I think the reason for the sudden drop is not the China exchange crackdown but it just margin and over leveraged traders getting liquidated into a thin order book of bids.
Everybody saw Bitcoin almost touch $20K then when it broke $10K again it got people's attention again. So people loaded up at $10-12K and most likely when it hit $6700 or so their position almost lost half its value. But this is if they didn't use leveraged. The people who used leveraged at like $12K most likely added more at $10K and then at $8K and then at around $6500-7000 their position was either liquidated or they just closed it to end the pain.
This is common in stock market trading also, even stocks like Facebook or Apple have these large drops, people are way over leveraged and just sell to end their pain and shortly after it usually reverses.
Topic: It's a BUY flag - page 2. (Read 570 times)
Seems bitcoin price has rebound or is it? I thought it will drop to $6000, we're more than happy to buy at discount time.
The current drop doesn't make sense considering what is coming next month and next year, but it's eventually a really good opportunity to buy bitcoin at a cheaper rate, so let it be.
The current drop doesn't make sense considering what is coming next month and next year, but it's eventually a really good opportunity to buy bitcoin at a cheaper rate, so let it be.
The devil's advocate argument is the 2020 halving is already priced in. Some people believe that's what the rally to $13,800 was all about.
Personally, I'm seeing some early signs of bullish accumulation though. This cluster of hourly volume candles in the $6,700-$7,300 range makes it look like someone is accumulating big time:
I've been saying for a while the $6,300 area is a real sweet spot, a confluence of supports. We have the OTE 70.5% Fibonacci level, the apex of the 2018 triangle, a super low volume notch/gap to be filled from the May rally. It would be suiting for the market to front run that level and not allow traders to buy it.
Either way, I agree with David that we're near the bottom.
There is no ONLY reason to the price actions of Bitcoin, manipulation is possible, spreading fud and tanking the value further to create opportunities to short the currency.
True, but I haven't seen much fud around lately except *after* bitcoin already dropped, which is to be expected. Don't have a clue myself as to what's happening in the market, but as usual I'm caught short of funds to buy bitcoin with. If I had it, I would be buying at $7000 easily. Bitcoin is a screaming bargain at that price in my opinion, and it was even lower than that in the past 12 hours.
Seems bitcoin price has rebound or is it? I thought it will drop to $6000, we're more than happy to buy at discount time.
Yes it did, tho not by much. When I was watching the price last night it was heading toward $6500 and I seriously thought it might be lower than that when I woke up but it wasn't. Only time will tell whether it'll stay above $7k, but part of me wants it to stay this low until I can come up with some investment capital. I would be happy if it went up, tho.
Precisely what I'm arguing for as well.
The fundamentals has not changed a bit. The only thing that has changed are people's volatile emotions, which is obviously irrational given the fact that any recent news regarding China was completely expected in the first place.
Plus, there are signs that $7k support may hold after all, which calls for DCA as a buying strategy right now. As I've said countless times, halving is just around the corner which is what some people are neglecting right now as well, which will be a major bullish factor.
The fundamentals has not changed a bit. The only thing that has changed are people's volatile emotions, which is obviously irrational given the fact that any recent news regarding China was completely expected in the first place.
Plus, there are signs that $7k support may hold after all, which calls for DCA as a buying strategy right now. As I've said countless times, halving is just around the corner which is what some people are neglecting right now as well, which will be a major bullish factor.
Has Bitcoin change? Did it fork, was it hacked, is it any less useful as a medium of exchange?
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
@SapphireSpire you have summed it up very well because one should always buy bitcoins on the dips, and those who brought today at $6700 levels are already in profits as bitcoins is now trading at $7200 on preev. Also I’m not sure if you’ll noticed or not but many people decided not to sell their coins during this dump, it seems the community has finally understood the need to hodl and hopefully they’ll act smart and buy bitcoins on the dips too.
whenever bitcoin price is dropping, everyone says it is manipulation but at the same time they don't believe it themselves which is why they panic sell instead of happily buying at that discount they are getting out of pure luck.
there probably are people who see past the manipulation, like OP maybe, but when we look at the market we can see that panic sellers at this point are dominating in numbers and they don't want to see past the manipulation until it is too late and price has recovered.
there probably are people who see past the manipulation, like OP maybe, but when we look at the market we can see that panic sellers at this point are dominating in numbers and they don't want to see past the manipulation until it is too late and price has recovered.
Seems bitcoin price has rebound or is it? I thought it will drop to $6000, we're more than happy to buy at discount time.
The current drop doesn't make sense considering what is coming next month and next year, but it's eventually a really good opportunity to buy bitcoin at a cheaper rate, so let it be. Don't miss the chance, yes it's the time to place your bet.
The current drop doesn't make sense considering what is coming next month and next year, but it's eventually a really good opportunity to buy bitcoin at a cheaper rate, so let it be. Don't miss the chance, yes it's the time to place your bet.
Has Bitcoin change? Did it fork, was it hacked, is it any less useful as a medium of exchange?
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
@SapphireSpire you have summed it up very well because one should always buy bitcoins on the dips, and those who brought today at $6700 levels are already in profits as bitcoins is now trading at $7200 on preev. Also I’m not sure if you’ll noticed or not but many people decided not to sell their coins during this dump, it seems the community has finally understood the need to hodl and hopefully they’ll act smart and buy bitcoins on the dips too.
Well, seems like the market has agreed to the BUY flag. Earlier ago, BTC was sitting around 6.5k and after a few hours at the moment, standing at 7.2k. Just from this we could already see that a lot of people were waiting for the possible bottom line of BTC before starting to buy again, and the result was that it stood at 6.5k before making the people buy once more. The people who bought at 6.5k were quite gutsy and was the one who supported the push for BTC to 7.2k, which is right now.
