead and we should keep open mind to all possibilities. The best thing to do now is to ensure we are well positioned for what is coming because it might be another history in the making.

ShowOff

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Quote from: karabiber on September 18, 2023, 03:58:33 PM

Quote from: taufik123 on August 31, 2023, 09:37:32 AM

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Bitcoin's price is currently fluctuating between the $26.100 support level and the $27.200 resistance level. These levels can provide important guidance for traders and investors. Bitcoin's current trading position is a notable technical indicator as it is below the two hundred day simple moving average. When Bitcoin falls below this threshold, it is usually considered a low and signals potential upside movement. My target for the end of the month for Bitcoin was around $27.200 but we reached this point early. If it can hold here, it is likely to close around $28k at the end of the month.

Unfortunately, bitcoin did not manage to maintain its value above $27k today. After briefly exceeding $27.4k, now the price of bitcoin has fallen back to $26.7K, but this is normal as long as many people still trade their assets in the short term.

I am also optimistic that bitcoin prices will do better at the end of the month regardless of whether bitcoin manages to break through the $28k resistance or goes below it for new support. What I want is of course that Bitcoin can get a new support level above $27k, but market price movements due to trader behavior still make it difficult so far.

karabiber

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Quote from: taufik123 on August 31, 2023, 09:37:32 AM

Quote from: TravelMug on August 31, 2023, 08:19:11 AM

-snip-
Now the market seems to bounce back from $25k to $27k. It's already a huge jump and at least the month ended above $25k. So the next barrier for us is to come back to $28k-$30k range.

At least $27k was a good end to the month of August even though it had dropped to $25k.

But we will see how Bitcoin is in September, because according to Bitcoin history, September is the bearish month of 2017.
Could this be repeated and test the $25k support again later?

Quote from: taufik123 on August 01, 2023, 06:01:51 PM

Source: https://bitcoinmonthlyreturn.com/

Just hope Bitcoin is able to survive and can break the $30k price again because that is the key to being bullish again.
Now Bitcoin is stuck in the Flip trend area and is still struggling to break out of the area until it reaches the Uptrend Console.

We have passed the middle of September and there are several factors that suggest that Bitcoin is preparing for a remarkable end to the month. The cryptocurrency market is going through a challenging period with a sustained downtrend but there are signs that this pessimistic period is nearing an end. If i were to make a price prediction for the end of the month, i would make the following comment.

Bitcoin's price is currently fluctuating between the $26.100 support level and the $27.200 resistance level. These levels can provide important guidance for traders and investors. Bitcoin's current trading position is a notable technical indicator as it is below the two hundred day simple moving average. When Bitcoin falls below this threshold, it is usually considered a low and signals potential upside movement. My target for the end of the month for Bitcoin was around $27.200 but we reached this point early. If it can hold here, it is likely to close around $28k at the end of the month.

bitzizzix

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Quote from: Nrcewker on August 29, 2023, 08:03:38 AM

Definitely if you panic in such situations and sell the coins, then you will make huge losses and you will be the only one for this loss. Rather in this state, you should be calm and watching the market. I mean this situation is not new for us traders. We have previously also seen these small price dips and we have also seen Bitcoins recovering. So instead of panicking, just observe the market and accumulate the coins. 2024 will be really big for the Bitcoins.

So far what has happened to Bitcoin's movement is only a healthy correction which in my opinion is not too big either the decline or increase, which in my opinion is currently not suitable for trading. Unless you are an expert, you may still be able to make a profit and it also depends on how big your trading capital is.
And currently it is still the best choice to do DCA and Hodl if you are hesitant to make a purchase, because next year could be the best moment to trade. And it is very likely that next year Bitcoin prices will tend to rise rather than fall, so this month until the end of the year is still the best moment to collect more Bitcoin.

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Quote from: gunhell16 on September 18, 2023, 10:00:39 AM

Whatever is happening now in the market is still too unstable to say; it is still not good to keep up with day trading, in my opinion. Unless you are one of the experts in crypto trading, I think it's fine. So, Hold and DCA are still good for now because we are still bearish for now.

The support and resistance are still not that aggressive for Bitcoin to kick up, apart from its unpredictable value. So, in times like this, we still need proper timing and patience as individual traders here in Bitcoin or cryptocurrency. Because of what I see, its price value can still drop to 26650 dollars today or rise a little to 27850 dollars, based on my prediction analysis.

