No Friday Feeling For Bitcoin As It Falls Back to Four Figures

milewilda

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Quote from: angelo2 on August 17, 2019, 03:51:36 AM

A very short lived foray into four figures for bitcoin yesterday was over before it really began. The recovery showed all signs that there are just too many buyers lurking below $10k. However, a different picture is unfolding this Friday morning as Asia again dictates the direction of flow for BTC markets.

https://bitcoinist.com/no-friday-feeling-for-bitcoin-as-it-falls-back-to-four-figures/

Four figures didnt happen on weekends but now we are still on midweek where the price plummeted again on below 10k.
Just like riding on a roller coaster where price is really volatile even moving on hundreds of dollars on a short span of time.
Lucky i had bought in when it hi 9800 as of this day.

sana54210

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Quote from: Wilhelm on August 20, 2019, 07:52:45 AM

50k-100k is a better exit point Wink

When your grandma and neighbors are buying bitcoin you should exit.
When bitcoin is going up 1000-2000 a day then get ready to exit the train.

We have short term and long term traders, for a short term trader, the $1k is really a good exit point, the only disadvantage of that is that they may find it difficult to enter the market easily if the price does not drop below that $12k again, while for a long term investor, that $100k would really be a very good exit point for the because that is where I believe bitcoin is going to in future.

You are right, we will still have some people that would be buying the little they can buy then which will keep the market active, and that would be good point to exit temporarily and wait for the major dumping for us to rebuy at another low price. I am optimistic that within the next 10 years, the price of bitcoin may really peak at that, so that shows how long we have to be patient for.

Wilhelm

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Quote from: Reid on August 20, 2019, 07:45:46 AM

Below 10k like 9500?
No, not yet. Not my figure to buy more and I do think there are a lot out there who have the same feeling.
Too expensive for me since I have bought some at 6k.
Maybe rich people could do it and risk that much. I am not yet in the FOMO side even if it suddenly broke its all time high.

Is 12k though a good exit point?

50k-100k is a better exit point Wink

When your grandma and neighbors are buying bitcoin you should exit.
When bitcoin is going up 1000-2000 a day then get ready to exit the train.

Reid

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Below 10k like 9500?
No, not yet. Not my figure to buy more and I do think there are a lot out there who have the same feeling.
Too expensive for me since I have bought some at 6k.
Maybe rich people could do it and risk that much. I am not yet in the FOMO side even if it suddenly broke its all time high.

Is 12k though a good exit point?

Juggy777

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Quote from: angelo2 on August 17, 2019, 03:51:36 AM

A very short lived foray into four figures for bitcoin yesterday was over before it really began. The recovery showed all signs that there are just too many buyers lurking below $10k. However, a different picture is unfolding this Friday morning as Asia again dictates the direction of flow for BTC markets.

https://bitcoinist.com/no-friday-feeling-for-bitcoin-as-it-falls-back-to-four-figures/

Bitcoin prices never stay fixed at one particular level, they’re always fluctuating and as a buyer one should always buy on dips. As of today bitcoin prices are back to $10300 levels, and if they can sustain these levels then we may see $12k levels soon.

Quote from: Jet Cash on August 17, 2019, 04:24:32 AM

I'm a lurking buyer, but I couldn't buy because Coinbase has withdrawn the facility to deposit Sterling. I need to explore some of the other exchanges.

@JetCash why would you choose an exchange to store your coins, as you’ll surely know that exchanges are very risky and they often get hacked, hence I would personally advise you to avoid storing your coins on exchanges.

STT

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Quote from: Jet Cash on August 17, 2019, 04:24:32 AM

I'm a lurking buyer, but I couldn't buy because Coinbase has withdrawn the facility to deposit Sterling. I need to explore some of the other exchanges.

I would say use Localbitcoins for the UK but I dont know the full range of possible exchanges and which is the best price bid offer spread but local I found to be more free market and independent then the big operations with the constant burden of more paperwork to pass for a simple buy or sell.

jostorres

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People are not letting it go under 10k which is a good thing, we do not want bitcoin prices to fall back down and there is a huge sum of money involved that wants the same thing as well I suppose. Maybe its the whales that opened long futures we could never know but whenever it goes under 10 thousand dollars we see a huge spike making it go back over 10 thousand once again.

I like it but I don't know how long it can continue, we can do this for a little while but after certain period nobody will be able to buy all coins that are sold under 10, eventually even a whale will either run out of money or will want to stop doing it. Hence I think we should not push it too much and try to make it above 12-13 to get away from that 10 thousand levels and break free from going under it.

