Bitcoin is moving sideways for day, Where to from here?

reliable

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Quote from: FinneysTrueVision on November 26, 2020, 09:32:07 PM

A big correction was to be expected after how fast it had been rising in recent days. Institutional demand is still high so I don't expect it to go down much further. Altseason came and went because there was nothing their to sustain their momentum. Alts only benefited as a consequence of Bitcoin going up. BTC still has a lot going for it and I expect it to go back up and reach it's ATH in early 2021 or even late 2020.

Last 48 hours has being highly volatile as from above 19k fallen almost 3k and then now slightly better as it around 17300$ mark. But yes would be relieved if it can start to rise and cross 18k and get stable else still if corrects more from here then it could be bad for holders as it can slip to even 15k or below. If can get stabilised above 18k would be happy for this year considering how it struggled at crossing 10k price for months.

Gotumoot

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It has stop at $16.9K I think it is just getting ready before hitting a new ATH.
But I could be wrong about it the market does unpredicted moves so it is hard to know what would happen next.

btc_angela

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Quote from: TravelMug on November 26, 2020, 07:20:07 PM

Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

I'll prepare to see the price trading sideways, Why? so that at least everyone should not expect a massive spike on the price again. And then we have plenty of opportunity to buy the dip. The thing with a massive run is that when it goes down again, many are going to be REKT, specially those who buy at the top.

It seems though that the bleeding has stop, and the support is holding very nice at $17k.
So let's wait in the next 24-48 it everything has cool-off and expect the price to go on sideways.

BuNga_cute

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Even though now the Bitcoin price is correcting, the support price at $ 17,200 is quite strong, so I predict the Bitcoin price will recover
in a few days. My advice is to use the present moment to buy Bitcoin, Moreover, the demand for Bitcoin has not decreased, There are
even several articles that I have read on the internet that say institutional interest in Bitcoin is still high. This means that the price of
Bitcoin at any time can be pumped much higher than the previous price.

FinneysTrueVision

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A big correction was to be expected after how fast it had been rising in recent days. Institutional demand is still high so I don't expect it to go down much further. Altseason came and went because there was nothing their to sustain their momentum. Alts only benefited as a consequence of Bitcoin going up. BTC still has a lot going for it and I expect it to go back up and reach it's ATH in early 2021 or even late 2020.

matchi2011

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Quote from: TravelMug on November 26, 2020, 07:20:07 PM

Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

Hard to conclude as all those ideas are possible to happen, another risky decision both if you are trader or investors who
wanted to place your entry nor with holders who are planning to cut some loss.

It's important to do deeper analysis, as if the first statements above hits the market and the very reason of this downfall
eventually new investment will flow and the market will proceed much stronger.

samcrypto

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Quote from: TravelMug link=topic=5291520.msg55691201#msg55691201 date=1606436407
(a) we can bounce back from this dip
[/quote

This will be the best scenario for me since the market is getting better and this is just a small correction as of today. We are about to hear many good news early next year, and that can boost the trend of Bitcoin which I think will end this year on its stronger price. We still have the chance, and the sideways trend can still be changed, this is not the end of the trend yet let's hope for that.

TravelMug

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Yeah, its sideways but what can we do? a retracement had happen because of numerous rejection to the $19,500 price and no new ATH. And it is reported that around a billion worth of bitcoin of futures contract get liquidated. This liquidations happens every 4th of the month, every 25th if I'm not mistaken, so obviously the price did go down at a rapid phase once liquidation started.

So I'm thinking that:

(a) we can bounce back from this dip
(b) it will continue to go down hard
(c) could trade sideways again, until another imminent break out and then march towards a new all time high

wxa7115

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Quote from: TitanGEL on November 23, 2020, 05:20:12 AM

There is now an established new support at $17,600 and I expect that it will be a major support wherein there will be huge demand in that area, the price seems pausing for a little bit but it doesn't mean that a crash will happen. The price is just gaining more power and demand before it able to have a solid momentum. I'm talking about triple digit gain and the price of the bitcoin can achieve it after it finally pierce $20,000.

I really do not think that the trend will be now a sideways because the demand is still high and the bullish side is still dominate the market wherein there is still greed. Do not be afraid especially when the emotion in the market is greed because there is a high chance that the price may become more expensive so be prepared in the best scenario that may happen and it is the reason why you should not create a plan to not miss the golden opportunities.

