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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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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What can we expect after the dangerous spike, expect a hard dip at anytime without a warning. Most likely a common scenario in crypto market, but this type of scenario always opens opportunity for new entrants then another cycle will follow.

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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

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Calm down, bitcoin went under $4k and it still managed to go above $10k, do not panic like this, haven't you learned anything even just from the past 3 months, let alone the past 3 years? Bitcoin is something that goes down and goes up, if you are fearing about the price when its going any direction, that means you really don't know much about bitcoin at all. Just focus on when it will get back, buy some more when it is lower and just try to wait until it goes back up, keep buying as long as it is lower, and it WILL go up eventually.

I am not really believing this fall is something that is long term, I think this was a short term fall and the price will go back up above $10k quite quickly as well, so I am not moving at all, I am in profit anyway since I bought at $6k.

$crypto$

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Could this be a pope's trap before halving happened so many traders were panicking?

This decline is quite short where all the crypto market prices are going down quite high and yesterday I was expecting 10k bitcoin or it didn't happen and now it even goes down I don't know what news is with bitcoin?

But here I will think positively where bitcoin will recover after halving. I am sure this is only temporary and will not be long so I better not panic in dealing with things like this.

Findingnemo

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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?

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.

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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?

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Quote from: Reid on May 10, 2020, 08:18:57 AM

It freaking went to heaven for just 2 days. Grin

That was expected though.
It was also fast when it went to 10k.
7.7k in April 28 and then 10k May 7. It was just 10 days. Some will say this is just another correction.
But for me, it was profit already for that stimulus check they used. Grin

They are just taking it.

We can't really be sure if those who have received the stimulus package put everything in bitcoin market. I highly doubt that theory, anyways, $8700-$8800 is the current price, are we expecting another dump pre-halving? Maybe I have the misconception that the dump should be happening right after not before, so I was wrong. So it's clearly some sort of manipulation again and many has fallen for the trick. And when we hit that mental barrier of $10k, time for the whales to get their profit. There is still a scenario that if bitcoin fell after the halving, $7700 will be a good support level for a bull run. So let's see how the market will move post-halving.

Reid

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It freaking went to heaven for just 2 days. Grin

That was expected though.
It was also fast when it went to 10k.
7.7k in April 28 and then 10k May 7. It was just 10 days. Some will say this is just another correction.
But for me, it was profit already for that stimulus check they used. Grin

They are just taking it.

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Quote from: ultrloa on May 10, 2020, 04:48:52 AM

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

BTC down to low 8000s right now

That's not major dump for me since we have seen a bad dumps which is totally bad than this so maybe just try to relax if you are afraid with this since for sure this dump is temporary since we have halving coming on its way and provably we will see a good pumps rather than bad dumps when this event occur.

Also try to see the price is much good compare to several months.

Come to think that people arent really that talking much when bitcoins price tend to rally or do shows up a green big candle but when the times when dump happens then lots of
speculations and presumptions floating around.Come to think that this is just a few percentage dump and just like a typical day in crypto where price can go down $1k in a short span of time.
Lucky for those who do set take profits in 9500-10k and just waiting up for some correction and it did really happen. 9k support is already a good spot but the price dip down even way more better.
We cant even tell if this one would be the new floor before the price shoot up in 5 digits once again?

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Just as the pump happened a few days ago, so did the dump - nothing new for BTC, a change in price like this is quite common. The dump usually happens over the weekend which was the case here, apparently in an attempt to catch most people unprepared. This looked like a very well-prepared bull trap that used halving as bait, and there is no doubt that a lot of small fish were caught on that bait.

Yet at this point, $8500 seems to have been the bottom line, and we are slowly recovering. Maybe some are disappointed, but let's remember that 2 months ago when the situation looked much worse than today and I don't think anyone should be ungrateful that we actually returned to the level where we were before the big dump.

Quote from: BrewMaster on May 10, 2020, 05:27:34 AM

the problem with manipulation is that it can't be done forever. at some point people catch up and learn about how it works and go against it and make even more money while the manipulators lose money.

Not forever, but maybe for a very long time. Aside from the fact that some people learn from their mistakes, there are always some new ones coming who have no experience and become weak hands whenever they get caught in a trap. I may not even blink an eye at something like this, but someone who has invested recently will definitely be in a panic when he sees that he has lost 10% overnight.

