Correction from $30K: Reason to worry? - page 2.

btc_angela

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Quote from: Woodie on June 06, 2023, 04:34:59 PM

Correction of price is very much normal and nothing to be worried about!

If anything, price kind of moves in a way that an earthworm moves...to go forward it has to kind of contract and make that catapult effect to go forward..Same thing with our bitcoin price, to go up price needs to find liquidity at these bottoms to build momentum to break any barriers at the top that are keeping it from breaching this new price. So for now lets just hang in there, sooner or later new highs will be registered.

Quote

Are you worried about correction from $30K?

My vote:NO

I think the point is how the correction is going to happen, it is drastic make down? Just like what we have seen in the last 24 hours, the price suddenly goes to the high of $25k because SEC decided to go after Binance and accused the exchange of so many things illegal.

But there is also a catch, it could be manipulation as the price recovered from that upside and suddenly as if nothing happens, went to it's previous price before this news to $27k. Is this manipulation behind or this price action is natural and organic?

GeorgeJohn

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Quote from: Woodie on June 06, 2023, 04:34:59 PM

Correction of price is very much normal and nothing to be worried about!

If anything, price kind of moves in a way that an earthworm moves...to go forward it has to kind of contract and make that catapult effect to go forward..Same thing with our bitcoin price, to go up price needs to find liquidity at these bottoms to build momentum to break any barriers at the top that are keeping it from breaching this new price. So for now lets just hang in there, sooner or later new highs will be registered.

Quote

Are you worried about correction from $30K?

My vote:NO

It is all yours that is the price of Bitcoin might come above the 30k of correction, the progress of Bitcoin start with information there is information that will come from bitcoin today you will see the price of Bitcoin will automatically change from the price you are seeing it right now to another price that will be appreciated to any investors, I don't kick against be worried from my own perspective, but I believe that bitcoin price can be restore or surprise people during the time it will experience a bullish market.

Woodie

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Correction of price is very much normal and nothing to be worried about!

If anything, price kind of moves in a way that an earthworm moves...to go forward it has to kind of contract and make that catapult effect to go forward..Same thing with our bitcoin price, to go up price needs to find liquidity at these bottoms to build momentum to break any barriers at the top that are keeping it from breaching this new price. So for now lets just hang in there, sooner or later new highs will be registered.

Quote

Are you worried about correction from $30K?

My vote:NO

GeorgeJohn

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Do you one thing I like bitcoin with is because of Bitcoin does not have a specific time of increments a specific time of the decrease so bitcoin can increase today and fall tomorrow, it depends the force of the market at that particular time because the price of Bitcoin does not have iteration so I believe that people who knows about bitcoin does not panic when the price goes below their expectation or when the price increases and fall to a certain point that they did not expect for it to occur

kawetsriyanto

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Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

Indeed. If you plan for a long-term investment, you don't need to worry because the price drop temporarily. In the next few days or weeks, the price probably increases again gradually. And in the next few months, we may see a significant change in the price. The price drop/dump is normal, it is needed to reach the next higher price. After we have some pumps previously, it needs time for corrections. After this drop and sideways are over, we may have some pumps again in the future. Regarding the chance of the price drop to $20k, I think it won't happen. The price looks trying to stay above $25k, today it returns again above $26k. If the price never returns to $20k, we probably won't have a long time to pass again $30k.

Mahanton

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Quote from: cryptomaniac_xxx on June 02, 2023, 03:33:52 PM

Quote from: MoonOfLife on June 01, 2023, 07:54:32 PM

Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Quote from: lkjhg on May 31, 2023, 08:41:58 AM

correction is an opportunity so why worry if the Bitcoin price corrects from $ 30k?,
the halving is still 1 year away, to be precise, maybe in Q2 2024,
so it's better to focus on adding to the portfolio because we are still in the accumulation zone of Bitcoin price action.

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

But unfortunately, too many people don't see that. If you follow all the price discussion threads on the forum, most people expect bitcoin to rise soon, no one wants bitcoin to drop in price to accumulate more. I don't know if people are already too rich and like to buy high prices or if people have accumulated enough bitcoins for themselves. But the price increase of bitcoin would be meaningless if we did not have bitcoin.

