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.

But the price has recovered to $32,500 now. That's how quick the recovery is, some minor pullback but then again, institutions are quickly scooping it from those weak hands that are selling at $33k++. And it seems that every dip will be minor and very shallow and could bounce back just like that.

So let's see if the buying will continue and we are going to be back around $33k again and then hit $35k this week. Unlikely, but we don't know what the institutions are going to do and maybe push it again.

BTC and ETH are taking back off up

That is dumping fast, that's only a small correction.  Every time Bitcoin experience a huge pump, it will be expected that there is a correction soon and now, that has happened that there's a correction.  But yet, we are still in a healthy market, and look at the coinmarketcap, it's been resisted quickly and turn back to $31K  which is very quickly.

I don't see a reason Bitcoin will dump too much and it will not fall down beyond $20k for sure.  Probably one of the most reason whales now are playing on Bitcoin price but the fact, they won't survive.  In fact, I can now connect the dot of whales move, yesterday a lot of post on Twitter regarding Bitcoin FUD or Bitcoin haters.

The rising price of bitcoin gained traction, and briefly hit a new high of $34,799 on Sunday, after soaring over 300% in 2020. But indeed
the Seller after that lowered the price of bitcoin  to $28K which  pushed  the trend  down, but  when they  re-entered,  bitcoin  was back
under control to $31K. But we don’t  know if  there  will be a  further push to  lower levels and further  down,  this will  indeed  challenge
the commitment for those predicting a sustained upward trend.

Should we have to sell it now? Coz I also feel the huge correction to follow and might investors now are hyping altcoins these days making them the price hike. I saw that some of my altcoins are gaining price back slowly, this gonna be showing something altcoins season to follow next to Bitcoin strike.
I make myself to get prepare for the incoming and anticipate the possible full back of Bitcoin.

Yeah, periods of correction, or just bear traps to slow things down, and consolidation periods will happen. It's not like Bitcoin is going straight to $100k in the next 2-3 months. Like we had a month long consolidation under $20k, we should expect periods of relief from relentless gains.

If I had to guess I'd say last night was a quick bear trap that will now lead to consolidating in the low-$30,000s range (and ~$1000 for ETH) for perhaps a couple weeks before it starts moving up again. Such a thing is very healthy for the market and provides the market with some stability and support to keep going higher.

Nothing out of the ordinary.

You're going to see a few waves of corrections occurring, there is no doubt about that. There was no way that this sort of price action where you see gains in the high 'teens every single day was going to sustain for more than a couple of weeks.

As I've mentioned before, with the current FOMO people are levered all the way up which means that if there were any market corrections it would occur in dramatic fashion as we see right now. Overall though, the trend is still bullish. And given the once per 4-year cycle, I'm very confident that the rallies will continue after the market takes a breather - whether that's rational or not.

Just a typical pullback scenario where bitcoin can really give off those kind of corrections on certain percentages on a short span of time.For sure lots had already anticipated
that it is going to crash once again just like on what happened in year 2018 where everything goes red.To look at on the current price and basing off with technicals
it did really have some strong support in 29k which it did really happen and lucky for those who had buyback into that level since the price is already recovering now.
It is an easy profit btw for 24 hours time frame. For those who had entered on 33-34k and suddenly the price did fell off then i believe that someone did
really panic sell.

We are not to get surprised about the drop. The bear has been waiting to come before price hit to 30k but instead of the bear at 26k, the price jumped and kept jumping to 34,000. The price jump deceived many traders to hodl longer but now we don't need to shout as the expected has happened. At every bull, we need to expect some correction.

It's hard to know until hindsight. I'll be very interested to see how this daily candle closes.

When you see instant retraces back to the top, it's usually just a fast shakeout followed by upside continuation. Springing back above that $33.5K consolidation area would look that way.

Tagging the 0.618 and consolidating on the other hand.....the jury is out. 30-42% total decline still technically on the table.


20% in 24 hours is pretty damn fast. I can understand why people get emotional.

Stairs up, elevator down.

Recovery of $2,000 per coin in less than two hours. Do you guys call this as correction? 

The verdict is loud and clear. There is too much demand out there, and any extra supply is being mopped up by the bulls. Obviously one of the whales dumped a huge amount of coins, and this resulted in the prices crashing from $34,000 to $29,000. Let's not forget the fact that Bitcoin has gone up by 200% plus during the last few months. A lot of the investors may go for profit booking, and in the coming days we may witness more of these sort of wild swings in the exchange rate.

Nice healthy correction, or should I say bear trap?? So far all the dips since the price blasted off of $10k like three months ago have been bear traps. Great if you used them to get back in on a dip, terrible if you sold low because you thought it was the start of a solid correction.

What do you think, was last night a bear trap from $34k-high down to under $27k-high ($7000 / 20% drop from earlier highs) or the start of a more substantial correction? It rallied all the way back to over $32k immediately after the drop and is currently at $31k.

We might see some consolidation at current levels while the market decides which way to go. But what do you think the next move is? Up back to pushing new all time highs this month, or more substantial correction back to $20,000s this month? So far it just looks like a bear trap like we had several times during the past 3 months.

I got all the way in on the dip and don't plan on selling for profit at current levels, so I expect it to keep moving up from here this month, but wouldn't be surprised to see it range in the low $30,000s for a bit as some people take profits on fear of further drop before they are exhausted and the big institutional buys take over again.

