Major dump started like 5 minutes ago

Oasisman

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Quote from: exstasie on May 12, 2020, 03:24:34 PM

Quote from: bitgolden on May 12, 2020, 02:28:01 PM

This wasn't really a "major" dump in bitcoin world, it was a 10% drop

BTC is also known to make 35-40% corrections, even during strong bull markets. Don't assume it can't happen again now. I am not yet convinced we have seen $6K for the last time.

It would. Just like what many people were following the trend of welcoming a bullrun after the halving event, I guess the correction is just lurking around and may happen anytime soon. I'm not even sure whether a correction is a good indicator for the next bull season.
Though that 15% drop didn't really scare a lot of investors because It quickly bounces back after a few hours, but a correction is also a good opportunity to buy before the price hits a new heights.

exstasie

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Quote from: bitgolden on May 12, 2020, 02:28:01 PM

This wasn't really a "major" dump in bitcoin world, it was a 10% drop

The 30-minute dump on the 10th was actually a 15% drop, and the total decline from the recent highs was around 20%. In my book, that's nothing to sneeze at!

BTC is also known to make 35-40% corrections, even during strong bull markets. Don't assume it can't happen again now. I am not yet convinced we have seen $6K for the last time.

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This wasn't really a "major" dump in bitcoin world, it was a 10% drop and I agree that if you saw the stock prices of apple or microsoft or facebook etc to go down 10% in one day you would probably be like "whats going on!" but we are in the bitcoin world, in the past 5 months, we literally moved from 7k to 10k to 4k to 10k and back to 9k now, that is really nothing really too shocking if you ask me, I think we should be used to it by now.

Just check year these times, we moved from around 3k to 13k to 7k in few months as well. That is literally insane and probably never happened in stock world so you might be shocked to see it if you are new here, however get used to it in the bitcoin world. I really like this volatility, it creates a lot of chances to make money.

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Quote from: Kelvinid on May 12, 2020, 03:05:57 AM

It is something to think about market manipulation. The sudden dump is usually not what we think about during the event and I believe many were get disappointed with what they saw. We also remember that such a trick is already a part of the crypto development and that is the reason why crypto becomes at high risk but on the other side, many were also happy for the situation so they can take the opportunity to buy more Bitcoins/Altcoins.

Although they are disappointed, they will be happy in the end if they see bitcoin price start to rise again. I think we can accept about market manipulation because that is what happens so far. But we can get the way to enter the market when the price is at a lower price so we can buy it right away and hold it for a while. The market dumps will be the best opportunity for us to buy more bitcoin/altcoins.

Kelvinid

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It is something to think about market manipulation. The sudden dump is usually not what we think about during the event and I believe many were get disappointed with what they saw. We also remember that such a trick is already a part of the crypto development and that is the reason why crypto becomes at high risk but on the other side, many were also happy for the situation so they can take the opportunity to buy more Bitcoins/Altcoins.

CryptopreneurBrainboss

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Quote from: TheGreatPython on May 11, 2020, 11:35:13 AM

I hate it when altcoins are affected even more than bitcoin, why would altcoins be affected this much when bitcoin is already recovering. I mean look at bitcoin right now, it is already around 9k once again, if the bitcoin price is going that much why would altcoins not recover as well? They should recover in all sense and purposes.

The reality is that, bitcoin detect the market and others follow, the moment we begin to understand that, our investment decision will be well calculated and there won't be a need for complains when the market react in the manner it just side. Many investors still haven't accepted this fact. The altcoins market has a lot to do with hype and marketing technique that's why only project that has that in them do well (but obviously for a short period of time, that's why they record profits occasionally). The news of recent has been all about bitcoin, therefore you don't expect the altcoins (on a general note) to benefit that much).

Even though your alts gained value hardly before that gain will be in satoshi instead it'll be in the USD value. So what's the point of buying the alts, wouldn't it had been better your held your bitcoin instead?. It isn't a clever decision to get alts during the halving period of bitcoin just as the market has exposed. Be cautious next time.

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Quote from: joinfree on May 11, 2020, 10:09:49 AM

This recent dump was just the last attempt to bring bitcoin down a bit just before the last bull run of bitcoin before this halving. If you look currently at the price of bitcoin you will realize that it has started pumping again. My prediction is similar to other TAs own which is around $10.2K.

It did a pump and I've seen it went a bit higher to nearly $9000 but it didn't break. And after observing it, there's a correction again that made the price pullback to $8500 and that's still healthy, to be honest.

Just a small reminder everyone.

There are one and a half hours left for the few blocks remaining before the halving.

TheGreatPython

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I hate it when altcoins are affected even more than bitcoin, why would altcoins be affected this much when bitcoin is already recovering. I mean look at bitcoin right now, it is already around 9k once again, if the bitcoin price is going that much why would altcoins not recover as well? They should recover in all sense and purposes.

