Topic: Bitcoin is recovering - page 8. (Read 1570 times)
I wonder if the price will get down for more or increase in the next week because the price becomes wild and not many of us predict that the price will go down deeper like a few hours ago. I see the price now is at $54k, which means the price is down for more than $3,000 from the last $57k but I still believe it will go up sooner or later. I do not expect the price to go down for this but the price now seems to want to increase for a while, but we should be careful because the price can get another correction.
I don't know why people got panicked with the new Covid strain and sold their crypto asset which I don't think it has a relevant connection with the new strain, or am I missing something?
It didn't happen happen only to crypto market, but also in traditional markets which have been also falling. I think crypto universe just suffered the consequences of this panic wave that came from mainstream financial world, what should keep happening only for a short time, because it really doesn't make sense bitcoin crashes in a situation like this, as bitcoin should be the most logical asset to protect investors funds in a hypothesis of a new coronavirus crisis, through omicron variant. At least that was what I observed during the peak of the pandemic still in 2020. 
Price still acting weak seems like, latest touch of 12hr average sees it bounce off to check the last low. 4hr bar more reliable measure but nothing to show strength yet. 53.5k is likely less important then the Sept peak which should have some volume after a sharp sell, if that can now be support it might be significant thats close. Similarly on weekly bars is the 52k support my likely best guess for a low that can hold and signify support from this whole years price action.
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
I think that it was clear now that it was a bull trap.
The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.
Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.
I wouldn't wanna call that a bull trap as Bitcoin wasn't even overbought nor had a breakout that broke the resistance level as you said $60k was a strong one. That was just a small recovery which can be identified as a dead cat bounce after it went falling down to $54,000.
I don't know why people got panicked with the new Covid strain and sold their crypto asset which I don't think it has a relevant connection with the new strain, or am I missing something?
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
I think that it was clear now that it was a bull trap.
The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.
Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
I think that it was clear now that it was a bull trap.
The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.
Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.
Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.
It's okay if he spoke to soon about recovering.That's where we're heading also so that's totally okay even if there's a massive drop that we're seeing lately. After this, maybe next week, we're going to see it recover once again.
It's just a repetitive cycle most of the time.
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
I think that it was clear now that it was a bull trap.
The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.
Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.
Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.
It's okay if he spoke to soon about recovering.That's where we're heading also so that's totally okay even if there's a massive drop that we're seeing lately. After this, maybe next week, we're going to see it recover once again.
It's just a repetitive cycle most of the time.
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
These type of drops happen all the time. It is not suddenly meaning that we are crashing, we had a bad period the other week and then we recovered a bit recently so people wanted to get out before we had another bad week and that's it. It is not really meaning that it has to keep going lower, not saying it won't but it also doesn't mean it will. People reacting like dropping a bit suddenly means that we need to keep going down, not every drop followed by another drop, sometimes drops are followed by recoveries and we do not know which one we are in right now. I hope that we will do better but I am not entirely sure what's going to happen now, any direction could happen. 
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
Bitcoin comes back at small price after it went to recovery towards $60k, and as you can see corrections was still uncertain because it might touch down below $50k of it doesn't show good pumps. Many traders and long term investor would probably take their profit as long as they determine an advanced along the way. We just need to take some more patience before we embrace more successful gains.
Be more patient in waiting for a dip as it could drop below $50k, and on the other hand, it could also recover easily, so buying at the price now is an opportunity already. In the past few weeks, the price movement of bitcoin is not as bullish as it was compared to the previous month, so this tells a bit that bear run is just around the corner and the hype is over because whales had already taken profit.
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
Bitcoin comes back at small price after it went to recovery towards $60k, and as you can see corrections was still uncertain because it might touch down below $50k of it doesn't show good pumps. Many traders and long term investor would probably take their profit as long as they determine an advanced along the way. We just need to take some more patience before we embrace more successful gains.
in my opinion what is happening is the following:
the price tried to break the resistance that is at 66000$ twice and didn't succeed and the two times that it couldn't break the resistance that is at $66000 the price dropped to $54000. if price does not fall below $52000, consolidating in that zone may gain momentum to try again to break the resistance at $66000.
I still think it will be difficult because people tend to take holidays in December, markets are less volatile
the price tried to break the resistance that is at 66000$ twice and didn't succeed and the two times that it couldn't break the resistance that is at $66000 the price dropped to $54000. if price does not fall below $52000, consolidating in that zone may gain momentum to try again to break the resistance at $66000.
