Topic: Bitcoin Just Plunged $700 Upon Reaching $9,060, Correction or Reason To Panic? - page 4. (Read 824 times)
January 19, 2020, 06:44:47 PM
Remember we are approaching the Halving period, correction is a necessary thing too I guess. at least the investors/traders who have not yet set up Bitcoin can participate in buying so as not to miss a moment. Even though you guys panic when corrections, it is normal, especially since we have experienced a bear market for almost 2 years, so psychologically, the fear of loss comes again.
January 19, 2020, 05:59:02 PM
the $700 plunge is nothing, wait when it drops by over $1500 in a day 
Anyway, the movement is just a normal correction which calls for no need to panic. The pattern is actually predictable when bitcoin is in an uptrend. Those who know how to make money through margin trading.... this is the time to reap.
Anyway, the movement is just a normal correction which calls for no need to panic. The pattern is actually predictable when bitcoin is in an uptrend. Those who know how to make money through margin trading.... this is the time to reap.
January 19, 2020, 05:36:57 PM
Nothing wrong with that. This is normal price behavior.
January 19, 2020, 05:24:12 PM
Looks healthy to me, i would be more alarmed if it suddenly went up from there. Steady rise with high volatility is something i can deal better with then parabolic rise.
Not really that healthy. It took only 3 minutes for the thing to play out from the beginning to the end. Makes you want to scream manipulation because it was so sudden and then nothing, no more trading. Like that person or group did what they had to do before anyone could react and left
It's not a reason to panic because there was no follow up. Real bearish moves look like the asset is bleeding out slowly with small upside corrections.
its price is somewhat stabilizing and holding on 8500+ and if an another run trigger out then we might able to see 5 digits price once again.
January 19, 2020, 05:17:58 PM
Looks healthy to me, i would be more alarmed if it suddenly went up from there. Steady rise with high volatility is something i can deal better with then parabolic rise.
Not really that healthy. It took only 3 minutes for the thing to play out from the beginning to the end. Makes you want to scream manipulation because it was so sudden and then nothing, no more trading. Like that person or group did what they had to do before anyone could react and left
It's not a reason to panic because there was no follow up. Real bearish moves look like the asset is bleeding out slowly with small upside corrections.
January 19, 2020, 04:46:57 PM
As expected, the price will correct for a while and if the up trend is really strong then we will go back to a $9k level again and go beyond that. There’s no panic at all, people just want to take profit as early as possible since they also believe for a correction. This should be a temporary correction, we still need to go up high.
I also think there is no reason to panic, everything continues as expected. We already knew BTC had a resistance around $9k and king would try it. It tried once, and will come back to try again. And IMO we will pass it without losing much time in the next attempts. Because I believe that this year's increase will be more. We do not have much time to lose here.
January 19, 2020, 04:38:59 PM
As expected, the price will correct for a while and if the up trend is really strong then we will go back to a $9k level again and go beyond that. There’s no panic at all, people just want to take profit as early as possible since they also believe for a correction. This should be a temporary correction, we still need to go up high.
I also think there is no reason to panic, everything continues as expected. We already knew BTC had a resistance around $9k and king would try it. It tried once, and will come back to try again. And IMO we will pass it without losing much time in the next attempts. Because I believe that this year's increase will be more. We do not have much time to lose here. January 19, 2020, 03:55:10 PM
As expected, the price will correct for a while and if the up trend is really strong then we will go back to a $9k level again and go beyond that. There’s no panic at all, people just want to take profit as early as possible since they also believe for a correction. This should be a temporary correction, we still need to go up high.
January 19, 2020, 02:31:58 PM
I copied a picture of @exstasie
The 200MA on the daily Chart is very strong and for me it doesn't look good. What do you guys think ?
The 200MA on the daily Chart is very strong and for me it doesn't look good. What do you guys think ?
January 19, 2020, 02:23:13 PM
Someone (a whale probably) had a limit order at 9k and it triggered precisely at that price. The give away that it was automatic (a bot) was the time (6:00 am EST), so it was probably someone from Asia who caused this dump since it was pretty early in the US and people in Europe were busy watching football or something else
In other words: no reason to panic or overanalyze things with charts and whatnot. It's just another day at the office.
In other words: no reason to panic or overanalyze things with charts and whatnot. It's just another day at the office.