The Sceptical Chymist

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Quote from: Jet Cash on August 17, 2019, 04:24:32 AM

I'm a lurking buyer, but I couldn't buy because Coinbase has withdrawn the facility to deposit Sterling.

Really? Why in the world did they do that?

Quote from: leader2704 on August 17, 2019, 04:29:20 AM

BTC below $10k is very good entry for long-term view of the price. I think the best entry for BTC is between $7k and $8k, I will go all-in if BTC drop there

I agree--right now, with market sentiment the way it is (very bullish), getting in at any point below $10k would be a wise move, because I have a sneaking suspicion that it's going to be headed much higher. I just checked preev, and bitcoin is over $10k so I don't know when the next opportunity to buy at a lower price is going to be. And $7k/$8k? That might not happen any time soon.

Quote from: Wilhelm on August 17, 2019, 05:10:59 PM

I don't think we will see a lot of sub 10k anymore.

Probably not, unless bitcoin starts to go crazy to the upside and experiences a subsequent crash. That's why I'm never comfortable when the price goes up too fast too quickly.

Wilhelm

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Quote from: exstasie on August 17, 2019, 06:13:37 PM

Quote from: Wilhelm on August 17, 2019, 05:10:59 PM

Four figures has been tested quite a few times and the time spent at for figures has been less each time.
I don't think we will see a lot of sub 10k anymore.

Could be, but we need more evidence. Bitcoin just fell 23% in 9 days and has barely retraced those losses yet. Once we retake the $12,000s I'm with you. For now, the daily downtrend from $13,800 still hasn't been broken......all lower highs and lower lows and we haven't broken the downtrend line yet.

The systems I use to time corrections all point to mid-late September as the end of the correction, so I'm still open to a dip below $9,000. Bitcoin does often like to end corrections with sideways and no lower lows though.

We are going sideways imo

Red-Apple

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Quote from: fullhdpixel on August 18, 2019, 04:11:05 AM

The challenge I just do see is that we have too many traders in the market and anytime there is someone to force the market up, they are always pulling it down.

the bigger question here is "how long they can keep it up"?
part of it is perfectly normal in any market though. people who are doing short term or day trading are always selling as soon as they reach a certain profit level and that target is always below the resistance meaning somewhere around $12k and $13k. so it is natural to see price keep going up there and come back down.
but part of it is manipulation by bigger (whale) day traders who are not satisfied with the profit that they can normally gain. so they end up trying to push the price in their desired direction. how long they can do it or by how much depends on the reaction of the rest of the market. usually they go with them until they don't and the whale loses a ton of money.

fullhdpixel

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That is not uncommon for bitcoin, the price will always shuffle between those four figures and five figures, and even if the bull run we expect will come, it cannot grow more than five figures, Asia or others, there are other factors that can add to the development of bitcoin, and that can come at any time.

This rise and fall is juts the corrections that we know will happen, the only thing we don’t usually know is the extent of the stay of these corrections before it becomes over. We just need to have someone that will put in the market at a particular dip and put so much that will cause the value to surge and have some people too out of FOMO invest.

The challenge I just do see is that we have too many traders in the market and anytime there is someone to force the market up, they are always pulling it down.

mersal

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Quote from: angelo2 on August 17, 2019, 03:51:36 AM

A very short lived foray into four figures for bitcoin yesterday was over before it really began. The recovery showed all signs that there are just too many buyers lurking below $10k. However, a different picture is unfolding this Friday morning as Asia again dictates the direction of flow for BTC markets.

https://bitcoinist.com/no-friday-feeling-for-bitcoin-as-it-falls-back-to-four-figures/

It shows that there is a strong resistance level for bitcoin at $10K level any how the price drop after that correlated with the scam of 3 billion usd in china which I am not sure what that project is about but seems like it was confirmed news not just a fud but still bitcoin able to maintain above $10K so shitcoins are going to get affected by this scam.

pooya87

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$10k has been a very strong buy support all along because there has always been a ton of investors buying bitcoin at that level. but the thing about bitcoin is that the market is still small and large sales or sometimes panics can push price below even strongest buy supports. but at the same time, they being strong means the price jumps back up again.
expecting it to happen again just because it happened recently doesn't make any sense though!

exstasie

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Quote from: Wilhelm on August 17, 2019, 05:10:59 PM

Four figures has been tested quite a few times and the time spent at for figures has been less each time.
I don't think we will see a lot of sub 10k anymore.

