Correction from $30K: Reason to worry? - page 6.

irhact

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Quote from: karabiber on April 20, 2023, 01:54:13 PM

Bitcoin threw the needle exactly where it should turn, I expect it to form a stage by filling and emptying between 28.500-29.500 for a while. However, for now it is around 28,300 and stands at the end of support. If there is a downward direction from here, the support will be broken and alarm bells will ring.

The danger is not past, but I think the severity of the correction is decreasing. If BTC is calm, it expects to go up one notch in altcoins.

Altcoins are getting the highest dump as always, this dump has made many to dump more than 30% so when Bitcoin is done calming, I'll advise we stay away from altcoins as their future is likely more dump then increasing because after Bitcoin becomes calm, nobody knows the direction it'll take, it can increase in price and try to break the $30k price again or continue dumping.

Bitcoin at the moment is holding strong at $28k and we have very strong support in this price since it was once the resistance before we broke out and headed to the $30k price. I always knew we can't hold above $30k since the market was finding it very difficult to reach $35k so a dump was likely to happen.

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Quote from: Tony116 on April 20, 2023, 09:59:56 AM

Quote from: michellee on April 20, 2023, 09:28:53 AM

But we don't expect to see the price of BTC continue to decline because that will make people lose hope again. After all, they have seen it before.

Moreover, we are now at the weekend when another correction might occur. So we have to be really alert and prepared if that happens so we can buy bitcoin at low prices again.

Why would you lose hope when bitcoin goes down, don't we always want to buy low and sell high for the best profit? If you are also using that strategy, you will be happier when bitcoin can fall even further. I'm not like you, I expect bitcoin to drop below $25k which is a good thing because buying cheap bitcoin will give me bigger profit later on. I'm aiming for ATH in 2025, so I expect the bear season to last rather than end soon.

I think people will lose hope. After all, I never lose hope when bitcoin goes down because I still see an opportunity to buy low so that would be a good moment to increase my bitcoin amount.

But if the price drops below $25k, it would be a good time to buy bitcoins but the crypto market may experience a shock as the prices of other cryptos follow the bitcoin price.

That's why I said we have to stay alert and always be ready for whatever happens so we can adapt to the market situation.

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Quote from: dragonvslinux on April 17, 2023, 12:53:01 PM

With price dropping today from $30K to around $29K, are you worried there will be a deeper correction, or return to bear market, or is this just the short-term correction before re-testing $30K?

Many speculators anticipated rejection from $30K level, as this was previously support for 18 months in from 2021 to mid 2022 and could become strong resistance. Although so far (as of writing) we have only seen a -5% correction to $29K. Ultimately I think it's too early to tell if price will correct further to $25K, $23K or break the recent higher low of $20K. But nonetheless people have started to get concerned, hence this thread.

Some positives to consider:

Price remains above all Daily moving averages (20,50,200) while above $29K, so far from bearish longer-term
Price remains in a bull flag / upwards trend since mid March with short-term support level around $28.6K
Price previously broke through $25K strong resistance that could well turn into new support
The current sell-off isn't supported by strong volume, similar to the move to $30K initially

These are just a few factors that come to mind. While short-term (1hr/4hr) price can be seen as bearish, it remains bullish on the Daily time-frame and still reversing the bearish trend on Weekly/Monthly time-frames.

Personally I think $28K level is likely to act as strong support, due to the 3 weeks of consolidation/accumulation that occurred recently. Otherwise below this level I think a re-test of the 200 WMA around $26K, as well as $25K becomes increasingly likely. The 200 Day MA however continues to rise from $20K, now above $21K, with major consolidation/accumulation zone currently priced at around $23K.

I would say do not be worried. If you are worried just because your profits might be gone or you're not in position yet so your thinking of FOMOing in. Don't.
This case scenario only reflects that you don't have a plan trading or investing. You're investing after your emotion and that's the worst thing you could do.

