Topic: Correction has started? (Read 492 times)

We just hit a double top at approx. $34.4k

Stocks are going to take a dive tomorrow due to the US Senate outcome and presidential elector stuff happening.  Lots of uncertainty.  Great cover for a shaking out of weak hands.  I predict it will dip below $30k again, and then rise a bit, but the bear has awoken.

Theres no movement in dollar for me to think especially negative movement for BTC, its weak and easy money.   People will likely move on from speculating on BTC, I dont think its continually easy gains but theres no real hint of being negative for now just slowing down.




Its holding this weekly average, basic simple movement

the correction is over and now Bitcoin shows a good increase again, yes break $ 34k again,
this is good because this week Bitcoin is really bullish, it looks like yesterday only your bear trap is true mate hehe,
people panic selling it, it's a shame.

The bear trap has snapped completely shut... back up over $34k and close to another ATH.

What we saw was a great opportunity (maybe the last?) to buy under $30k.

Pity anyone foolish enough to sell.

You shouldn't be worried about a 2018 type bear market any time soon buddy. Bitcoin doesn't go up by 50% from the old peak and then have a long bear market. It goes up by hundreds of percent (minimum) before any long term drop is possible. At $30k this bull run is in its early stages. This should easily go over $100k this year. Worrying about a bear market now would be like worrying about a bear market in May 2017 at $2000, and then the price 10x'd after that.

People get wayyyy too worried. Every small drop isn't a year long crash haha. It literally dropped and sprung right back up in a single night. Come on now. That wasn't even a correction it was just a one-night bear trap. No reason to freak out over every little movement in the market. There is massive upside coming this year.

It's long awaited as a correction that would give chance to those intending buyers that were left behind after it moved from the $28k. Sincerely i was very lucky to have seen this major correction that i believe to be the only dip correction that will usher bitcoin price towards $50k soon. This moments is always awesome becasue it's always my pleasure seeing myself updating my stashes....in bitcoin.

Indeed. I think having a correction now is much better because this will give an opportunity for newcomers or folks to procure more Bitcoins, by that way we will have more uprise coming. Besides, gladly the correction only made a subtle decrease so there's no reason for late holders to worry about it. Anyway, it seems Bitcoin is now getting back it again leaving a $31k mark at this point.

What I see is a healthy correction after too steep a rise (about $5k in a day), the establishment of new support at the old level of resistance ($30k) and consolidation in the low $3xxxx range.

The only real question is how long this consolidation lasts before continuing the bull run.

Yeah I would not at all be surprised to see ranging for part of this month in the low $30,000s before buy pressure is just too much and it starts exploding upwards again. I think there will be a good amount of people selling this month who are just going to have to buy back in higher next month, but for the time being that may keep it ranging for a little while. But thats healthy and good for the market. You don't want it to go up so fast that it gets into bubble territory.

Its pulling back to within a more reasonable range and that can continue for a while, it roughly could equate to sideways more then an outright bearish progression.   Its possible speculators sell into this and so it develops further down shorter term before recovering sideways again.



Last low is higher then yesterdays low but it touches a similar place which is the seven day average and similarly marks the 2 day as the high.

This really isn't a worry at all. I'm not sure how you are reading the market like this, but your reading of things doesn't really make sense.

This bull run is just getting started. No risk of it suddenly ending. Institutional investors are not getting tired of buying, they are clamoring to get into Bitcoin.

Microstrategy CEO has already said BTC is his company's reserve now, as in, he is not ever selling - the only sell event would be to spend the money - it is simply how they hold their money now instead of in cash. Also they averaged $16,000-something per BTC, not $21k, and bought about $1.12B worth of coins, just to correct you there.

As far as the UK buying ban...I hadn't heard about it. But I just looked it up and it's got nothing to do with buying cryptos. It's a buying ban on crypto derivatives for retail investors. So anyone can still buy Bitcoin (or any crypto), but only rich people can buy stuff like futures contracts and ETNs and options and all that stuff that doesn't actually involve buying Bitcoin haha. So this is a non-event.