Could be, but we need more evidence. Bitcoin just fell 23% in 9 days and has barely retraced those losses yet. Once we retake the $12,000s I'm with you. For now, the daily downtrend from $13,800 still hasn't been broken......all lower highs and lower lows and we haven't broken the downtrend line yet.

The systems I use to time corrections all point to mid-late September as the end of the correction, so I'm still open to a dip below $9,000. Bitcoin does often like to end corrections with sideways and no lower lows though.

Mahanton

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Quote from: meanwords on August 17, 2019, 05:06:45 AM

Quote from: leader2704 on August 17, 2019, 04:29:20 AM

BTC below $10k is very good entry for long-term view of the price. I think the best entry for BTC is between $7k and $8k, I will go all-in if BTC drop there

Well even though it's a good entry, it's still a bad idea to go all-in.

It's been going ups and downs lately. I think it's a good thing as it would be an opportunity to buy some Bitcoin again. To be honest, I've already made my position at $9,900 and preparing to invest some more if Bitcoin goes down a little. I wonder if when will top altcoins follow though. Since they are down, I'm eyeing to invest in them too.

I'm tending to put up some on alts too but it seems people are now heavily focused with BTC that's why i need to pass for now and focus basing on dominance.
Going all in is always been a bad idea because we cant really say that bitcoins price might just stop to drop there.$8k might be seen again or not or 9k+ would be the new bottom since we are moving sideways atm.

Wilhelm

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Four figures has been tested quite a few times and the time spent at for figures has been less each time.
I don't think we will see a lot of sub 10k anymore.
I think we will soon see a jump to 15k Cool

Kemarit

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Quote from: kryptqnick on August 17, 2019, 08:42:00 AM

These are minor fluctuations. I checked the price yesterday when it was above $10k. I checked bit today and also saw it above. I did not even notice that for some time it went to 4 figures. I think people tend to believe that $10k is a justified price for Bitcoin, there is strong support at this level. And unless something devastating happens, I don't think we'll see the price significantly below $9k anytime soon if ever.

5 figure price seems to have a strong support, although it really went below but quickly bounce back as investors took advantage of this situation and buy it back at a discount price. It even went as high as $10,4xx, however, bears pull it back by shorting it again.

Quote from: leader2704 on August 17, 2019, 04:29:20 AM

BTC below $10k is very good entry for long-term view of the price. I think the best entry for BTC is between $7k and $8k, I will go all-in if BTC drop there

I don't know if we are going to drop on that levels. As I have said 5 figure price has a strong support. Just be cautious though of saying that you will go all-in, market is still very volatile and you don't want to see all money suddenly vanish. So it's a bad idea, much better if you buy small portions at every dip and continue to accumulate.

BUK2016

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Quote from: leader2704 on August 17, 2019, 04:29:20 AM

Quote from: angelo2 on August 17, 2019, 03:51:36 AM

A very short lived foray into four figures for bitcoin yesterday was over before it really began. The recovery showed all signs that there are just too many buyers lurking below $10k. However, a different picture is unfolding this Friday morning as Asia again dictates the direction of flow for BTC markets.

https://bitcoinist.com/no-friday-feeling-for-bitcoin-as-it-falls-back-to-four-figures/

BTC below $10k is very good entry for long-term view of the price. I think the best entry for BTC is between $7k and $8k, I will go all-in if BTC drop there

It may take little while before bitcoin value will decline $9,000 let alone $7,000 which means you have to wait for a long time for such a decline to take place if it will ever happen again. And if it eventually get below $8,000 that will be a very good entry level for one to make good profit.

kryptqnick

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These are minor fluctuations. I checked the price yesterday when it was above $10k. I checked bit today and also saw it above. I did not even notice that for some time it went to 4 figures. I think people tend to believe that $10k is a justified price for Bitcoin, there is strong support at this level. And unless something devastating happens, I don't think we'll see the price significantly below $9k anytime soon if ever.

Vishnu.Reang

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The prices are back to $10,300 per coin. The crash was caused by a cooling of the ongoing trade war between China and the United States. Also there was news that a state back cryptocurrency from the People's Bank of China (PBOC) will be listed as soon as next month. I don't know whether this is going to be good or bad for the Bitcoin users, but we can expect a lot of volatility in the market.

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