Instead of worrying where price is likely to go or trade to (which is absolutely you have no control with)
Plan how you are engaging the market. Be the operator of your own trades and investment.

Plan ahead, what will you do if price get to a level then what you are going to do.

IF...Then this...

If $28K is revisited Then I will buy
If $25K is traded lower Then I will cut my losses and preserve my capital
If $35K is traded higher Then I will take partials or take full profit.

That's just an example. But I will tell you. Have a plan. So you don't have to worry.
If you have a plan, then worry will be gone. That easy. Following it is hard. That's why 90% fail and lose money.

JoyMarsha

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Is there a need for someone to be worried about the uptrend and downtrend of bitcoin price for the time being? This particular movement of bitcoin shouldn't let anyone worried because no matter how the price of Bitcoin drops it will still get back to $30k within some days. I have seen that happen on two different occasions.

If bitcoin is to fall to $25k, I still have the belief that within days, I will see bitcoin price climbing back to $30k with a short time. Such belief has made me feel relaxed and not feel worried about the bitcoin price again.

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Quote from: eaLiTy on April 20, 2023, 03:21:00 PM

Quote from: boltz on April 20, 2023, 06:58:48 AM

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let's hope BTC won't sink further and go into 25k$ range because if we do that , I think during summer we might see bitcoin under 20k again. This is just my scenario based on my personal experience during bear and bull markets.

I am also not expecting the market to go down deep as this looks like a minor correction after weeks of rally and hopefully we will not see the market going down below $25k because the reason for the rally is because of the fear in the conventional financial market and hyper inflation and if the cryptocurrency market goes down deep then it means people are loosing trust in this space as well and hopefully that is not the case.

When the market do make out some correction then the ones who would really be mainly happy is into those bear boys who do expect for the price to dip down until 10k which we know that it is really that impossible
to go that far below considering on how many times the price had been trying out to decline as low as possible but it do keeps on having some recovery. Have to worry? Only to those people who doesnt have much
experience about this market would really be having this kind of feeling.If you've been here on this market for a while then you wont really be freaking out yourself on the time we do see these kind of small percentage declines. Instead you would really be seeing this as an opportunity on making up some short trades and make money with it.

eaLiTy

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Quote from: boltz on April 20, 2023, 06:58:48 AM

~
let's hope BTC won't sink further and go into 25k$ range because if we do that , I think during summer we might see bitcoin under 20k again. This is just my scenario based on my personal experience during bear and bull markets.

I am also not expecting the market to go down deep as this looks like a minor correction after weeks of rally and hopefully we will not see the market going down below $25k because the reason for the rally is because of the fear in the conventional financial market and hyper inflation and if the cryptocurrency market goes down deep then it means people are loosing trust in this space as well and hopefully that is not the case.

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Quote from: Similificator on April 19, 2023, 07:33:41 AM

Quote from: GigaBit on April 18, 2023, 11:57:12 PM

After the price rise over $30k there was an assumption that the market would turn lower again and we saw a continuation below $29k. But there was no reason to worry. From 29K it is again in bullish trend as before. BTC is currently trading at $30,224. If we take a look at a price chart over the past seven days, BTC is down 0.01 percent and the 14-day price chart is now up 7.3 percent. Various predictors are bullish on Bitcoin and believe that it will be able to overcome the $31k price in the next few days. Currently, there is strong support zone at $28k, so even if the market corrects, there is no possibility of going down much.

Indeed. But despite my confidence about my position, I am still being wary right now. I even updated my notifications just to get alerts when prices reach near my red zones so that I can prepare counter measures. I already learnt my lesson last time. Sometimes the prices moves so fast that you can't even finish transferring funds to buy or sell whenever it starts to go up or down in price. Losing money and missing out on profit opportunity really feels like crap especially when you know you could've done something. Although there's some on the exchange, it isn't that much since I only store a small amount of usdt on exchanges.