I think that is everyone's mindset, we don't want our assets, not just bitcoin to go down and see our the profits of our portfolio going down. But we all know how volatile bitcoin is, as we have the bear and bull market that happens every 4 years and it's a cycle.

Looking back at this thread, the OP says the strong support is $28k. But we've seen the price going down even further a bit to $26k, which now becomes our strong support. Hopefully though we can get back to at least that price levels. In the last 24 hours, their is some minor movement above $27k and hopefully we can maintain it.

On the time that you had stepped your foot into this market then you should really make yourself that be prepared for whatever situations that you would be able to face or experience on specially on dealing with something which is really that volatile. Pumps and deep corrections are really that something we could be able to experience on point with or without any solid possible reason behind.
This is why applying out some fundamentals would be common but it would be more when you are really that having those TA analysis.

We've been correcting on $30k price on previous months i do remember on which we do have that kind of impression that we might be able to break prices further. It did failed and make out some
rejection into its price and now we are sitting below these levels and making up some these movements ups and downs for how many months now. The question about
are there reason for you to worry? If you are really make out some futures trading then you would definitely be having but if spot and long term
holds then it wont really be that much of an issue or a concern.

Franctoshi

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From the indicator which I'm using that has helped me captured end point of so many BTC retracemet/pull backs, it is once again flashing a strong buy signal in the H4 time frame and if I do get a signal on day time frame I will definitely do what I did the last time this signal flashed on the D1. I do see all these news events as to cause more panic selling because I sense something big on the way, So in such an event like this we may soon get a quick market reversal anytime from here, selling at $25k for me isn't the wise thing to do right now, rather take your eyes off the charts, wait and be patient for a while.

dragonvslinux

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Quote from: Dollar_Hunter on June 06, 2023, 08:06:28 AM

Quote from: 19Nov16 on June 06, 2023, 03:13:22 AM

Did not expect that today there was a correction which I think was big, the price corrected more than 4% and made hopes that the price would soon touch $30k has not been reached, hopefully this is not a big panic that has ever happened like the LUNA or FTX case, and I'm still optimistic that June price will pass $30k.

Bitcoin is very different from Luna and FTX mate, you have to distinguish about that,
FTX and LUNA are bankrupt because their project made a mistake and their CEO became a scammer,

Also, more relevantly, the recent lawsuits against Binance and now Coinbase is completely different from the FTX situation. FTX went bankrupt as they never held their reserves 1:1, whereas Binance and Coinbase appear to be relatively solvent (only time will tell of course). Looking at exchange balances of Bitcoin for example, investors/traders aren't panicking and withdrawing lots of coins from these exchanges right now, instead it's likely they're trading this news or buying the dip even! The only real concern will be if they lose their lawsuits in the future and this ends up bankrupting them, but I think it's unlikely personally.

Ultimately we only saw a -5% decline yesterday, which isn't very significant as a form of panic selling or capitulation. Of course price could drop -10-20% within a single day or by the end of the week, but so far the correction looks relatively tame, with few people really panicking who may be expecting the worse such as re-testing the lows around $15K or falling lower.

Dollar_Hunter

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Quote from: 19Nov16 on June 06, 2023, 03:13:22 AM

Did not expect that today there was a correction which I think was big, the price corrected more than 4% and made hopes that the price would soon touch $30k has not been reached, hopefully this is not a big panic that has ever happened like the LUNA or FTX case, and I'm still optimistic that June price will pass $30k.

Bitcoin is very different from Luna and FTX mate, you have to distinguish about that,
FTX and LUNA are bankrupt because their project made a mistake and their CEO became a scammer,
but Bitcoin doesn't have a project and doesn't have a CEO, only community and mass adoption makes Bitcoin grow ,
so don't worry, even though the Bitcoin price is below $ 30k again, it's still safe for investment.

19Nov16

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Did not expect that today there was a correction which I think was big, the price corrected more than 4% and made hopes that the price would soon touch $30k has not been reached, hopefully this is not a big panic that has ever happened like the LUNA or FTX case, and I'm still optimistic that June price will pass $30k.

Moshi Moshi

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When trading we have to be calm and have to control our emotions,
as well as when the Bitcoin price is undergoing a correction from $ 30k to $ 26k,
that's when we use our calm to analyze it again, is it time to buy or time to stop loss, and yes it depends on your decision,
what is certain is that you have to be wise in trading.