And I think those who bought under $7k are wise.
While every negative news that's relative to bitcoin and cryptocurrencies becomes the 'main' reason why the market plummets. -this is the most believed reason and what we're looking for when the market is down.
While every negative news that's relative to bitcoin and cryptocurrencies becomes the 'main' reason why the market plummets. -this is the most believed reason and what we're looking for when the market is down.
of course this a buy flag is certain we have seen a correction far enough ,I think also the price will return to 10,000 this week and will continue to rise before the big celebration for the end of the year well finally there is a sign that is expected during my vacation
And that's almost the 200MA buy flag too, which, as people insist to point out, will always result in a strong bounce... even if it actually hasn't happened today yet despite people saying it has (it went from about 6600 7 hours ago to 7200 now).
So people will probably still take profit around these levels or close to 8k before another dip or two to test that 200MA. And then the bounce will be big, methinks.
So people will probably still take profit around these levels or close to 8k before another dip or two to test that 200MA. And then the bounce will be big, methinks.
Considering money is not technically "out" of crypto market. Look at the altcoin markets right now, there are tons of them moving like crazy and there are ton of green ones as well. The money in the crypto market didn't leave, it just changed places because people are sick and tired of playing on bitcoin world and there are tons of whales and manipulators in the bitcoin world.
So, they moved to altcoins because there are less people that could manipulate it, there are hundreds of coins of value and rich people can't divide their attentions to altcoins, not all of them at least. We have been waiting for an altcoin attack eventually, maybe this is it?
In the end whatever happens I am sure bitcoin will recover and that money which went to altcoins will go back to altcoins in order to get profits realized and that is when price will go up.
So, they moved to altcoins because there are less people that could manipulate it, there are hundreds of coins of value and rich people can't divide their attentions to altcoins, not all of them at least. We have been waiting for an altcoin attack eventually, maybe this is it?
In the end whatever happens I am sure bitcoin will recover and that money which went to altcoins will go back to altcoins in order to get profits realized and that is when price will go up.
Has Bitcoin change? Did it fork, was it hacked, is it any less useful as a medium of exchange?
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
Buy, i agree. For who already bought, maybe just be patient. Bitcoin have bigger possibility to back increased again than we speculate in altcoin with this condition. Or maybe force ourselves to do trading. Maybe more lose that we can possibly get. The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
Has Bitcoin change? Did it fork, was it hacked, is it any less useful as a medium of exchange?
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
It is indeed a huge buy Flag and I think this is going to be the last floor price that we are going to experience before the much awaited halving, there is nothing here to cause big panic, because there is no big issues happening why the price is dropping, we share the same thinking that a big whale or group of whales decided to become generous and start selling their shares as an early Christmas gift to those who wants to buy low, and now this is your chance. The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable. Exchange prices can be
easily manipulated (fiat banks) and are highly sensitive to the unpredictable decisions of big
traders who are acting on emotion. Whenever this happens, it's a huge BUY flag.
I just couldn't resist the temptation of adding more spot to my position below $7000 and that's what I did. I still don't think that we're out of the woods yet, but man, buying Bitcoin at current levels is better than any black friday deal out there. Why buy garbage you don't need anyway while you can buy Bitcoin today. 
With the block halving approaching its a no-brainer to start accumulating. Don't go all in but make sure you buy with smaller fractions (10-20% of your balance) per time. If the price drops further lower, you at least have enough fiat ready to keep adding to your position and lower your average entry point.
With the block halving approaching its a no-brainer to start accumulating. Don't go all in but make sure you buy with smaller fractions (10-20% of your balance) per time. If the price drops further lower, you at least have enough fiat ready to keep adding to your position and lower your average entry point.
Google searches for bitcoin have started to spike:
https://cointelegraph.com/news/google-searches-for-bitcoin-spike-after-btc-price-hits-6-month-lows
Probably because the mainstream media is reporting that bitcoin is at a six month low and people are wondering if this is their chance to get in.
In the past, a spike in google searches for bitcoin was usually followed by a price rise.
https://cointelegraph.com/news/google-searches-for-bitcoin-spike-after-btc-price-hits-6-month-lows
Probably because the mainstream media is reporting that bitcoin is at a six month low and people are wondering if this is their chance to get in.
In the past, a spike in google searches for bitcoin was usually followed by a price rise.
It's positive that it would undergo a reversal. People generating FUD will never be gone and they will always exist, to either bring the prices further down or just hates the idea behind Bitcoin from the beginning. Nevertheless, price dumps like these are normal part of the market and it is indeed a great time to buy, if you speculate no future dumps by manipulators.
The ONLY reason the price is down is because somebody somewhere out there decided to
dump it at this price, not because Bitcoin is suddenly less valuable.
dump it at this price, not because Bitcoin is suddenly less valuable.
If you really believe that I have some btc to sell you at 9.5k, deal?
Stop with this madness of claiming everything like it's good for bitcoin!
The price goes down because there is more sold than it is bought, the free market which all of you were applauding till today is doing what is design to do, you like it or not!
So all of you, stop with all those threads about not panicking not alpha not beta, buy gamma!
You really sound like a scared pack of raccoons trying to find a hole to hide their asses while claiming they are Rocket R.!
20 topics on the front page about not panicking hodl, buy in less than a half a day!
Buying bitcoin at this moment its higly risky as it is so volatile at this moment and no one knows if this is the rock bottom or if it might go deep than this, to be safe buy bitcoin when price starts pumping again at that point you are sure that the dump and correction is over. The present price of bitcoin is mainly as a result of the FUD from China of China closing down its local exchange and for now it seems as though the FUD is over so anytime from now BTC might jump
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