I would guess that it would be enough to just put a stop loss a bit below 28k. Like you could literally put it at 27.9k and that would be enough, because it is obvious that if the price drops anything under 28k that means it could go down even faster, not saying it will, but going from 29k to 28k is a lot harder than going from 28k to 27k, there is a big difference between them.

I hope that it does better in the end and we could end up seeing something much bigger, and the price would be 35k and then 40k and so forth. But even if it falls, I would give it time until 28k, we can recover from there to above 30k easily. However, if it drops even further, then I would say that it is time to let it be and drop a bit more before we buy again.

karabiber

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Bitcoin threw the needle exactly where it should turn, I expect it to form a stage by filling and emptying between 28.500-29.500 for a while. However, for now it is around 28,300 and stands at the end of support. If there is a downward direction from here, the support will be broken and alarm bells will ring.

The danger is not past, but I think the severity of the correction is decreasing. If BTC is calm, it expects to go up one notch in altcoins.

Wiwo

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Quote from: dragonvslinux on April 17, 2023, 12:53:01 PM

These are just a few factors that come to mind. While short-term (1hr/4hr) price can be seen as bearish, it remains bullish on the Daily time-frame and still reversing the bearish trend on Weekly/Monthly time-frames.

Personally I think $28K level is likely to act as strong support, due to the 3 weeks of consolidation/accumulation that occurred recently. Otherwise below this level I think a re-test of the 200 WMA around $26K, as well as $25K becomes increasingly likely. The 200 Day MA however continues to rise from $20K, now above $21K, with major consolidation/accumulation zone currently priced at around $23K.

Taking a look at the current price

I can say just one thing which is a perceive further correction in the price of bitcoin, you may guess right to say that we could possibly touch 25k once again but also know that it could be that Bitcoin is building enough resistance at it current level to push further beyond 30k which is a. Possibility but not certain due to current liquidity ratio of Bitcoin.

But for those that have being waiting for the price of. Bitcoin to touch a discount level then this is the best time for them to buy since in the next couple of week wa may never see this price again.

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Quote from: Franctoshi on April 20, 2023, 01:24:26 PM

Quote from: Stedsm on April 20, 2023, 01:07:42 PM

We have always been told that retracements are good and healthy for any asset that keeps moving up with consistency. I believe that $25k is the price BTC will touch soon because there's still fear in the markets about Mt Gox releasing the coins to their customers. If the first batch of coins gets released, there'll most probably panic sell in the markets and it'll be through short term traders only. However, there's not enough bad news coming out which shows that currently, bulls are and will remain in control.

I would be very happy to see Bitcoin get to the expected pull back we've been waiting for towards $25k, it will be very risky if we continue shouting up without necessary retracemet. With the pull back we've already gotten down to $28.3k, Bitcoin is now gone oversold in the 4Hrs time frame, and forming a falling wedge pattern in the 15-30 minutes time frame. however we have most traffic at $27.5k which is low risk zone to file in orders if Bitcoin should reverse from here.

I'm honestly not bearish on BTC at all, however I believe that there are too many longs already and when there's too much confidence, the greed level is high and that's when full-forced attacks are made to drop down the price of the asset in order to liquidate the powerful side where there's enough liquidity to grab. This time, it's the bears' turn to liquidate longs before we see any new highs for this year, that's what I believe.

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Quote from: Stedsm on April 20, 2023, 01:07:42 PM

We have always been told that retracements are good and healthy for any asset that keeps moving up with consistency. I believe that $25k is the price BTC will touch soon because there's still fear in the markets about Mt Gox releasing the coins to their customers. If the first batch of coins gets released, there'll most probably panic sell in the markets and it'll be through short term traders only. However, there's not enough bad news coming out which shows that currently, bulls are and will remain in control.

