Bitcoin Resisting the below twenty thousand level - page 4.

cryptomaniac_xxx

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Quote from: Silberman on August 28, 2022, 03:28:19 AM

Quote from: Piesel on August 27, 2022, 12:40:14 PM

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

The price is barely above 20k but I do not think this situation can continue for long, when we take into account the lack of upward momentum and the panic that will be caused by the influx of coins which will be sold during the next weeks then I think it is safe to assume the price will keep going down for some time, and while disappointing this should be viewed as yet another opportunity to buy bitcoin for a sub 20k price and since I believe this will be one of the last opportunities that we have to do it we need to take advantage of it.

And it's going to be obvious that if the support does not hold then the price will go down to maybe another lowest low. So this is a big mental support and so we will see how the bulls are going to defend it even with the Mt. Gox news or the Fed statement. Of course the opportunity will present itself, nevertheless we don't want another panic sell. I agree that we are in a bull run, but I don't think that we can go lower $17k. That is a huge fall from $69k and I don't think that we need to see -80% history.

Silberman

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Quote from: Piesel on August 27, 2022, 12:40:14 PM

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

The price is barely above 20k but I do not think this situation can continue for long, when we take into account the lack of upward momentum and the panic that will be caused by the influx of coins which will be sold during the next weeks then I think it is safe to assume the price will keep going down for some time, and while disappointing this should be viewed as yet another opportunity to buy bitcoin for a sub 20k price and since I believe this will be one of the last opportunities that we have to do it we need to take advantage of it.

Charles-Tim

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Quote from: Piesel on August 27, 2022, 12:40:14 PM

A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

What I know is that the best time to invest is when the market is red in significantly long term bear market when novice are not going to think of investing. This is the best time experts are investing, the best time when someone will not have much unrealized loss.

Quote from: Piesel on August 27, 2022, 12:40:14 PM

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

What I think people should prepare for is unrealized loss, provided if the market fall down further, the profit would be huge when the time comes. Peoole should not just compared bitcoin with fiat now, have them on wallet that will not estimate the price in fiat for you, or disable the fiat value. It is going to be profitable after a year or two years.

ethereumhunter

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Quote from: minairia3 on August 27, 2022, 10:06:32 PM

Quote from: OgNasty on August 27, 2022, 01:01:22 PM

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K. However, that shouldn't scare you because I think the downturn won't be long lived. I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does. If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

It seems that Mt.Gox's bitcoin release will not affect the market too much, they will not release 137k bitcoins at once and the release process could be extended for several months.

At least the price might still be able to stay at $20k or less because if all the bitcoins were to be released at once, it would make the price drop drastically because a lot of people would sell some of their bitcoins to take a little profit. But hopefully, the price will not drop drastically and the news of the release of bitcoin Mt.Gox will not affect the movement of bitcoin in the market. Previously I had seen the price of $19k (if I was not mistaken last night) so I thought the price might go down to that level again. So just be prepared for all the possibilities in the market.

minairia3

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Quote from: OgNasty on August 27, 2022, 01:01:22 PM

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K. However, that shouldn't scare you because I think the downturn won't be long lived. I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does. If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

It seems that Mt.Gox's bitcoin release will not affect the market too much, they will not release 137k bitcoins at once and the release process could be extended for several months.
https://www.mtgox.com/img/pdf/20220706_announcement_en.pdf

Information affecting the market today is that the Fed will continue to raise interest rates in September and twice by the end of this year. This announcement caused a panic drop in the entire global financial industry, and cryptocurrencies were also inevitable.

GreatArkansas

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Quote from: Piesel on August 27, 2022, 12:40:14 PM

(....)
At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

$20,000 is already broken this month and what a wrong timing also because the monthly close candle is fast approaching.
For me, this is a sign that volatility is high until the end of this month.
The $20,000 level is a very significant level especially since a few days ago that this is acting as strong support but it is already broken in just short period of time.

I just observe that when the market is dumping, it dumps too hard but when it pumps, I am not satisfied with the pump.

jackg

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The actual $20k level doesn't look to be acting like either support or resistance. We've seen lots more around the 22 and 25k regions but on any timeframe it looks like the price is hapoy to flip to either direction in the shorter term (so I'm not sure 20k is the point we should really be looking at).

KennyR

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Bitcoin price have come down to $20k and this serves to form new support points. The market had good resistance around $22k, and the sudden fall have made it go down to $20k. With the upcoming week start the market can be more bearish. In simple, it can retest the level of $17k or even lower. Because during the previous down market it is predicted to go down to $12k, but the recovery happened good. This time more events are scheduled and the same might make some bearish movement in the market.

hatshepsut93

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Usually "resistance" means resisting the growth, and "support" means not letting it fall below certain level. So while saying that Bitcoin is resisting the fall is correct, it sounds weird to people who used to understand resistance as "opposition to growth".

The $20k support is holding well for now, it's clear that there are groups who are interested in defending this important psychological level, but only time will tell if they will fully succeed or not. I wouldn't bet that this is the bottom of the bear market yet.

stomachgrowls

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Quote from: OgNasty on August 27, 2022, 01:01:22 PM

Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K. However, that shouldn't scare you because I think the downturn won't be long lived. I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does. If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

Yes, its been obvious that it is really holding that strong on 20k support level.We dont know on what this market movement decrease the main reason but it do really involves about economic aspect or something like that.Speaking about that Mt.Gox sell off then we should already anticipate for this thing to happen because once users do able to get a hold of their coins then expect that there would be sell off which it isnt really that surprising so better to anticipate and expect on that.

Technicals are forming now a good support on 20k but it is really still on that deciding factor or situation in regarding whether this would take long or wont really be able to
break out.

OgNasty

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Given that the rumors in the market are that the mtgox coins are going to be released in the very near future, I think the market has very little chance of holding above $20K. However, that shouldn't scare you because I think the downturn won't be long lived. I believe once the price crashes the fund managers will be racing to scoop up as much cheap BTC as they can before the other does. If you were waiting for a good time to start dollar cost averaging into Bitcoin, it would be now.

Piesel

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A lot of speculation has been ditched out in the last 48 hours since Bitcoin battled to retain the 20 thousand dollars price even though some expect has predicted a more bearish market in the next month, and some others are of the view that the 20 thousand dollars price is the bearest minimum Bitcoin could fall back to.

At the moment Bitcoin is at a decisive level to either level up or pull back below the 20k dollars level, in the next coming day Bitcoin price will witnesses a lot of volatility we should be prepared for that and make a lot of speculation that can help analyze the market and it grows.

Topic: Bitcoin Resisting the below twenty thousand level - page 4. (Read 545 times)