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Quote from: Slow death on May 10, 2020, 05:07:51 AM

I am more and more convinced of this and if this continues it will only be causing many to lose money and hope

the problem with manipulation is that it can't be done forever. at some point people catch up and learn about how it works and go against it and make even more money while the manipulators lose money. it is like 2017 when a large group of big whales were trying so hard for about a month to dump the price and ended up broke due to the huge amount of money they lost trying to go against the market.

the dumps like this 30 minute one are usually 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.

Slow death

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this cryptocurrency market is scary:

in 30 minutes we had a dump like this, in the past i've seen a bigger dump in a few minutes. it seems that people who theorize about the existence of whales manipulating the price may be right, I am more and more convinced of this and if this continues it will only be causing many to lose money and hope

3 Reasons for the Bitcoin Price ‘Halving Dump’ From $10K to $8.1K

Quote from: https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k

Whales quickly moved to sell BTC at the point of rejection

we are really lost with these whales

ultrloa

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

BTC down to low 8000s right now

That's not major dump for me since we have seen a bad dumps which is totally bad than this so maybe just try to relax if you are afraid with this since for sure this dump is temporary since we have halving coming on its way and provably we will see a good pumps rather than bad dumps when this event occur.

Also try to see the price is much good compare to several months.

casperBGD

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Quote from: LogitechMouse on May 10, 2020, 04:06:07 AM

Common movement for Bitcoin for me.

I think this tend to happen before or when it is a few days only before the halving happens. For some this is a pre halving dump of Bitcoin and I expect that there will be a post halving dump and it will happen after halving. Nothing new for me as I saw more drastic downside movement of Bitcoin and TBH, what happened last month is way worse than this dump. Right now the price is slowly recovering already at the 8500-9000$ price so yeah the dumping is over and we will see a slow rise in the next few days.. or is it Cheesy

.

could not disagree, but did not expected it, so what a heck, wait for second dump after halving to strengthen my portfolio, dump after halving should be expected, even with this one happen?

LogitechMouse

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Common movement for Bitcoin for me.

I think this tend to happen before or when it is a few days only before the halving happens. For some this is a pre halving dump of Bitcoin and I expect that there will be a post halving dump and it will happen after halving. Nothing new for me as I saw more drastic downside movement of Bitcoin and TBH, what happened last month is way worse than this dump. Right now the price is slowly recovering already at the 8500-9000$ price so yeah the dumping is over and we will see a slow rise in the next few days.. or is it Cheesy

.

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Quote from: Oasisman on May 10, 2020, 02:53:11 AM

I don't know exactly what happened there, but surely this is like a massive sell out from the whales? I could be mistaken, but Bitcoin was just swinging from almost $10,000 to $9,800. With the sudden dump, this was an unexpected to happen before the halving. If this has been caused by short traders, a -10% drop might be too big for that.
Anyway, dump is already been expected, but It came in too early? Though this is not a major dump anyway.

Now, the price is down for $8,800 level so it might down again in the next week. But we hope that the price will not go down too far. At this moment, many people panic because the price can down for more than $1k in just one day, but we already see the price start to go down in a few days ago. I think the dump is at the right time, and maybe it is like a reset button for bitcoin price, or we will see a major dump later. The market still in unpredicted situations, and I hope we can prepare for the best.

Oasisman

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I don't know exactly what happened there, but surely this is like a massive sell out from the whales? I could be mistaken, but Bitcoin was just swinging from almost $10,000 to $9,800. With the sudden dump, this was an unexpected to happen before the halving. If this has been caused by short traders, a -10% drop might be too big for that.
Anyway, dump is already been expected, but It came in too early? Though this is not a major dump anyway.

pooya87

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Quote from: jackg on May 09, 2020, 07:47:07 PM

I expected a dump to happen after the halving

this seems to be a common expectation on every halving. at least the last two that i have seen. and the thing is that the dump comes before halving not after it. and the reason is always because of the hype. people buy when hyped up and sell as the hype wears off. it is also obvious from the chart as there is a big ass red candle showing the ~14% drop in less than 3 hours.

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

BTC down to low 8000s right now

Days before Halving we had this another major dump,this is very sudden because the last
thing that i would think to dump is today.supposedly
pumping is what happening now but reversed comes,but I don’t lose hope because we have
this market movement for how many times just this year
alone so growth might come the next days or another dump who knows?just let it be and
i am ready to purchase again once the price falls down to 7k$ again.

okala

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The relatively straight index has been shown over on the four hour and daily chart for some days now and if not how volatile bitcoin is we should expect nothing but dump and that is what happens.