We might as well see it climb the $60,000 ladder again this December.
I still think it will be difficult because people tend to take holidays in December, markets are less volatile
Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
We might as well see it climb the $60,000 ladder again this December. The last time we saw a bull run take place in 2017, the highest price was reached in December, if I’m right. With the way we have been seeing the market moving this year, it’s possible that this December is going to be really great for the market, and I can’t wait for that to happen. There have been a few times that the market has dropped to below $60,000 and after sometime hovering around the $50,000, it will go back up again to $60k. If it should get back up that rate again, I will be looking forward to the price level of $70,000 which will be the next ATH record. 
How I love those speculation topics in which poeple draw some random lines on a chart and think they will know how the price will be in the next month only to get it completely wrong in less than 24 hours. It's been already 8 years of heavy trading and charts and TA and although being proven wrong on any type of analysts and every indicator getting it wrong 100 times poeple still try to find some magic formula that will predict things.
Who could have seen this coming? 1 in a few thousands maybe could have thought of it, and if he would have said that BTC would drop because of virus news he would have been virtually pitchforked here.
Oh and yeah, let's not forget that BTC's price evolution is never! to be linked with global markets, lol.
Speculation on where the price will go on short intervals based on some random lines is just like gambling on horses based on the age of the last winning jockey. You'll get it right a few times and you'll most likely get it wrong thrice as many.
Have you actually looked at the prices lately?
All the altcoins are doing far worse, ETH, ADA, DOT, SOL, you name it, if bitcoin sneezes they all fall like flies.
Who could have seen this coming? 1 in a few thousands maybe could have thought of it, and if he would have said that BTC would drop because of virus news he would have been virtually pitchforked here.
Oh and yeah, let's not forget that BTC's price evolution is never! to be linked with global markets, lol.Speculation on where the price will go on short intervals based on some random lines is just like gambling on horses based on the age of the last winning jockey. You'll get it right a few times and you'll most likely get it wrong thrice as many.
If you see the way a lot of other Alts have behaved during the cycles in the last few months, it is clear that a lot of them have formed their own communities and have their own different markets that are hardly dependent on Bitcoin anymore.
Have you actually looked at the prices lately?
All the altcoins are doing far worse, ETH, ADA, DOT, SOL, you name it, if bitcoin sneezes they all fall like flies.
Per exchange report the 24h low is 53,500.00... that's kinda scary as in just 24 hours, the price has been dumping, hopefully it will not continue to drop as panic will certainly take place.
i'll probaly keep going down. Literally every financial market in the world has red numbers because of the recent coronavirus news and the south africa variant. If we start seeing more countries enforcing lockdowns again, expect this downtrend to continue for a few more days/weeks 
The recovery was not successful because once again, a major dump is happening, and looks like it's a downtrend.
Per exchange report the 24h low is 53,500.00... that's kinda scary as in just 24 hours, the price has been dumping, hopefully it will not continue to drop as panic will certainly take place.
Per exchange report the 24h low is 53,500.00... that's kinda scary as in just 24 hours, the price has been dumping, hopefully it will not continue to drop as panic will certainly take place.
Yup its recovering but unfortunately seems bear wants to take over the market, reason bitcoin nowadays is down by how many percent along with some alts. Let's just hope this will not last and market will recover immediately because we all knows what will be next results if bear stay long in the market wherein for sure there's a massive correction afterwards.. Because you know it's very rare to see that bitcoin can achieved 3 ATH in just a year.. So its quite skeptical to be honest on this kind of situation that bearish suddenly wants to take over even we still have one months left.
As of this time, we’re tanking heading off to the weekend. As an opportunist, I think it’s a good buying signal. But maybe I have to wait within the weekend to see where the price is heading off. My friend told me that based on his technical analysis, if it goes down below $50k, bad things will happen on the market. Not sure what would be the floor price after the weekend, but let’s just see then.
I think it might be due to Black Friday, but I'm not sure. It makes sense to me because people spend tons of money on Black Friday, so they might pull out some of their Bitcoin savings on this day and sell for fiat. Plus yesterday's Thanksgiving, of course.
If you’re not sure just visit the WO board, there’s always someone there with interesting information. This time the reason is a new strain of covid virus that has emerged in some African countries and has caused panic in all markets, including the cryptocurrency market. Such news is very easy to sell nowadays, although it is very stupid for the market to react in this way.
https://bitcointalksearch.org/topic/m.58534921
Jump to: