Bitcoin Bottom is Actually In | Bitcointalksearch.org

_BlackStar

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Quote from: mk4 on June 18, 2022, 04:10:51 AM

Welp, so apparently the bottom wasn't actually in, as we actually tapped $18,700 on FTX and I wouldn't be surprised if we go lower once US peeps wake up. 🤷‍♂️ Oh well.

Oh shit, maybe we should get ready for $17K - $16K or maybe $15K. We're still pretty close to those numbers and it certainly shouldn't be a surprise.

I'm not very good at drawing on charts, but it looks like the red block will soon fill with panic traders considering the current bitcoin price is $18.5K. Even if the price tries to recover, but the possibility of a decline due to panic is still very possible at this time.

Wilhelm

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I was wrong bottom not in Cry

Buying down to oblivion...

mk4

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Welp, so apparently the bottom wasn't actually in, as we actually tapped $18,700 on FTX and I wouldn't be surprised if we go lower once US peeps wake up. 🤷‍♂️ Oh well.

adaseb

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I don’t think the bottom is in. Today on Bitfinex we got some nasty seller who is offloading hundreds of millions of crypto. No idea if it’s 3AC or some other fund.

If $20K is the low, we will get a stop hunt first. Many people longed here and got a stop loss at $19999 that everybody will love to run.

Depending how that stop triggers then it might be time to buy. But there is also the chance that this might go to like $18K very fast since liquidity is low on a Saturday.

Johnyz

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Quote from: OgNasty on June 17, 2022, 02:43:05 AM

We are certainly closer to the bottom than the top at this point. I’d feel ok recommending people buy again, although I don’t expect any of the people who were excited to buy at $50K to do so now. Human nature and all that. It’s scary with the recession backdrop, but that’s why the price is on sale. I think those that buy now and can hold on for another 2-3 years will likely be well rewarded for their effort.

A lower than $20k price is a good entry already better not to waste the opportunity if ever we see this price again. Bear market is indeed a good opportunity to buy and hold, strong money always come on a bear market. With the current situation of every country right now, I think it will take years before we totally recover but doing a good decision right now can be a big thing in the future so invest wisely.

Silberman

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Quote from: OgNasty on June 17, 2022, 02:43:05 AM

We are certainly closer to the bottom than the top at this point. I’d feel ok recommending people buy again, although I don’t expect any of the people who were excited to buy at $50K to do so now. Human nature and all that. It’s scary with the recession backdrop, but that’s why the price is on sale. I think those that buy now and can hold on for another 2-3 years will likely be well rewarded for their effort.

Also holding their coins will be way easier for those that are just entering the market, because even if this is not the absolute bottom how low can the price actually go and for how long the price will remain there? So this is great entry point for those which are willing to go against the trend and invest in bitcoin right now, I will admit that doing such a thing can be scary for a newbie but without a doubt it is the best move they can do at the moment.

Kemarit

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Quote from: Ojengonggu on June 16, 2022, 10:52:18 PM

Quote from: adaseb on June 16, 2022, 09:38:20 PM

I think many bought at the 200 WMA around $22222 and many are buying the $20K wall. However it looks like the wall is getting eaten and most likely in the next 24-48 hours it might break.

If we close on Sunday under the 200WMA it will mean that the technical signal is no longer reliable. The next 72 hours are very critical.

Tomorrow will be a huge day due to the stock option expiry and will provide lots of volatility.

Yesterday I still saw the price of bitcoin was still around $21K and today it started to drop to $20K and this is a sign in the next 24 hours or 72 hours something they expect to see prices below $20K will happen in the near future And they will buy even more bitcoins to hold on to.

And now we are just above $21,000, so there is a minor push from the bulls, but we are still not out of the woods yet, we might broke that price and reaches $20,000 in the next 48 hours.

As for the technical signal, hard to say right now, it seems that the market is really fluctuating so hard that no one can guess where will it go. We can only hope that this Sunday, we might end up at around $22,000 or above.

OgNasty

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We are certainly closer to the bottom than the top at this point. I’d feel ok recommending people buy again, although I don’t expect any of the people who were excited to buy at $50K to do so now. Human nature and all that. It’s scary with the recession backdrop, but that’s why the price is on sale. I think those that buy now and can hold on for another 2-3 years will likely be well rewarded for their effort.

aoluain

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Quote from: mk4 on June 16, 2022, 10:09:27 AM

Not sure if I agree that this is the bottom (because the world is obviously in uncharted territory, though I don't really do TA so you're more qualified); but one thing's for sure — for those that are waiting for lower prices, this spot is definitely a great spot to start DCA-ing.

Yea in this current world economic climate its very difficult to call the bottom. We are
heading into a world recession as banks start raising interest rates, both of those
two events havent happened in Bitcoins history so these times are really unchartered
territory for Bitcoin.

But yea great opportunities for DCA'ing

Ojengonggu

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Quote from: adaseb on June 16, 2022, 09:38:20 PM

I think many bought at the 200 WMA around $22222 and many are buying the $20K wall. However it looks like the wall is getting eaten and most likely in the next 24-48 hours it might break.

If we close on Sunday under the 200WMA it will mean that the technical signal is no longer reliable. The next 72 hours are very critical.

Tomorrow will be a huge day due to the stock option expiry and will provide lots of volatility.

