Bitcoin crashing, $100k possible support

The Sceptical Chymist

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Quote from: Oshosondy on Today at 03:49:56 PM

Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

I'm curious as to how you picked that specific number--not being a believer in technical analysis, I'd have to say that I've heard statements like yours before (and I mean no offense) and it's mostly just guesswork on the part of whoever's saying it

And of course people shouldn't panic because bitcoin isn't continually rising or at least staying at its ATH. Anytime the price has risen as fast and steadily as it has in the past three months, it's always followed by a correction if not a full-blown crash. Hopefully what we're seeing isn't the beginnings of the latter case scenario, because that would suck. Having a repeat of late 2017 would not be fun, nor would it be good for the forum IMO.

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Quote from: Oshosondy on Today at 03:49:56 PM

Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

Bitcoin hit $100,148 on my platform yesterday, that was pathetic but it didn't happen without a reason even if many did not know. Though it was unable to sustain the current ATH of $108,400 shortly after hitting it on Tuesday, it has done a good job, it's normal that a few people will continue to panic and liquidate so fast which causes the unsustainable ATH.

But yesterday's sharp fall was due to many crucial US news of Funds Rate and FOMC decisions. The rate cut of 25 basis points supports the USD, and so is the FOMC tone that was Hawkish.

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Its not crashing its just a pullback and perfectly healthy to do so. 98.8k is the level Im watching for a reaction to assess fairly the strength of the move vs prior volume resistance. Its no where near the 50 day average which is why Im saying its fine and a good thing overall, unless you were selling this week or this month its not the greatest concern.

Main markets dont like that Federal reserve appears likely to only reduce rates 2 times in the next year. They may have hoped for an easier regime but inflation stays high and that was already apparent to me and reflects in the BTC price to some extent. FED is always behind the curve reacting after the fact so they caught with reality slightly but we'll see, its a bad system and inflation is ongoing and causing many prices to rise anyway. For now BTC has a blip down to watch, its not a great concern is my take and I did expect it had to sell at some point to rid the barnacles on the hull or however you want to phrase the excess in the price.

102k is the weekly average and below that expect an overall negative resolution for the moment is normal action. Something closer to 100k and then possibly it changes direction, sentiment then we'll see.

EL MOHA

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Quote from: Oshosondy on Today at 03:49:56 PM

Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

This is just for general discussion and not an investment advice.

I will also go with the possibility of the bitcoin not actually coming below the $100k, and leaving the $100k as a support, bitcoin since turning this $100k looks more like a coin destined for the top and not actually going to be falling down. This doesn’t mean that it won’t make a correction which we are all seeing now,

So for me with the support at $100k I will call it the primary support and should there be any issues or news which seems negative then we might see the price actually correcting way more below the price probably close to like $97k which is another support area and I see it then settling within range

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Quote from: Oshosondy on Today at 03:49:56 PM

Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

I agree, there is no need to panic with the crash. It's normal to see this so that Bitcoin can come back with a greater high next time this crash is done. Wait a day or two and we'd see a recovery from it, that's usually how it goes and that's why it is best for everyone to just wait and buy if this $100k is the likely support.

Quote from: Oshosondy on Today at 03:49:56 PM

What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

This is just for general discussion and not an investment advice.

It is possible for it to look for a lower support. But to think that Bitcoin is now at the support of $100k for someone who have held for years, there's nothing to be worried of and this is not a thing to get panicked. We saw last time when a flash crash happened that Bitcoin cross nearly below $90k.

Oshosondy

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Quote from: Davidvictorson on Today at 04:32:36 PM

Quote from: promise444c5 on Today at 04:03:36 PM

Even if it goes below 100k I don't think it will go beyond 99k

I read your last sentence before I picked the excerpt but just put of curiousity what makes you think so? In the past, Bitcoin has gone from $50k to less than $17k

I see it more like a trader speculation. It only means that there are sometimes that the exact price stated can be breached. Like bitcoin to get below $100000 but not falling so much further before increasing back. All are speculations. Analysts can be right or wrong.

Bitcoin just get below $100250 again but likely the market price will increase again. All needed now is for bitcoin to break the upper SAR dot and dip it down which might encourage some people to start buying again.

