Topic: Correction coming in the coming weeks? - page 3. (Read 11097 times)

It is not the permanent price, it will change someday, we are living in modern age there are so many opportunities that we only have to use wisely, so according to my own analization good time is not so far and within coming few weeks we will be able to see remarkable growth in price, let’s hope further best so till the end of 2019 price will be fully recovered.

Here is a graph of us breaking the up trend of the last month or two, that should give us a correction.   Target 6200 I guess but need to examine that further and obviously depends on us closing the daily bar at prices here or lower

There is a too strong resistence level near 8800 dollars that is making bitcoin fall down when it reaches near that line. This new correction is deeper than the last one, but I expect it won't be so powerful like those we have seen in 2018.
I predict the next pump won't take too long to happen, and when it comes we will be close to 10,000 dollars. For now I refuse to believe we are entering a bear market again.

Price wise it may have been close, but the resistance in the background popped the moment the price broke the $9000 level. I honestly don't think much has changed at all despite yet another sub $8000 dump. As long as the weekly time frame remains bullish I'll follow.

I'm not yet tempted to buy in, but might start doing so when it dips well under $7000 and dollar cost average as the price goes down further, purely because I don't consider these prices to offer enough of a discount. We came from far and the market should be generous enough to provide at least one more opportunity to buy in lower. It always has so it might pay off to wait a little longer.

That's ridiculous. 100K BTC = $800 million now. A hack that large would dwarf every past exchange hack in history.

You can't compare this to 5+ years ago when BTC was worth a small fraction of current value and exchanges were keeping 100% in hot wallets.

The Binance hack was literally the 6th biggest in history in terms of value:

Could you give your sources please?

As my sources paint quite a different picture. Bitfinex had a liquidity gap due to European financial authorities freezing like 850M dollars (or something to that amount) in their Polish bank account, so in order to close that gap they had to take dollars from the stash backing up all the tethers. If the tethers were fake as you claim, how could they take the dollars backing them? I guess you can't have it both ways as in the case you make (that of fake tethers), these dollars couldn't possibly exist in the first place since otherwise the tethers were quite legit, not fake

It's as if it already happened before.

It is like a bait.
A bull then a little bear then goes back to another bull.
But afterwards a large correction will happen that will take 50% off the price of bitcoin.

Let us see what will happen. It seems that most analyst have the same look at what will happen in the next month. I may be on the optimistic side but it is better to be ready at any possible events.

It's not a bad strategy and it could work. The important thing is to always have prepared your own strategy and some back up plan. Corrections are always possible and this one wasn't unexpected.
Although it looked very close in one moment 10000$ price seems rather distant now and I.don't expect to.touch that value soon so chances for smaller profits should be used meanwhile.

FWIW, Binance hack was nowhere near biggest hack in history when the record belongs to a Japanese exchange called Coincheck that lost $500+ million in 2018 and MtGox that lost 850,000BTC. the Binance's 7000BTC is dwarfed compared to them. basically anything below 100kBTC is a small hack. haha

This days I noticed some sell off, if it continue most likely we will see 7500. I sold some bitcoins and I will see some more today, I will trust myself about this deep now, good time for shorting. I wills start buying at 7500 again, it`s how I see this week. Going down 10%, more or less, stopping there and making new rise to 8000 or more.
Looks like we are still far away from 10000, but lets try to earn something from this fluctuations. Good luck to all, if you don`t know what to do, follow my steps.

Who told you so? It all depends on level of knowledge of each and every one of us, although I would not dispute the fact that trading within that interval is lot less riskier and could even be more profitable, but there are some people that are still very good and calculative, which makes day trading easy for them.

Day trading is not for everyone, it is just for the strong minds. I do day trade and I have my daily target, I don’t buy when the market is green, I only buy when it  is red and the moment it gets to green, I don’t wait for the green to be so long before taking my profit. Bitcoin fluctuates a lot in a day more than it does in weeks or months, so you get the chances to make fast and quick money in a day more.