I would be very happy to see Bitcoin get to the expected pull back we've been waiting for towards $25k, it will be very risky if we continue shouting up without necessary retracemet. With the pull back we've already gotten down to $28.3k, Bitcoin is now gone oversold in the 4Hrs time frame, and forming a falling wedge pattern in the 15-30 minutes time frame. however we have most traffic at $27.5k which is low risk zone to file in orders if Bitcoin should reverse from here.

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We have always been told that retracements are good and healthy for any asset that keeps moving up with consistency. I believe that $25k is the price BTC will touch soon because there's still fear in the markets about Mt Gox releasing the coins to their customers. If the first batch of coins gets released, there'll most probably panic sell in the markets and it'll be through short term traders only. However, there's not enough bad news coming out which shows that currently, bulls are and will remain in control.

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Quote from: michellee on April 20, 2023, 09:28:53 AM

But we don't expect to see the price of BTC continue to decline because that will make people lose hope again. After all, they have seen it before.

Moreover, we are now at the weekend when another correction might occur. So we have to be really alert and prepared if that happens so we can buy bitcoin at low prices again.

Why would you lose hope when bitcoin goes down, don't we always want to buy low and sell high for the best profit? If you are also using that strategy, you will be happier when bitcoin can fall even further. I'm not like you, I expect bitcoin to drop below $25k which is a good thing because buying cheap bitcoin will give me bigger profit later on. I'm aiming for ATH in 2025, so I expect the bear season to last rather than end soon.

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Quote from: boltz on April 20, 2023, 06:58:48 AM

It's perfectly normal for a correction to occur on the markets but I've been calling this one for a while now and the fact that we haven't broke the barrier of 35k$ on BTC , makes me think that it was a full trap from bears and guess what , it worked flawlessly because a lot of us believed that we are heading towards a full bull run that can start alongside summer. What is next ? well , let's hope BTC won't sink further and go into 25k$ range because if we do that , I think during summer we might see bitcoin under 20k again. This is just my scenario based on my personal experience during bear and bull markets.

So maybe the next price target is $35k because BTC is already at $30k even though it is now under $30k. For now, BTC's movements are getting wilder than in previous years so we must remain vigilant.

It is not certain that the current price will decrease again because the price of BTC could immediately increase again and we have seen this happen many times. But we don't expect to see the price of BTC continue to decline because that will make people lose hope again. After all, they have seen it before.

Moreover, we are now at the weekend when another correction might occur. So we have to be really alert and prepared if that happens so we can buy bitcoin at low prices again.

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Just what I was expecting it's not like it's going to break another resistance because it was more like a bull trap that's good for a week then get back to the real price. If it will continue to drop then probably it's trying to hit the support again then back to pumping just like how the whales making profit. If you are trader you should have gained a profit already and is just waiting for the right time to buyback but the question is could this be the real support or will it go up after this?

We don't know what would be the next price but if it's having a correction then I will just have to hodl instead then wait for what will be the next move since it's hard to predict because of those bait price.

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It's perfectly normal for a correction to occur on the markets but I've been calling this one for a while now and the fact that we haven't broke the barrier of 35k$ on BTC , makes me think that it was a full trap from bears and guess what , it worked flawlessly because a lot of us believed that we are heading towards a full bull run that can start alongside summer. What is next ? well , let's hope BTC won't sink further and go into 25k$ range because if we do that , I think during summer we might see bitcoin under 20k again. This is just my scenario based on my personal experience during bear and bull markets.

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Quote from: ilovealtcoins on April 20, 2023, 12:09:34 AM

Quote from: South Park on April 19, 2023, 05:38:14 PM

Quote from: Party24*7 on April 19, 2023, 11:42:36 AM

I would be even happier if bitcoin could correct sharply and drop below $20k again. Every time bitcoin gets dumped, I buy more, so I'm most looking forward to a correction during the bear season. I'm focusing on accumulating bitcoin and only selling when it hits $150k, so I'm happier to see bitcoin drop than to see bitcoin go up so fast.