Harriti

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HEX: Longer pays better

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

BTC down to low 8000s right now

I am so used to big dump and big pump like this in crypto market. That is why we should not all in our assets in crypto without experience. I have a friend who likes to play margin trading and he paid $ 500k because the whales manipulated the price. so be careful with bitcoin, we should all have proper capital management strategies to avoid situations like this.

Twinkledoe

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★Bitvest.io★ Play Plinko or Invest!

Quote from: STT on May 09, 2020, 08:50:03 PM

Coming back to 200 day average is bigger then I expected on a weekend, swung right past 8 day but its a good move to retrace the move of the last week or so which was rapid. I'm slightly surprised that 10k is the top but that was in the area of a trend in place since the bottom so we've in the realms of a reasonable normal move.

Was there any event news to match the sell or its purely technical profit taking ? 30 day average is 7800 roughly and 7500 for 50 day, a very harsh sell would be 6000 an older daily trend and a decent area of volume in this recent recovery.

I think there's no major event why the sell off. More of traders wanting to get profit. But it looks like the price will go up again, either before or after the halving. Whales are taking advantage of the situation. Many will get rich in the coming days esp those who know how to strategize their trading because of this halving event.

Wexnident

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Hmm I guess it was kind of expected? I mean, the price just went up continuously nonstop, a dump was bound to occur sooner or later. It'd probably naturally recover to at least around $9k or so before resuming its steady growth. Though in this case it most likely depends on what the halving is going to bring upon the market in the short term. If miners were to start HODLing their coins to wait for a good price for them to dump so they can at least recover their future expenses, then a good recovery would await us in the short term but then again there may still be a much larger dump after that.

STT

legendary

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Coming back to 200 day average is bigger then I expected on a weekend, swung right past 8 day but its a good move to retrace the move of the last week or so which was rapid. I'm slightly surprised that 10k is the top but that was in the area of a trend in place since the bottom so we've in the realms of a reasonable normal move.

Was there any event news to match the sell or its purely technical profit taking ? 30 day average is 7800 roughly and 7500 for 50 day, a very harsh sell would be 6000 an older daily trend and a decent area of volume in this recent recovery.

thecodebear

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Activity: 2240

Merit: 848

Quote from: jackg on May 09, 2020, 07:47:07 PM

Yeah I have no idea where its going to go from here personally. I expected a dump to happen after the halving and we probably will see one (more brutal than this) but weight recover a bit first...

A lot of people expected a drop to 9100 on the half hour Timeframe but we spectacularly broke that...

We were at 7000s-8000s range for so long, a drop to here is probably actually pretty healthy for now if we don't shoot through it in a few minutes/hours/days.

Oh absolutely it is very healthy. The price definitely needed to drop back to around 8000. This drop probably took the strength out of any post-halving drop that may have occurred next week. No idea what will happen in the next week. No doubt the powers that be will be competing to pump it and dump it, will be interesting to see who wins. I'd guess serious volatility from the 7000s to 10,000s the next few weeks.

BlackFor3st

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Betking.io - Best Bitcoin Casino

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

BTC down to low 8000s right now

This is what I am afraid of because the traders didn't care much about the bitcoin price because they are only executing their plan just to gain a profit in every turn of the market price. It is pretty difficult to create a one way push and it is pretty normal base on what I have notice on how the market works for several years that I keep on monitoring it.

As long as the dump is not that deep then we don't have to worry about it because in the following days the market will surely to recover knowing that the halving is getting closer and closer as days passes by.

jackg

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https://bit.ly/387FXHi lightning theory

Yeah I have no idea where its going to go from here personally. I expected a dump to happen after the halving and we probably will see one (more brutal than this) but weight recover a bit first...

A lot of people expected a drop to 9100 on the half hour Timeframe but we spectacularly broke that...

We were at 7000s-8000s range for so long, a drop to here is probably actually pretty healthy for now if we don't shoot through it in a few minutes/hours/days.

thecodebear

hero member

Activity: 2240

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BTC down to low 8000s right now

Topic: Major dump started like 5 minutes ago (Read 626 times)