January 19, 2020, 01:45:31 PM
This is must be a correction time. No matter what happened before Bitcoin halving, price should surge more than before pump. Don't be panic in correction time, as me you could lose huge profits in future. I don't think 700 USD is huge plunged after this 9k pump in this year. Instant price fall is good for price up slowly.
January 19, 2020, 01:21:11 PM
Today we got another reminder that volatility is working both ways.
Bitcoin has fabulous times since entering the new decade. However, when we see such a parabolic move to the upside, we can expect volatile moves to the other side, as well.
Just yesterday, we mentioned Bitcoin price reaching its first major test – the 200-days moving average line (marked light green on the following chart). Many analysts see this tough resistance as the barrier between Bear and Bull markets.
Today, Bitcoin surpassed the crucial moving average line (roughly around $9060). However, shortly after recording a daily high (and year to date) at $9188 (Bitstamp), we received a MEGA dump.
Besides, on the 4-hour chart, we can clearly see Bitcoin reaching the top area of the marked ascending channel.
Bitcoin lost over $700, plunging to the $8400 old resistance level. As of writing these lines, Bitcoin had recovered a bit, trading above the $8600 resistance level.
I too was surprised to see a sudden collapse, but after doing a quick google search I have found that the real reason behind this crash was the liquidation of $108 million worth long contracts. Though the article also states that only $10 million worth of contracts were actually liquidated, hence I believe that someone just tried to manipulate the prices by spreading fud, and we should see bitcoin prices recover soon.
Source: https://www.newsbtc.com/2020/01/19/bitcoin-dropped-6-in-just-5-minutes-liquidating-108m-what-happens-next/
January 19, 2020, 01:15:01 PM
I heard because of a panic problem, because there is news that he said selling instant Bitcoins in a large and at once which makes the impact of Bitcoin down very fast and everyone is panicked. But I think it still persists there and not too far that impact may occur correction and back up.
January 19, 2020, 01:11:18 PM
a few days ago I placed orders to buy bitcoin at the prices of 8551/8073/7500 and today my first purchase was done. I also expect that by the end of January all my buy orders will work. I do not think that we will go below 7500, but this can also happen. we will observe all together
January 19, 2020, 12:55:48 PM
As mentioned by everyone here, it is just a correction. There is no big reason to panic. As market doesn't show any signs of down trend. I think we are going to be stable probable somewhere between 8.8k up to 9k? And as per major events incoming, I don't think it would much an effect as it won't last long in the first place. We are approaching halving quite steady for now.
January 19, 2020, 12:36:22 PM
It's just a correction it's pretty normal of course this happened thousands of times before, I'm just glad that we stepped in the $8000 level we have been into the $7000 mark for so long I'm pretty sure before the halving we can see the price reaching the $1000 level.
January 19, 2020, 12:26:48 PM
Stay put, dont be panicked because that is only a small correction. Just like what happened last month, a small correction has occurred after it will reach to $9k. Probably this is a chance that we start to accumulate and full bag. The next halving has nearly come and I believed bitcoin price will rising up after the halving will effectively happen. There's no news yet what is the reason for drastically drop but I have doubt just a small correction.
Probably you should move this to bitcoin speculation.
Probably you should move this to bitcoin speculation.
January 19, 2020, 12:20:53 PM
If you started panicking for such movements, you'll have a problem watching the price change. Every rapid growth has a correction and of course it's just another correction just before the Chinese enjoy their new year. After that, the price of bitcoin would probably increase in a rapid pace to reach a new ATH around halving.
January 19, 2020, 12:19:44 PM
The price has suddenly dropped 700$ in a few hours, so I think this is not a correction. A few organizations or someone panic sell at this price level and cause the price to collapse as it is today, I hope it does not affect too much bitcoin price in the coming days. And my goal is quite similar to yours, hoping to see BTC go up to $ 10000 by the end of January
It seems to be true that it's not a correction but the current decline in the price of bitcoin can be because someone is panicking selling when they see the price of bitcoin dropping at the same time. but I think it will not continue for long, I am confident that bitcoin can come back again reaching the price of $ 9k - $ 10k in the near future.
January 19, 2020, 12:19:22 PM
That was correction I believe because the growth of bitcoin price seems very positive! It can go back to 9K USD anytime! We don't need a quick pump and dump scheme! Though there will have dump as the Chinese new year coming!
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