KingsDen

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We all have anticipated this crash but it seems that we were taken unaware. I expected the price crash that first time that 100k was hit but it stayed a lil longer thereby suggesting a psychology support. But when the price shot to 106k, I had thought that crash is not possible eminent this December again. But I was so surprised seeing bitcoin crash heavily. However, I think there's an imaginary support in 100k which is actually going to turn to Real support.

Ambatman

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$100K a psychological resistance before has become a psychological support
Even if it does breach it
I believe it would be temporary
We have experienced quite similar corrections for the past months
Quite a few even this month
But they usually turns out to be a correction before an ATH.
I doubt this would be any different in my honest opinion.
Besides the fall is as a result of a News not that the resistance was unbreakable.

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Quote from: Davidvictorson on Today at 04:32:36 PM

I read your last sentence before I picked the excerpt but just put of curiousity what makes you think so? In the past, Bitcoin has gone from $50k to less than $17k

I added "I could be wrong though".. but my view on this is that we are yet to be in a bear market, the market is still in an uptrend direction, this is just a correction just as we experienced earlier this month and it's always been like that , once we have a some bull there's a possibility of correction which is most likely to be a minor correction as well.

Hence, I think it's too early for the bear market even though BTC could be unpredictable , it's still early for a bear market imo , we could dip upto 80k and maybe even 75k in bear market and we might not even go below 90k regarding how far we can hit this year.
These are all Speculations and I could be totally wrong once again

Davidvictorson

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Quote from: promise444c5 on Today at 04:03:36 PM

Even if it goes below 100k I don't think it will go beyond 99k

I read your last sentence before I picked the excerpt but just put of curiousity what makes you think so? In the past, Bitcoin has gone from $50k to less than $17k

Quote

Investors shouldn't panic as this is normal,

The only people who will panic are small time investors. They'll panic and sell and that's what those whales want. They'll quickly buy and increase their investments. Sometime ago, I heard that Whales are creating this so they can buy as panicky investors sell off.

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Keep holding this is just for a moment...

Still one of the best advice.

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Quote from: Oshosondy on Today at 03:49:56 PM

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

BTC market chart shows high volatility in the last 24 hours and most depreciation in the value of Bitcoin happened in the last 7-10 hours, which signifies a temporary corrections phase for Bitcoin, this current BTC price movement is not enough to be called a crash yet, since the market has the possibility of regaining back all that has been shade off from the market in the last few hours back.

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What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

This is just for general discussion and not an investment advice.

No Bitcoin won't go below $100,000 before it recovers back to its resistance level for the week which is around 104k-105k+, so with the current negative -5.32% regaining back is closer than a further decline at the moment.

Stalker22

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Then again, zooming out a bit, the price now is still way higher than it was even just a couple months back. So maybe this is just a normal downswing as things correct and settle.

I should probably avoid getting too wrapped up in the day-to-day ups and downs. That rollercoaster is no good for the nerves or wallet! Cheesy

promise444c5

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Quote from: Oshosondy on Today at 03:49:56 PM

Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

This is just for general discussion and not an investment advice.

Even if it goes below 100k I don't think it will go beyond 99k unless it'strying to creakte another fakeout, so 100k seem to be holding at the moment but it might want to breach 99k a little if there's another retest imo, i might also be wrong though.

Investors shouldn't panic as this is normal, we can't just keep having a continuous upward movement without retesting/ correction , soon everything will be back to normal yet I know some FOMO buyers will have panic once again but that's normal, we will continue to have panic sellers aslong as the market isn't going in only upward direction .
Keep holding this is just for a moment...

Oshosondy

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Bitcoin has been falling from all-time high since yesterday and now at $100300. I think people should not panic because this will possibly be the support for now.

It is disappointing that bitcoin crashed since yesterday but we should not panic and we will still get to all-time high.

What do you think. Will bitcoin decrease below $100000 or not? For me I guess not for now but I may be wrong.

This is just for general discussion and not an investment advice.

Topic: Bitcoin crashing, $100k possible support (Read 80 times)