Currently we are seeing a major correction the price has gone down 12% today and it seems the tendency is for this continue for the rest of the day, we knew a correction was coming since a strong resistance was to be found near the ATH as people got worried that a crash was going to happen and they decided to sell before it occurred not realizing that their own actions are what is actually causing the correction.

But whatever the reason now a correction is taking place and I think that even if many do not like it this is healthy for the market as it was impossible to keep a positive trend like that forever.

STT

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Sideways can be a price corrected by time rather then altered substantially in price more obviously. Its a bit more boring but sideways can be surprisingly bullish, never short a dull market is one turn of phrase maybe a hundred or more years old.

So Im trying to guage weakness and momentum in price vs prior bullish action and regular rises we've seen most of this month. Price action this morning was approaching a stall speed yet we've set off again upwards, the price has avoided any great test and resolved upwards. The mood or phase to Bitcoin now is as strong as I've witnessed over the years and it would hurt to stand in the way of that yet risk remains still imo and its hard to call overall indefinitely. Dont fight the trend, its up till proven otherwise

This simple take shows 4hr bars and 5 tests of a trend before resolving upwards, there was reason to doubt we could keep this particular pace. While we've gone sideways there's a fair argument we have been testing strength. Its quite a subtle effect and many will dismiss the ideas, I go on my experience over years with crypto or any market and I like how neat performance can be like ripples on a beach there is a pattern to natural movement with every wave.

kapalmabur

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Quote from: Tipstar on November 19, 2020, 08:38:33 PM

We all know bitcoin has been moving between 17000 and 19000 and it's not showing any drastic move to a bull or bear but with such large increase in price, it's hard to imagine that the price has settled to this high.
Indicators are also giving mixed results. Daily buying and selling are around 50% each. Moving average are still indicating a rise.
A correction is imminent, but do you believe, there's still a bull run to come before the correction? Or would bitcoin not achieve it's ATH this time.

I still believe the price of Bitcoin reached ATH this year, even though it was only $ 20k,
but that is very important for Bitcoin, the last 7 days the increase in Bitcoin has reached 10%,
when compared to altcoins, there is still very little increase.

TitanGEL

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Quote from: justdimin on November 23, 2020, 03:36:51 AM

It is not really that easy to break support and resistance levels when the whole market is watching you. Obviously when things are boring and bitcoin has been at $7.2k for 4 months without going over $7.4k or going under $7k and it is incredibly boring and people leave, it is easier to break a resistance and go higher.

However when you have increased over 80% in the past 2 months and you have soooo much volume and liquidity that everyone and their grandma tries to trade bitcoin during this period, things will be harder since people will start to pull from opposite sides of the rope. It means it is "harder" but our path is still looking bull, look at the drop and recover happened yesterday, it was obvious that bitcoin is not ready to go down just yet and will work to keep going higher.

There is now an established new support at $17,600 and I expect that it will be a major support wherein there will be huge demand in that area, the price seems pausing for a little bit but it doesn't mean that a crash will happen. The price is just gaining more power and demand before it able to have a solid momentum. I'm talking about triple digit gain and the price of the bitcoin can achieve it after it finally pierce $20,000.

I really do not think that the trend will be now a sideways because the demand is still high and the bullish side is still dominate the market wherein there is still greed. Do not be afraid especially when the emotion in the market is greed because there is a high chance that the price may become more expensive so be prepared in the best scenario that may happen and it is the reason why you should not create a plan to not miss the golden opportunities.

justdimin

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It is not really that easy to break support and resistance levels when the whole market is watching you. Obviously when things are boring and bitcoin has been at $7.2k for 4 months without going over $7.4k or going under $7k and it is incredibly boring and people leave, it is easier to break a resistance and go higher.

However when you have increased over 80% in the past 2 months and you have soooo much volume and liquidity that everyone and their grandma tries to trade bitcoin during this period, things will be harder since people will start to pull from opposite sides of the rope. It means it is "harder" but our path is still looking bull, look at the drop and recover happened yesterday, it was obvious that bitcoin is not ready to go down just yet and will work to keep going higher.

magneto

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Quote from: Tipstar on November 19, 2020, 08:38:33 PM

We all know bitcoin has been moving between 17000 and 19000 and it's not showing any drastic move to a bull or bear but with such large increase in price, it's hard to imagine that the price has settled to this high.
Indicators are also giving mixed results. Daily buying and selling are around 50% each. Moving average are still indicating a rise.
A correction is imminent, but do you believe, there's still a bull run to come before the correction? Or would bitcoin not achieve it's ATH this time.