Due to the recent lawsuits against Binance, it seems difficult for the Bitcoin price to rise. The market is waiting for this news and has not yet determined its direction. Maybe it will continue to wait after these lawsuits. So we are all in limbo and it is very difficult to predict the direction of the market.

I don't think it is a problem for Hodl, because they know how to wait. Those who like to open trades in the short term are in great uncertainty.

gunhell16

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Whatever is happening now in the market is still too unstable to say; it is still not good to keep up with day trading, in my opinion. Unless you are one of the experts in crypto trading, I think it's fine. So, Hold and DCA are still good for now because we are still bearish for now.

The support and resistance are still not that aggressive for Bitcoin to kick up, apart from its unpredictable value. So, in times like this, we still need proper timing and patience as individual traders here in Bitcoin or cryptocurrency. Because of what I see, its price value can still drop to 26650 dollars today or rise a little to 27850 dollars, based on my prediction analysis.

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Quote from: Nrcewker on August 29, 2023, 08:03:38 AM

Definitely if you panic in such situations and sell the coins, then you will make huge losses and you will be the only one for this loss. Rather in this state, you should be calm and watching the market. I mean this situation is not new for us traders. We have previously also seen these small price dips and we have also seen Bitcoins recovering. So instead of panicking, just observe the market and accumulate the coins. 2024 will be really big for the Bitcoins.

Always remember that crypto market is unstable so if it doesn't change in value then the feature of unitability will not be exist and you will not be able to take the advantage of higher and lower cost.

you will not be panic if you have made the selection of coins wisely but if without investigating you choose coin that have no future then surely you will be in panic.

One thing more is that if you rushes towards fast profit then you cannot get it because in crypto you have to think properly and then you will find your way of action. There is no need to be worry and to take quick decision because it will be hazardous.

Jating

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^We did drop to $25k again at the start of September, so yeah we might be looking for sideways pattern again as the sentiments seems to be negative. But surprised today, price going up to $26k and so with that, I haven't followed what is the news that put investors to invest some money and push the market price above it's support line of $25k.

But as you have said, oh, September is a bad month, but since it's the 'ber month, I was just thinking that investors might be preparing already for the big haul next year and prepare for the block halving. So yeah, let's see how it goes for September as we are entering the 2nd week this Monday and hopefully we can maintain $26k-$27k.

taufik123

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Quote from: TravelMug on August 31, 2023, 08:19:11 AM

-snip-
Now the market seems to bounce back from $25k to $27k. It's already a huge jump and at least the month ended above $25k. So the next barrier for us is to come back to $28k-$30k range.

At least $27k was a good end to the month of August even though it had dropped to $25k.

But we will see how Bitcoin is in September, because according to Bitcoin history, September is the bearish month of 2017.
Could this be repeated and test the $25k support again later?

Quote from: taufik123 on August 01, 2023, 06:01:51 PM

Source: https://bitcoinmonthlyreturn.com/

Just hope Bitcoin is able to survive and can break the $30k price again because that is the key to being bullish again.
Now Bitcoin is stuck in the Flip trend area and is still struggling to break out of the area until it reaches the Uptrend Console.

TravelMug

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Quote from: Nrcewker on August 29, 2023, 08:03:38 AM

Definitely if you panic in such situations and sell the coins, then you will make huge losses and you will be the only one for this loss. Rather in this state, you should be calm and watching the market. I mean this situation is not new for us traders. We have previously also seen these small price dips and we have also seen Bitcoins recovering. So instead of panicking, just observe the market and accumulate the coins. 2024 will be really big for the Bitcoins.

Yes, sometimes though you can't really blame those who panic in this run of downturn. Maybe they are just newbies in crypto and not used to it. But for those and I do hope that it's the majority, we didn't panic.

Now the market seems to bounce back from $25k to $27k. It's already a huge jump and at least the month ended above $25k. So the next barrier for us is to come back to $28k-$30k range.

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Quote from: justdimin on August 30, 2023, 07:31:24 AM

Quote from: JoyMarsha on August 28, 2023, 11:19:58 AM

I wasn't initially prepared for bitcoin's unexpected price drop. Since bitcoin has remained at the $30k barrier for months, I was anticipating it to cross that threshold. I was surprised to find the price of bitcoin at $26k when I woke up, but I wasn't in a panic since I saw it as an opportunity to buy additional bitcoin since my intention was to use it as part of a long-term investment strategy. Given that the halving season is still around 8 months away, panicking at this point is actually an unnecessary thing to do.