In the meantime, based on my thinking, (NOT MUST TRUST) bitcoin will be quite stable at $ 26,500 - $ 28,500, of course bitcoin gives other altcoin the opportunity to experience significant increases. plus once Ethereum touched $ 1000, the potential for bitcoin decreased dramatically. It is now evident that the price has fallen to $ 28,000. This is what bitcoin does, the pattern is still the same as in 2017, the only difference is the price, but the bitcoin pattern will drop dramatically when Eth has touched $ 1000 more

Yes everyone observed the huge drop and I think is might be a temporary correction phase which will act as a slingshot for new investors because they can utilise this moment to buy Bitcoin because Bitcoin has pooled in lot of institutional investment from different sectors and I don't think any bear run is in the pipeline as of now, this looks like a similar correct phase which we witnessed before Bitcoin hit $20k.

Just because bitcoin drops a bit, do not be worried that it is going to crash to unstoppable levels. Just like how we moved from 29k levels to 34k levels without a stop, we could very well drop there as well, because there isn't much strong resistance or support levels there, which allows us to move a lot higher and quicker and same with lower levels as well.

I believe that we are going to be fine, we are still not dropping, and we recovered to 30k levels right after we went low, so it means that we are not doing that bad at all. At the end of the day bitcoin is a volatile market and it could be up and down a lot very quickly, if you act too quickly you are going to miss out on opportunity to make more money, or even worse you could end up losing money as well. There is no bear call right now, so I believe we are not going to be crashing to 25k or under levels any time soon.

10% to 15% drops are corrections not "dumping fast". you are making a common mistake of looking at the big numbers and feeling panicky which is probably why there was a panic sell today.
otherwise $4000 looks big but it really is 11% not to mention that price is already back up again due to sheer amount of panic sell and panic buy that are fighting against each other these days.

another example of big numbers but small percentages is Berkshire Hathaway (the Buffet stock since these days it is being talked about a lot) it dropped $5275 today but that was only 1%

Everyone who missed out investing in the rally will be happy to see that the market is going down as they were deppressed to the core that they were not able to invest to ride the rally . The price is around $31k and i am not sure in which exchange it went down to $28k. When the price was rallying you need to expect there will be a correction and hopefully it will not be a big one.

The dip is just a healthy corrections and I believe that's something we all can agree on. For weeks now the trends has just been upward and it was due for something like this to occur. Personally I thought it would had happened earlier but it didn't. The corrections gave opportunity to some altcoins to record some profit and ethereum been one of the notable beneficiary. Guess that's another positive outcome we can take from the corrections.

The altcoins mooning means the market is still bullish but just may be the energy is shifting to altcoins now. How bitcoin reacted showed some strong support for the bull. Meaning there's no cost for alarm at the moment. Short term I'm bearish on bitcoin, it needs a re-trace and this will begin from this correction that just happened. Probably we won't be seeing another new all time high until early February.

Comes back up again quickly too. If this is over, the altcoins could have been the first to plunged down close to zero but they weren't. I guess the bulls are still up to break resistance in a week. Listening to some speculators, they were saying that because of BTC domination being so high that the holders are shifting to altcoins. This is why ETH is also more than $1000.

Corrections are very healthy as it just builds new bases to work up from. We are better to have smaller and more often correction that less often and big ones. Holding my coins steady here.

This is just a small pullback, and as you can see it didn’t take long. While it may seem drastic to some, given the price we have now - even a few thousand dollars up or down in 24 hours should come as no surprise. The reasons for this short-term decline, according to some, may be that someone decided to take a profit and dump a significant amount of BTC on the market - but given that the prices of some altcoins jumped sharply at the time of BTC decline, we can conclude that part of the capital went to their side.

A brief correction to $27,7k then rebound to $32k again as fast as it fell. The market still on the bull run, even the correction seems bullish. Whoever started the sell-off has failed to influence the market to panic sell. $30k as the support level appears to hold pretty well, and the next attempt to break the resistance will begin shortly.

$31k already and going up. I think this correction was a last chance to jump in into the rocket.
Or it was a move from whales to kickout holders by panic sale. And I must say that they have succeeded in it, according to volume, quite many bitcoins were sold during that drop.

I would say that BTC is giving us the opportunity again might be whales played a placard today, Many thought BTC is doing the same like it did in the past pump. Panic sell was quite extreme as BTC went down nearly $5k and again it is back to normal momentum, we can't feel disappointed for that because that's how the crypto market is all about. So let's not be too much greedy as well as not to sell in panic let's watch each and every market movement and plan based on that.

Let's see if bitcoin can recover from this, as of this writing, bitcoin is back at $30k, but I'm not convince yet that it will start rising again. Speculation is the best game to play at the moment, sometimes we are bias because we are investing, some are bullish and some are bearish especially those people who are hoping to buy a cheaper price.

I also paid attention to the movement of the Bitcoin market and was not so surprised by the large correction that had been predicted.  Bitcoin price volatility has been taken into account, in the next few days maybe we will see market corrections occur continuously.  for me personally, the market correction is the best moment to buy more and more Bitcoin..

Bitcoin dumping so fast, it's very red now.

From $33k today, bitcoin has dump to $28k..

What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.