In any case I would like to say that altcoins have a bigger upside right now, and that is what matters when you make a long term investment. Bitcoin could go x2, probably go x3 at the very best case and even that is a big stretch. However ethereum could literally go x5 right now and wouldn't be hard, and there are some coins that could go x10+ right now. I am not saying they will, but there is that potential that is not around for bitcoin.

joinfree

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This recent dump was just the last attempt to bring bitcoin down a bit just before the last bull run of bitcoin before this halving. If you look currently at the price of bitcoin you will realize that it has started pumping again. My prediction is similar to other TAs own which is around $10.2K.

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Quote from: Taskford on May 11, 2020, 05:36:29 AM

Quote from: carter34 on May 11, 2020, 05:18:20 AM

Quote from: Smitty Werben Man Jensen on May 10, 2020, 10:27:48 AM

Bitcoin is down and altcoin is hit by REKT, it's really sad, I already bought altcoin when Bitcoin went up but unfortunately altcoin doesn't have a good reaction, and finally Altcoin is all down, will there be any more hope?

There is hope. It is normal to buy altcoins when bitcoin rises and to me you have not taken a bad marketing decision because we know this that bitcoin price influence altcoin price too but the difference to your decision of buying is you didn't research on why bitcoin is going up because if it has no cause of going up, there are big chances it could drop maybe it is just a pump from panic from orders placed in exchanges. But now that halving is here, buying can be profitable. Wish you good luck on whatever decision you take.

Didn't think about that but possibly it is due to the peoples emotion since they though a huge rise will come when halving is close to come but actually this year is different since there is one major thing affect the economy and for sure bitcoins as well got affected on in and I will not think about buying some alts these days since for now I don't trust any of them since I didn't see any solid movements for a while.

I guess we have this thought that the price will decrease post-halving, but as we can see this time it is very different as we have experienced some dump already prior to the halving. So there is a lot of scenario that got invalidated again, but as I have said in my previous post, $7700 will be a good support for now. And if that price is reaches and the support holds, then I'm expecting some bounce back to 5 digits again.

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Quote from: carter34 on May 11, 2020, 05:18:20 AM

Quote from: Smitty Werben Man Jensen on May 10, 2020, 10:27:48 AM

Bitcoin is down and altcoin is hit by REKT, it's really sad, I already bought altcoin when Bitcoin went up but unfortunately altcoin doesn't have a good reaction, and finally Altcoin is all down, will there be any more hope?

There is hope. It is normal to buy altcoins when bitcoin rises and to me you have not taken a bad marketing decision because we know this that bitcoin price influence altcoin price too but the difference to your decision of buying is you didn't research on why bitcoin is going up because if it has no cause of going up, there are big chances it could drop maybe it is just a pump from panic from orders placed in exchanges. But now that halving is here, buying can be profitable. Wish you good luck on whatever decision you take.

Didn't think about that but possibly it is due to the peoples emotion since they though a huge rise will come when halving is close to come but actually this year is different since there is one major thing affect the economy and for sure bitcoins as well got affected on in and I will not think about buying some alts these days since for now I don't trust any of them since I didn't see any solid movements for a while.

STT

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I noticed OBV indicator has us moving down to 7500 on volume, I dont know I expect that must happen but generally there was enough sell volume to consider the price in recovery and requiring more work short to medium term. My target would be 50 day average which is below 200 ma and into the 7000's. If we can get past 9000 near term thats the start of some positivity short term and that can build but for the moment its reasonable to skeptical I think.
Recent lows are 200 DMA

carter34

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Quote from: Smitty Werben Man Jensen on May 10, 2020, 10:27:48 AM

Bitcoin is down and altcoin is hit by REKT, it's really sad, I already bought altcoin when Bitcoin went up but unfortunately altcoin doesn't have a good reaction, and finally Altcoin is all down, will there be any more hope?

There is hope. It is normal to buy altcoins when bitcoin rises and to me you have not taken a bad marketing decision because we know this that bitcoin price influence altcoin price too but the difference to your decision of buying is you didn't research on why bitcoin is going up because if it has no cause of going up, there are big chances it could drop maybe it is just a pump from panic from orders placed in exchanges. But now that halving is here, buying can be profitable. Wish you good luck on whatever decision you take.

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Quote from: Smitty Werben Man Jensen on May 10, 2020, 10:27:48 AM

Bitcoin is down and altcoin is hit by REKT, it's really sad, I already bought altcoin when Bitcoin went up but unfortunately altcoin doesn't have a good reaction, and finally Altcoin is all down, will there be any more hope?