Probably not happening again, the recovery we have being experimenting during the last two months was significantly faster than I thought, this tells me the market is stronger than anticipated as the economic signs are not necessarily the best, and smart investors decided to buy bitcoin earlier than expected due to those worries, and unfortunately for you this means that if we are to watch another drop happening at worst we could get to 25k and not one cent lower than that.

I also don't think that will happen. Bitcoin will still correct this year as we are still in the bear season, and $25k is also a support level that I believe bitcoin can touch but cannot be broken. If anyone wants to accumulate, then 20k$ is a better price but 25k$ is not too bad and still better profitable than 30k$ or 40k$.

yes, if you look at the current movement of Bitcoin, maybe it's something that won't happen, but it's all uncertain, the price of Bitcoin moves quickly so that everything is very possible to happen and everyone has different wishes and expectations for the price of Bitcoin.

in the last two days the Bitcoin price has been corrected slowly and with a small percentage and when compared to the increase that has occurred, a small correction will not cause panic because the movement is slow and only a few.
for support points maybe we here have different beliefs, but personally I still firmly believe that the price of Bitcoin will not be corrected too deeply and will recover in the near future.

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Quote from: superman184 on April 19, 2023, 03:56:11 AM

Quote from: uswa56 on April 19, 2023, 02:54:46 AM

yes, I agree with you, even if we look at the chart for a longer period of time, like this year, what happened was the same and there was no correction that was too deep, the percentage did not exceed the increase that occurred.
so I think then there is no reason to worry about how far the price correction will go.
in the last few days the Bitcoin price has been corrected after a significant increase and until now the correction has occurred very little and even today the Bitcoin price has reached a price of $ 30k again

The price correction in the last two months is not too deep for Bitcoin, but when there is a correction like today in the market, at least some people are also starting to feel afraid even though they are not going to sell their holdings right away at this time. Because price correction like now is something that worries those who haven't had the chance to sell after buying, while those who haven't bought is definitely a good moment to take advantage of.

And for Bitcoin investors who like to save for the long term, obviously the current correction thing is a very familiar spectacle for them because in the past there have been a lot of corrections that they have seen, but they have never been bothered by it.

This dump was not the doing of ordinary investors like you and me who support bitcoin. According to some rumors it was a 16,000 bitcoins dump from one individual. Speculations were it was the American government, however, the dump was in Binance. The American government dumps on Coinbase hehehe. Also, memes were being shared that CZ is presently under the custody of Interpol.

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No I do not think this is any reson to worry. We did not think the price of Bitcoin would remain the same of 30k without there being some small correction. It is only a 1k loss soh this is not something that is very concerning for me.

I think the price of Bitcoin will again soon be 30k and more. Something that will worry me is if we see the price become a correction to the price of 25k then I will have a reason to worry. But this is such a small correction and just not a concern for me.

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Quote from: ilovealtcoins on April 20, 2023, 12:09:34 AM

I also don't think that will happen. Bitcoin will still correct this year as we are still in the bear season, and $25k is also a support level that I believe bitcoin can touch but cannot be broken. If anyone wants to accumulate, then 20k$ is a better price but 25k$ is not too bad and still better profitable than 30k$ or 40k$.

It will definitely be corrected, the price of Bitcoin is quite saturated after breaking through $30k.
Several corrections occurred and are currently touching the $28k price area again.
It is possible that this correction will continue if accompanied by bad news that appears about Bitcoin.

On the 1D Time Frame, the highest Bitcoin resistance target that is still not broken is around the price of $32k and it will touch the Bullish resistance point.
But it seems that m still continues to correct and if the Uptrend Console line is successfully broken it will go to the price of $25k which is the Flip Trend line.
That will determine whether Bitcoin will be bearish or bounce back.

The $20k price area still seems to be a strong support area at the moment.

Topic: Correction from $30K: Reason to worry? - page 6. (Read 1135 times)