It will cross that threshold again, there is no need to worry about it. We are not like miles away from it, we are still quite close and it means that we are going to go over it with just a little bit of hype and suddenly we are at higher price. We need to remember that just as bitcoin could crash, it can go up as well, people see it go down and worry but they do not remember how fast it can go up as well.

Remember it was 15k at the start of the year or a bit before, that means we haven't been around this price for too long in reality, we were not even at 30k levels for too long, it was just a few moments. So we are going to get there without a doubt, we just need more time for it and it will happen.

Good thing that the price do able to held up strong on 25k support line on which tons had been believing that it might really be able to get more lower because of that sudden decline that no one had really that anticipated. As far as i remember on which it is really just that because of that SpaceX sold out their coins on which it is really that very common that there would really be that sudden impulsive reactions on which the market could really have and it did really make out that significant decline but having that 5-10% decline isnt really that much something that would be freaking out.

There are really just those people or traders who do really whine over and freaking out whenever they do see some big red candle.Well, its a common approach and reaction since we are just that human
which seeing our portfolio in red or negative could really give out that kind of reaction or panic. Now that we are almost ending up on the month of August then i do somewhat hope that the month of
September is something that should really be that something good or before this year ends.

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Quote from: JoyMarsha on August 28, 2023, 11:19:58 AM

I wasn't initially prepared for bitcoin's unexpected price drop. Since bitcoin has remained at the $30k barrier for months, I was anticipating it to cross that threshold. I was surprised to find the price of bitcoin at $26k when I woke up, but I wasn't in a panic since I saw it as an opportunity to buy additional bitcoin since my intention was to use it as part of a long-term investment strategy. Given that the halving season is still around 8 months away, panicking at this point is actually an unnecessary thing to do.

It will cross that threshold again, there is no need to worry about it. We are not like miles away from it, we are still quite close and it means that we are going to go over it with just a little bit of hype and suddenly we are at higher price. We need to remember that just as bitcoin could crash, it can go up as well, people see it go down and worry but they do not remember how fast it can go up as well.

Remember it was 15k at the start of the year or a bit before, that means we haven't been around this price for too long in reality, we were not even at 30k levels for too long, it was just a few moments. So we are going to get there without a doubt, we just need more time for it and it will happen.

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Quote from: _BlackStar on August 18, 2023, 02:42:26 PM

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

The fear of bearish market makes some of the investors who does not know the rudiments of bitcoin price falling and rising to panicked to sell their bitcoin, its quite alright that I don't throughly base or believe on bitcoin speculations or predictions, but I know that what is happening in bitcoin price currently is just a correction, and even though bitcoin is in full state of bearish I believe that bitcoin price will not take long to accelerate in price and those who panic to sell their bitcoin will be at negative side of bitcoin. If bitcoin falls very well is of benefit to people who is anticipating to purchase bitcoin and invest when the price drop very well, secondly when bitcoin rise and get above thirty thousand, its also stand to profit to investors who purchased when the price was low, so two things are involved in bitcoin price falling and rising, some people get profited when the price falls and some people get profited when price rise, so it depends on your personal target.

Nrcewker

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Definitely if you panic in such situations and sell the coins, then you will make huge losses and you will be the only one for this loss. Rather in this state, you should be calm and watching the market. I mean this situation is not new for us traders. We have previously also seen these small price dips and we have also seen Bitcoins recovering. So instead of panicking, just observe the market and accumulate the coins. 2024 will be really big for the Bitcoins.

JoyMarsha

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I wasn't initially prepared for bitcoin's unexpected price drop. Since bitcoin has remained at the $30k barrier for months, I was anticipating it to cross that threshold. I was surprised to find the price of bitcoin at $26k when I woke up, but I wasn't in a panic since I saw it as an opportunity to buy additional bitcoin since my intention was to use it as part of a long-term investment strategy. Given that the halving season is still around 8 months away, panicking at this point is actually an unnecessary thing to do.

martinex

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Yes. I'm also looking forward to the SEC deadline of maybe a week or so in response to Black Rock's appeal for a Bitcoin Spot ETF and whether the market corrects again or the hype builds up. I am also very much looking forward to this development. hopefully there is a big surprise at the end of this August!!!

19Nov16

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Quote from: _BlackStar on August 18, 2023, 02:42:26 PM

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

If we focus on the long term, of course it will not care about the short -term volatility, I am also surprised why Bitcoin can now be $ 25K, even though I think the price will reach at least $ 40K in August, but this is Bitcoin who is used to experiencing a trend like this And don't panic and keep buying to focus long -term.

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