I think with the current level of individual FOMO and institutional interest alone, BTC is pretty much guaranteed to finally breach $20k. I would be extremely surprised if a new all time high does NOT get set during this bull run imo.

However, don't expect swings anywhere near what we saw in the past. The market has matured substantially and the increased size of the market mean that flash crashes and pumps will both become much more unlikely.

I also doubt that the predictions of a 6-digit BTC will come true at least during the current bull market. The grassroot adoption is not there yet.

Yamifoud

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Sideways? That is normal and this is not a reason to think directly that we dump again. We have to keep in mind that Bitcoin is just like riding on a roller coaster, it goes down and up. Nothing as it changed, the price will often to show sideways as an effect to the so-called market demand and supply which it matters a lot when it changes proportionally. However, the effect won't be long, after the dump, it rises back again.

We are in the bullish season and have to witness the uprising trend than seeing it goes down. However, we shouldn't be confident enough as we know how volatile we are and that burst can't be ignored.

Oceat

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Quote from: Tipstar on November 21, 2020, 06:43:34 AM

The price is holding so long that means the holders are not in the mood of selling their coins, yet. It's just the traders that's been buying and selling. A lot of coins being held by institutional investors and unless some institutional investor or a whale goes for dumping their coin or the people lose interest on buying the coins, I don't see why bitcoin won't achieve its all time high. I've bought some more coins and hoping for the best.

No, the price is holding so long because the support is quite strong and this makes the Bitcoin price to stay and continue growing. If you look at the chart it's been a week and we already saw a continuous growth that almost hitting the ATH in 2017. I hope the price won't just stop in the middle of December just like how it moved in the last bull run in 2017. I think everyone is expecting a new ATH next year but we don't really know it yet whether the market would just straight dump next year or straight pump for a couple of weeks then correction. Huh

wxa7115

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Quote from: Tipstar on November 19, 2020, 08:38:33 PM

We all know bitcoin has been moving between 17000 and 19000 and it's not showing any drastic move to a bull or bear but with such large increase in price, it's hard to imagine that the price has settled to this high.
Indicators are also giving mixed results. Daily buying and selling are around 50% each. Moving average are still indicating a rise.
A correction is imminent, but do you believe, there's still a bull run to come before the correction? Or would bitcoin not achieve it's ATH this time.

Personally I like what I'm seeing in the market right now, today there was an attempt to make the price correct a little bit and it reached a low of 17600 but the bulls immediately came charging back and now the price is above 18500, it seems this is going to be the first negative day for the week but the fact that the price recovered so quickly at least to me seems like a very good indicator that there is still a lot of strength in this movement.

So while I think a small correction could be healthy for the market it doesn't seem as if people believe the same and it seems we are headed to surpass the previous ATH during this or week the next one.

boltz

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The hype is kinda gone if you ask me and from here we might assist to a big correction towards 15-16k$ that will happened before end of 2020. As I told in my previous post , a parabolic rise in Bitcoin can only indicate a big bear trap at the end of it as Bitcoin never did a parabolic rise like now.

Personally I would love to see Bitcoin staying in this zone to protect the new ones and the investors who bought at "mini" fomo if I can call it like this.

lifeOK

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Some point, I've feeling people taking profits from BTC and pouring into alts. I think this is extremely practical thoughts when Ethereum and other alts get ready to fly. Alt market been a great few days. Suppose you're a super long term hodler, so seeing it go up and down doesn't excite you as much as it used to. BTW! Bitcoin approaching all time high before this happening there a healthy pullback.

SaShiRaJaVu

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Quote from: Tipstar on November 21, 2020, 06:43:34 AM

The price is holding so long that means the holders are not in the mood of selling their coins, yet. It's just the traders that's been buying and selling. A lot of coins being held by institutional investors and unless some institutional investor or a whale goes for dumping their coin or the people lose interest on buying the coins, I don't see why bitcoin won't achieve its all time high. I've bought some more coins and hoping for the best.

Finally we have a small correction, i am also not expecting the institutional investors booking a profit now, it that happens we might see a major sell off as they are holding billions worth of coins but before the big rally we might see minor corrections like we had today, but last month what we usually see is that whenever we had a minor correction the institutional investors are taking advantage and investing heavily and now reports are coming out that PayPal is investing heavily.

Topic: Bitcoin is moving sideways for day, Where to from here? (Read 642 times)