I just mentioned a possible example, new bull run should push price much more then $50k, but the question is whether his main driver would be big institutional players or small investors. It will be required huge amounts of money to achieve price above $100k or $200k, and I am pretty skeptical how small investors would react on such high price.

Just imagine $100k and that small people hold or buy at that moment, it does not look like a possible scenario. I wonder what will keep upward trajectory when most people will sell, instead of buying.

Thanks for sharing your thought and I agree that we are in the correction phase. BTC drops 10%, and here opportunity of getting cheap instead of selling low. Here my concern that there someone trusting that the market manipulator to crash Bitcoin below 6k level. If that's true better play safe.

We do have proof. Bitfinex and Tether admitted Tether was insolvent and USDT no longer fully backed 1:1. 3 billion tethers pumping the market and it turns out 1/4 of them are fake, by Tether's own admission.


They lost over 7,000 BTC. Not altcoins, BTC. Their BTC/stablecoin markets also can't be ignored since they are redeemable for fiat. By volume, this is one of the biggest exchanges in the world, much bigger than Bitstamp or Kraken. And this hack was one of the biggest in history too.


They are part of the trend. Those 30-40% "crashes" discussed earlier, none of them stopped the bull market. They were just pullbacks. They may seem big but that's just the point. BTC corrections can be massive but it doesn't mean it will end the trend. It's all about perspective. You could call 2014 a crash but really it was just a correction to the decade-long bull market.

i agree that bad news on its own is not going to do anything to the market but it always is accompanied by manipulation and every trader taking advantage of the situation to ride the ups and downs and make money. and of course timing is important too. during a bull run the "bad news" that can reverse it should be huge while during a bear market a small bad news can cause havoc.

with that said i still stand on what i said before. your examples of recent bad news are not bad news at all.
the Bitfinex thing: "recently" is an understatement. we already knew that but we still have no proof and unless government closes down bitfinex, it is not considered bad news.
as for Binance: it was not even related to bitcoin! they are an altcoin exchange not a bitcoin exchange so you really can't expect their hack to affect bitcoin price in first place. if a bitcoin exchange like Coinbase, Bitfinex, Bitstamp, Kraken,... get hacked you can expect a 40% drop not an altcoin exchange just as when Bitfinex got hacked in 2016 we had a big crash.

and finally i am not denying corrections. they are natural part of any trend. my argument is about the size. as it grows it reaches a point where we can no longer call that drop size a "correction" it is a big ass crash. and big ass crashes are not part of a trend specially when we are in an uptrend. so unlike a correction they do need a reason.

Didn't have to wait the full week in fact it seems. I suspected something was round the corner when for the first time in weeks, the bulls failed to take the weekend upper hand.

Still, am surprised it didn't decline harder, this will probably resurface above 8k by Friday but we'll need to see how the coming weekend turns out before we know if price settles or the correction continues.

Loving me bitcoin like you guys too, though.

@omonuyak we need more people like you who can hold their nerves, and not indulge in panic sales when the market is taking a dump. This dump is indeed a buying opportunity for all cause when bitcoin prices will rise it’ll cross $10k, and everyone who’ll buy now will earn handsome profits. What levels are you you planning to buy bitcoins, as I’m planning to buy them at $7.7k levels.

Wasn't able to check the price yesterday, but it seems we had a correction in the last 24 hours? ~$8k now. So yeah we would go to this usual bumps, massive pump followed by another dumping, the usual route if I have to say. But then again, we should look at the bright side, and purchase and then hold, simply as that.

Same here mate, no need to be afraid of because we've been through tough corrections since last year yet we're still surviving despite of being disappointed. So far as time goes by, many people been challenged along the way and expecting bullish market to prevail. Although it's hard to gain quick profit right now, but when you learned to hold your asset for such a long term I don't think you'll end up losing once the price increase at sustainable value.