The near future for the price of BTC is HEAVILY weighted toward the upside. We might get ranging or even more correction this month, but in February $30,000 will likely seem very cheap. Basically, this is the last chance to get ~$30k Bitcoin before it goes higher. The institutional buying supply shock on the market continues and the price can only be held down at $30k for so long before it bursts upwards again. By end of January we will very likely leave this level forever. Also Grayscale should start buying again late January i believe, so that's a few hundred million dollars in weekly Bitcoin buys that will be hitting the market again, at which point any possible correction or consolidation will quickly be overcome.

That drop last night looks like it was just one more in a series of bear traps that have been happening every few thousand dollars since the mid-teens in November. Market looks very bullish right now, after it gets some healthy consolidation at $30k out of the way to build up support for the next rise upwards.

Source on that price? I thought it was more like $10K.

And yeah, I don't like the way it looks right now. Running out of steam and unlike the past few days people actually have a reason to sell.

If $30k doesn't hold, this run is over.  That's not to say there won't be bounces.  

But I've been watching transactions and seeing a lot of money moving from cold wallets to exchanges over the past few days.  There's also been articles about this.  People taking profits.  

I predict we'll settle in the mid-$20k range, then up again, then down again.  There's also regulations coming in the next few weeks.  UK buying ban in effect tomorrow, etc.

And the problem with institutional investors is - while buying is wonderful, selling is not.  MicroStrategy bought their $1.6B worth of coins at an average of $21k/bitcoin.  If the price drops below that, I'd imagine their investors would be clamoring for answers, and may force a large sale to cut losses.  That sort of event could be what sets of a bear market for sure.

I think that was just the latest bear trap. We had them at $15.9k, a couple at $19k, one or two at $24k, one at $28k, now one at $34k. I see ranging in the low $30,000s now for a bit before pushing up to or past $40k. Probably another bear trap around $40k-$45k in February.

It's because $30k is now the support level, so unless it if broken down then we might see a $25k. But so far with institutional companies buying back bitcoin and getting them like hot pancakes, we might not see a dramatic flash crash yet. Definitely $35k should be the next target eventhough we have seen some corrections today. We are still in the bullish phase so we are going to see a lot of attempts to break $35k and then $40k this month alone.

Maybe, but I really doubt its gonna go down below $25K it's now backing up once again to $30K point and that correction should be expected when we hits $34K so fast.
I believe in my opinion right now is the time to cash out tho for those who are bag holding since ancient times but thats just my 2 cents considering that much more mass adoption gonna comes up maybe it can still go beyond.

Do you look out the window, see a single could on the horizon and declare it's going to rain in five minute? Just because the price fluctuates  up or down doesn't mean it's the end of the world.

If the price fell by 25% to 50% ( or more ) then you might be persuaded to say it's a "correction". Time and again the price goes down 10% then bounces back. No big deal.

That's a rapid dumped. It bounce back to $31k as of now. And I believe they liquidated the high percentage of long positions. Definitely a huge pullback from $33k down to $28k. If $30k above will be maintain then another bullish trend will gonna br expected to happen soon again.

Well, probably many sell of their bitcoin yesterday causing the quick dump but the comeback is also rapid causing to go back at $31k today.

Institutions are purchasing coins at every available opportunity and this means that the current bull rally may continue for a few more months, or at least until the exchange rates reach $50,000 per coin. When the news first came out of the PayPal adoption, the exchange rates were around $12,000 per coin. Those who invested back then have already got close to 200% returns. I don't expect the institutions to liquidate their holdings anytime soon. They are in this for the long term.

Then I'll Edit the Topic " "Correction Has Ended"   


after Seeing the Red Run last night , Now i believe it's finally over because Bitcoin is now Stable at 32,000 and ethereum at 1,000.


i Greatly appreciated the correction last night as i have re enter the Bitcoin Holding after selling at 34,000 recently .


now I'm ready for another Risk but thrilling 2021 run.