Topic: Bitcoin on sale, will the support continues to hold? - page 5. (Read 444 times)

I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

YES! Bitcoin is on sale, and people are selling everything. Profits are just being taken towards the end of the year as Christmas Day approaches. That dump below through 50K like it was nothing. We had hoped at least to bounce back there, but that didn't happen. ATHs and BTC have essentially just gone sideways, so everything else is almost 30% down. However, I am not so sure until it starts, but once it starts, there will be a closing point.

I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k.

What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go?
Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now.

I see no reaction to support so far, when we get there it should be noticable as a bottom.   I see trading down, basically decline and price decay over time at least in short term its not acting with bullish prospects.   Overall its sideways with profit taking and may do better when we've cleared the holidays and any interference in that way.



Losing 56k area puts into the next rung on the ladder and recent low is just prior channel down from Nov start.   So we went down from Nov start more or less, clinged onto a range since Nov 19th till just recent now we lose that and hit the old trend we had tried to escape.   

I think the stock market correlation is what is causing all this downward movement. Looking on the daily $53K is actually important support, currently we swept the lows hard and rallied back up but it’s looking like it’s targeting the lows again. Seems like a very weak bounce.

If $53k doesn’t hold then next area is $48K and who knows if that will even hold. Want to know what’s a good way to predict the bottom? Instead of guessing just look at the funding. If it becomes negative then it’s most likely the bottom like it was at $40K and $28k in the past. Right now it’s not negative yet.

This is a dangerous area now into the $52k's.  And nothing else in the market is holding.  Longs gonna start getting crushed unless the support comes in.  We could be in for an early 2018 type dumpy if this don't stop and rebound.  Either way keep stacking sats and enjoy the ride. 😉

Bitcoin price is dropping back toward monthly lows, but analysts agree that the current range is a “buy zone.”

Bitcoin's (BTC) downtrend extended a few rungs lower on Dec. 3 after the price dropped under $54,000 and traders will note that the BTC/USD daily chart shows a notable uptick in sell volume.

Investors seem concerned at the emergence of a new COVID-19 variant and hawkish comments from the Federal Reserve. Meanwhile, veteran investment icon Charlie Munger added to the fire by comparing the price action in the crypto market to the dot-com era that ended with the bubble popping.

Strong lower support at $52,000 to $53,000
The “listless” nature of Bitcoin's price action over the past few weeks was highlighted by crypto market intelligence firm Decentrader, who pointed to the choppy price action on lower timeframes and the evidence of a slow downtrend on high timeframes as cause for traders' increased fear “that the bull run may be over.”

The analysts suggested that once BTC breaks out of its current range, “the most obvious support cluster lies around $52,000 to $53,000” near the point where the price broke down during the May crash earlier in the year.

Decentrader said,

“Should we get a deeper correction then a strong support area lies around the 200DMA at $46,200 and at the lower support level of $44,300. To the upside, a significant resistance level lies at the round number of $60,000.”