Yesterday I still saw the price of bitcoin was still around $21K and today it started to drop to $20K and this is a sign in the next 24 hours or 72 hours something they expect to see prices below $20K will happen in the near future And they will buy even more bitcoins to hold on to.

STT

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I hope this is correct, certainly seems well founded because the path to accuracy in predictions is multiple perspectives of which these indicators should give some insight. Even if we are forming the bottom pricing it still requires testing and probably we do that multiple times before moving substantially later.
I think we might take this whole year, there is still a ton of doubt circulating and the majority of people dont derive any confidence from these array of analytics so confidence is low and I think price also will take time to develop.
The price action is really close to the bottom, we dont have any clear momentum upwards. The process to turn this around from negative to positive, first we arrest the fall and stabilize and probably require time to do so.

Dave1

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Quote from: adaseb on June 16, 2022, 09:38:20 PM

I think many bought at the 200 WMA around $22222 and many are buying the $20K wall. However it looks like the wall is getting eaten and most likely in the next 24-48 hours it might break.

If we close on Sunday under the 200WMA it will mean that the technical signal is no longer reliable. The next 72 hours are very critical.

Tomorrow will be a huge day due to the stock option expiry and will provide lots of volatility.

True, and speaking of options expiration, bitcoin future will have it's last trade June 24 and then settlement in June 27.

So along the way as what previous data shows, we might see price going lower and maybe it will go below $20k. So regardless of what the TA is pointing, there could be no validation and yes, no longer reliable. So I'm still expecting worst, I thought that June might be a good month for us, but it seems we don't have any respite from the bears.

adaseb

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I think many bought at the 200 WMA around $22222 and many are buying the $20K wall. However it looks like the wall is getting eaten and most likely in the next 24-48 hours it might break.

If we close on Sunday under the 200WMA it will mean that the technical signal is no longer reliable. The next 72 hours are very critical.

Tomorrow will be a huge day due to the stock option expiry and will provide lots of volatility.

ImThour

copper member

Activity: 1470

Merit: 1609

Bitcoin Bottom was at $15.4k

Quote from: Husires on June 16, 2022, 01:34:20 PM

Quote from: ImThour on June 16, 2022, 07:18:59 AM

I have previously called how $BTC will be at 200 MA in Feb 2022, I guess I was ahead of time in finding how comparable 2018 market was to 2022.
Now once we are here at $21k, I think Bitcoin bottom is in.

Thank you, I learned a lot from your posts and they helped me shorting bitcoin (sell some bitcoins at $30,000 and buy again at 20.9)

What is the most accurate indicator from the indicators above to detect Bottom?
By saying Bitcoin Bottom is Actually In, did you mean 20K or 22k-17k
And what is your expectation for the next, will we witness stability for several weeks at these levels, or a significant increase to 30K or a little more at 38k.
Or will it be a test of 31k and then back to the bottom again?

Glad you found my posts helpful. About the bottom, I mean that this weekly candle close should be it.
But as you know Bitcoin has never been under a scenario of recession before, things might change this time.

If we go up, it will not be able to surpass 28k as that support is now a resistance.
For some reason, I feel like a long daily wick might be the final decision maker in this scenario.

Let's see how it goes

Husires

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Quote from: ImThour on June 16, 2022, 07:18:59 AM

I have previously called how $BTC will be at 200 MA in Feb 2022, I guess I was ahead of time in finding how comparable 2018 market was to 2022.
Now once we are here at $21k, I think Bitcoin bottom is in.

Thank you, I learned a lot from your posts and they helped me shorting bitcoin (sell some bitcoins at $30,000 and buy again at 20.9)

What is the most accurate indicator from the indicators above to detect Bottom?
By saying Bitcoin Bottom is Actually In, did you mean 20K or 22k-17k
And what is your expectation for the next, will we witness stability for several weeks at these levels, or a significant increase to 30K or a little more at 38k.
Or will it be a test of 31k and then back to the bottom again?

MFahad

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I think it's still going lower due to broad market conditions. All markets are tanking, and the crash and crisis of UST and now Celcius mean crypto is no longer perceived as a safe hedge against inflation.

I'm thinking stock-to-flow and 2-year bear cycle, while governments keep fighting inflation. Bull markets make you money, but bear markets make you rich. Build up durig a low sideways bear trend if it's business as usual, and wait for the next halving to awaken the beast.

mk4

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Not sure if I agree that this is the bottom (because the world is obviously in uncharted territory, though I don't really do TA so you're more qualified); but one thing's for sure — for those that are waiting for lower prices, this spot is definitely a great spot to start DCA-ing.

ImThour

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Bitcoin Bottom was at $15.4k

Quote from: cabron on June 16, 2022, 09:25:37 AM

Seeing there are a number of indicators confirming we hit bottom, dyou thinm its safe to buy large sum.

Everyone has their own different strategies. What I did is I bought 50% at 200 MA ($22k) and will be buying 25% in a day or so.
Rest 25%, I will DCA until August/Sept.

Wilhelm

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Last three dips to $20k have higher lows.
Triple rejection looks like the bottom is in...

cabron

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Monthly RSI seem too far to hit but the weekly RSI have been breached. I think this is enough to make price bounce again. Price will look very terrible if monthly RSI will bottomed below 30.

Seeing there are a number of indicators confirming we hit bottom, dyou thinm its safe to buy large sum.

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