I thought it was going to be the time for Ethereum to break a resistance once again.
Sadly, it also went down after the bitcoin dump.

My portfolio of ERC20 tokens are also doing good at that time but now I haven't sold anything.
Now back to being patient and waiting for another pump to come.

jhonjhon

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A little bit surprise for me coz I'd never think it drops like that as the halving on its final moment. I thought we are going to surpass $10k but that seems we are getting back to $7k and I say that people are right saying it was a trap. And I was thinking that also.
Anyway, I like the drama now, have nothing to wait longer as the market drops, it is also our chance to buy more cryptos.

Febo

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Quote from: ScamViruS on May 10, 2020, 02:45:44 PM

Quote from: thecodebear on May 09, 2020, 07:24:44 PM

BTC down to low 8000s right now

I was waiting for such a dump this was a pre-halving pump. Everyone thought it would be such a dump, but everyone thought it would be after halving. So everyone was preparing and buying for it. And using this hype, the whales played the game. Those who traded in the spot market they did not suffer much loss due to this dump and they would recover in the near future. But those involved in margin trades and futures trades have suffered huge losses this dump has been done to liquidate their position.

However those like me who are interested in long-term hold. They do not run after such short term hype. So increase your holding, accumulate more bitcoins in each dip and prepare yourself for the next bull run.

Originally should be before halving but because of covid-19 recession all got postponed and we expected bear trap will happen after halving at higher price then $10000. No we will most likely stay where we are or lower for few weeks. Then who knows maybe recession will strike big or somehow we will have a V shape recovery and Bitcoin price will recover as it was originally planed.

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Quote from: thecodebear on May 09, 2020, 07:24:44 PM

BTC down to low 8000s right now

I was waiting for such a dump this was a pre-halving pump. Everyone thought it would be such a dump, but everyone thought it would be after halving. So everyone was preparing and buying for it. And using this hype, the whales played the game. Those who traded in the spot market they did not suffer much loss due to this dump and they would recover in the near future. But those involved in margin trades and futures trades have suffered huge losses this dump has been done to liquidate their position.

However those like me who are interested in long-term hold. They do not run after such short term hype. So increase your holding, accumulate more bitcoins in each dip and prepare yourself for the next bull run.

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I dont count that 1000-1500$ as a major dump. Probably just a return to where we were few weeks ago. Or just some whales decided to fix their profit.

If you’ve entered the market few weeks ago, then you probably should hold and wait when the price will return.
Imagine what people feel who bought bitcoin this March? They are smiling wide reading this topic

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Quote from: judaspriest on May 10, 2020, 01:49:32 PM

Quote from: Findingnemo on May 10, 2020, 11:08:59 AM

Quote from: Smitty Werben Man Jensen on May 10, 2020, 10:27:48 AM

Bitcoin is down and altcoin is hit by REKT, it's really sad, I already bought altcoin when Bitcoin went up but unfortunately altcoin doesn't have a good reaction, and finally Altcoin is all down, will there be any more hope?

The price fall on altcoins are also just similar to the bitcoin dumped value's so I don't think we should feel too low now, we also need to consider how much the prices were a month ago so still its a great recovery from the pandemic and good bull run when halving event is going to happen.

for Bitcoin is still reasonable, but for Altcoin it's already REKT, why? because you can see when the price of Bitcoin fly to $ 10000,
but Altcoin there is no increase and tends to be stable, different when we were in 2017, Altcoin gave a positive trend too

Don't see the price value, just look at the price growth percentage of altcoins, most of them even ahead of bitcoin in the recent price surge but some coins didn't get enough price growth such coin like XRP and there are some analysis says this is the last chance for the bag holders of some coins to exit the market.

STT

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Quote

because of the bots and stop losses of the panicky traders who place them in a way to "panic sell" automatically when there is a drop starting.

Consensus drops the markets, everybody wants to imagine whales that dictate markets and secret smokey back rooms full of people who arrange the price. Every whale has to live in the ocean, with tides and waves and natural effects that swamp even the largest of players. Bigger then every group of BTC traders is market consensus, what could focus us right now is easily this 10k figure.
Personally I dont rate 10k as a big deal but certainly its a round number, a switch from 4 to 5 numbers and in perception it appears as enough of a bump in peoples brains to have a wide range of people setting their orders and stop loss sells to around 10k. Perhaps some clever soul realised they could trigger a waterfall by pushing on these collected sell orders at just below 10k, I dont know exactly but it doesnt really matter as it was the people in their anticipation not the few who moved the price in all likelihood.

I'd call out the weekend setting for this move as significant and I think we need to repeat what was done on the weekend, also we see working week traders and volume work through these prices and decide direction. This isnt that big of a deal just yet, likely I still expect we are pinned near here for the halvening event.

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