STT

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We have convergence of moving averages right now and longer term recovery in greater time lines. There is nothing to worry about in that respect, not much is happening presently so little fear is due from that till we break out either up or down.
If we trace the ATH down to the low of about 1 year ago, we can see a little recovery occurred but not enough to pass the 23.6% Fibonacci level to that possible recovery. We have the idea of positive movement, the staging perhaps but not the main body ignition to any larger scale launch. Preparation is likely this whole year I would guess, just be patient and be ready for highs and lows to be repeated we can hope some trend develops over time.

Aliem Nur

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No, I'm not worried about a $30k correction in Bitcoin, because a $30k correction is part of a healthy upside and I agree with that.
Bitcoin still has a long way to go and if you expect pumps and pumps without correction then it will be a disaster if the bubble has already burst,
just like what happened in 2017 that Bitcoin was said to be a burst bubble by experts.

Wong Gendheng

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The current price is around $ 27K and has been more than 2 months since March the price has not been able to touch $ 30K, hopefully this is not a sign of the market again because there has been no big surprise for 3 years, I am optimistic that the price will rise at the end of the year because it will be Halving occurs which makes the surge in Bitcoin demand increase.

cryptomaniac_xxx

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Quote from: MoonOfLife on June 01, 2023, 07:54:32 PM

Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Quote from: lkjhg on May 31, 2023, 08:41:58 AM

correction is an opportunity so why worry if the Bitcoin price corrects from $ 30k?,
the halving is still 1 year away, to be precise, maybe in Q2 2024,
so it's better to focus on adding to the portfolio because we are still in the accumulation zone of Bitcoin price action.

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

But unfortunately, too many people don't see that. If you follow all the price discussion threads on the forum, most people expect bitcoin to rise soon, no one wants bitcoin to drop in price to accumulate more. I don't know if people are already too rich and like to buy high prices or if people have accumulated enough bitcoins for themselves. But the price increase of bitcoin would be meaningless if we did not have bitcoin.

I think that is everyone's mindset, we don't want our assets, not just bitcoin to go down and see our the profits of our portfolio going down. But we all know how volatile bitcoin is, as we have the bear and bull market that happens every 4 years and it's a cycle.

Looking back at this thread, the OP says the strong support is $28k. But we've seen the price going down even further a bit to $26k, which now becomes our strong support. Hopefully though we can get back to at least that price levels. In the last 24 hours, their is some minor movement above $27k and hopefully we can maintain it.

bitgolden

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Quote from: justdimin on June 01, 2023, 10:30:45 AM

I think that's the point, if the price goes down a lot there are people who do not take advantage of that but instead sell. I never truly understood the mindset, if the logic is to sell before it goes down even more, then just wait for it to go down even more before you do that, you could sell if it keeps going down. I am not saying sell when it's even lower, I am saying just wait until it's lowering, if it goes from 28k to 26k, there is no logic in selling at 26, it's already there, you are already too late.

So instead people should be putting a stop loss order even lower, like 25.5 for example that means you are not too late, because if you sell at 26k then you will not see if it will go down even more or not, but if you put a stop loss at least you guarantee yourself you won't get any worse.

I think that is basically because they are new to bitcoin or they are traders. There are 3-4 different reasons people could sell during a dump that is not panic selling and we need to see that as it is before we judge others. First of all, if you have a long future then it will be cashed out, which sells bitcoin and gets USDT or other stable and that drops a bit more, if too many longs are cashed out like that, the price drops, that's one reason.

Secondly we have traders who end up with selling when it's low but selling when it's high too, they just buy and sell, whenever that fits their situation they will do that, it's not panic selling, they might buy back in a minute too we don't know. Thirdly we have stop loss, people could put an order at a bit lower, and it could automatically sell, it's not panic selling, they put it at a price they think it's fair, and then maybe even rebuy after it goes down some more. So there are a lot of ways people could sell without any panic selling.

MoonOfLife

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Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Quote from: lkjhg on May 31, 2023, 08:41:58 AM

correction is an opportunity so why worry if the Bitcoin price corrects from $ 30k?,
the halving is still 1 year away, to be precise, maybe in Q2 2024,
so it's better to focus on adding to the portfolio because we are still in the accumulation zone of Bitcoin price action.

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

But unfortunately, too many people don't see that. If you follow all the price discussion threads on the forum, most people expect bitcoin to rise soon, no one wants bitcoin to drop in price to accumulate more. I don't know if people are already too rich and like to buy high prices or if people have accumulated enough bitcoins for themselves. But the price increase of bitcoin would be meaningless if we did not have bitcoin.

Franctoshi

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Quote from: Baofeng on June 01, 2023, 05:48:40 PM

I think if you're going to look at the thread itself, the beginning assessment is that $28k will be our biggest support. But obviously it has been invalidated already when we had this problems with ordinals clogging the mempool and so the market goes down hard. And as we can see the price is just barely making it to $27k, so again, we are in a complete trend now as everything has change a lot since the OP has started this thread.

If you have good understanding of market behavior, there's no need for us to panic in the market because the price is doing what is expected of it and until we start breaking some important key levels in the market downwards which we have not. from my point of view and what I got from my analysis, wether we have the event of ordinals clogging the mempool or not, TA already pointed for a pull back towards $25k, the mempool clogging event was just a catalyst to help Bitcoin price get to its long overdue pull back to $25k since after the price broke above $25k- $30k, if you had check on my past post here on speculation, I have been calling for a re-test to the level we are right now.

If we should get a further correction, the important key level to watch is $24k and the market should be getting a rebounce from there in order for Bitcoin to continue its movement heading forward.

dunfida

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Quote from: Baofeng on June 01, 2023, 05:48:40 PM

Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Quote from: lkjhg on May 31, 2023, 08:41:58 AM

correction is an opportunity so why worry if the Bitcoin price corrects from $ 30k?,
the halving is still 1 year away, to be precise, maybe in Q2 2024,
so it's better to focus on adding to the portfolio because we are still in the accumulation zone of Bitcoin price action.

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

I think if you're going to look at the thread itself, the beginning assessment is that $28k will be our biggest support. But obviously it has been invalidated already when we had this problems with ordinals clogging the mempool and so the market goes down hard. And as we can see the price is just barely making it to $27k, so again, we are in a complete trend now as everything has change a lot since the OP has started this thread.

But as far as doing stacking sats yeah, DCA is the best strategy, big investors and even average joe are into this strategy, because it a foul proof and it's going to work in the long run.

If you are a long term holder then this wont be an issue but if you are a day trader,swing,futures then every movement does count. Being worried on what would be the next price movement is really that very common to those who are making short trades. Corrections is part and now its seems that 28k is really a strong resistance and after that we do really need to break that 30k point before we would be able to proceed on higher numbers.Reason to worry? As long you dont close your position or sell it out then it would really be just that a paper loss and as long you dont close it then its not considered losses.
Reason to worry? If you are going for long term then this isnt something that you should be putting up yourself on such situation.

Baofeng

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Quote from: capedbaldy on May 31, 2023, 10:54:01 AM

Quote from: lkjhg on May 31, 2023, 08:41:58 AM

correction is an opportunity so why worry if the Bitcoin price corrects from $ 30k?,
the halving is still 1 year away, to be precise, maybe in Q2 2024,
so it's better to focus on adding to the portfolio because we are still in the accumulation zone of Bitcoin price action.

Exactly, we have nothing to worry about the current market conditions, we are planning a DCA strategy of adding assets because the market is very volatile at the moment but it is likely to correct below 25k, but I really hope bitcoin never returns to 20k because of the bad impact on the bitcoin price before halving, there's no telling what the next low will be as bitcoin has been holding on to lows for the last 2 years.

I think if you're going to look at the thread itself, the beginning assessment is that $28k will be our biggest support. But obviously it has been invalidated already when we had this problems with ordinals clogging the mempool and so the market goes down hard. And as we can see the price is just barely making it to $27k, so again, we are in a complete trend now as everything has change a lot since the OP has started this thread.

But as far as doing stacking sats yeah, DCA is the best strategy, big investors and even average joe are into this strategy, because it a foul proof and it's going to work in the long run.

Topic: Correction from $30K: Reason to worry? - page 2. (Read 1135 times)