Topic: One more leg down (Read 599 times)

I don't understand where you got this value of 23k from. Now almost everyone expects bitcoin to go down and there will be no recovery this year, but the market always works against expectations. Of course I dont exclude that bitcoin can go down to previous ATH because that usually happens when there is a bear market, but too many people are expecting that now.

We are not expecting a recovery this year, the price could still go down as what is said in the beginning of this thread, one more leg down before we can finally see a good bounce.

Good if you have put your buy/sell orders already, it's just a matter of time before this can be fulfilled. So you need patience here. As for another leg down, yes, this is very possible, perhaps late this year we might see it goes down hard again at $23k levels. So heads up for everyone to look for this price and then take that opportunity.

Thats not an unreasonable take but there are no absolute limits to price action and quite simply not every price, every day or week is accurate sometimes its noise.     There are outside outlier prices recorded on low volume amounts and generally this action is discarded automatically as insignificant, on some days of the year there is so much fear and upset the erratic prices will register with enough volume to show as normal.   Thats when we can get a bullish pin, a sharp spike down that recovers.   We can trade below 20k, does it matter beyond that day is more of a question.
   I do wonder about this prior 2017 high because it was cast in the midst of a transaction backlog, the liquidity from real users was reduced.  I wont be as worried as normal if we do need to test beyond 200 week or even 2019 highs despite appearing to be especially extreme.   As always its going to be hard to judge calmly in the noise if this should occur.
  
If dollar were ever to fall off its perch and its appearing nothing close to that right now, but if that was happening all prices would become unreliable at that time.   Great opportunity and chaos really, it would be destructive but market upset or disorderly markets rely more on personal judgement and attributable worth people can ascertain, do not make the mistake of believing every story broadcast to be perfectly founded or every price correct beyond that short term moment.

The market has not yet recovered until now, but who are used to Cryptocurrencies, so this is normal, I'm waiting for the right time to buy bitcoin again because the opportunity to drop below $ 30k is very large like a few days ago, and in some exchanges I have already Install $ 28500 to buy and put a price of $ 32K to sell.

The only reason why I think bitcoin could fall below 20k and generally break the crazy stock2flow model is that the world is on the verge of a global crisis. Bitcoin hasn't faced that yet, which is why its chart is always upwards. But this time it might break, but I hope bitcoin will prove to be the best.

I don't think it will, but the weight of percentage is there...

ATH on past ATH keeps getting smaller in magnitude. At the same time, the severity of the floor from ATH does seem to dampen little by little... but the last floor was 85% of the ATH. For us to hit a floor of 20k is a pullback of less than 70%.

I'd never gamble on Bitcoin not pulling back that far.

Of course I'm real happy if we never break old ATH and stick to the course of that side of history.

still June is struggling mate but lets not lose our hopes because its been 3 months now that the market is showing this kind of bad movement and the 3rd quarter seems to be having a surprise , but at least try not to be affected of the coming bear because no matter what? it is our funds that we are entrusting to this market and we need to let it stops for at least years to wait for the halving season to bring us all happy ATH  .

That's much better to hear if they admit that it was also their fault not only the market but like you said, we aren't forced here so the market is innocent no matter what happens to our funds. The market only displays information and it isn't the one that creates the price but it was the humans (the manipulators mostly) since they have a larger fund than the normal individual.

There are changes on the months that you mentioned most especially in April but for you maybe it was not big enough, that's why you consider it as normal. 35k is easy. We have been on this price before so expect that we can be on that price again.

Supposedly they blame themselves first before blaming the market. And in fact, they are not forced to invest in crypto but it was their choice.

April-May, for these two months we haven't seen any changes in price, Bitcoin is still in the range between $28k - $31k.

---

Do we possibly see it up at least $35k? Or is it the same trend we are still seeing?
Well, I hope this June could have seen something new and positive news but yes, we can't expect that much.

If i am not mistaken , Bitcoin fall down to below 20k how many times in 2018 and even harder in 2020 March when the price  drops low to 4k level.
but what if this price did not come? so what about their investments ? they will not add another amount in their folio ?
people wanted to see what they wanted to happen and if they fail they blame market so we must not give them importance in that matter.

The same thing that we say bitcoin is going to reach $100k in 2021. Meaning it's really hard to predict the price movement.


Probably, it will capitulation if we indeed reach the last ATH of $19k in this bear market. And it might be the floor price.. Yes, it could be the worst thing that could happen to us, and we should be ready by it at least so that it won't be that hard to take it and flip it on the other side and make it positive by buying at that price.

What makes you guys think we can go below the last ATH of 20k? This has never happened in the history of Bitcoin.

Also, many traders are apparently waiting to buy the dip at 23k as there's some strong support from a moving average somewhere around that area. Last time people were waiting to buy a similar dip at 1k USD, the price bounced back before they were able to do it.

People tend to see the situation as worse than it is in a bear market and better than it really is in bull market.

Exactly. When the month of May candle closed above $30,000, I thought we are safe already but look now, Bitcoin is having a hard time staying above $30,000.
If ever we will have another leg down, I am negative this time, I am expecting to visit the $20,000 level again or much worst is below that.
But I am not hoping that will happen.

Weekly bar is a pin seems very likely at present, like when you step on it not a nice thing to see on the chart for people hoping of an immediate rise.   Its a reversal but how important Im not sure yet, so long as we stay above 28200 roughly I think we are on repeat once again.  
  If we trade below 28k on multiple 4hr bars then I would guess we accelerate downwards properly rather then this quicksand we've been sinking in coming close to a month.  @34k is a declining 50 day average, soon it'll fill the sky overhead and crushing us towards a conclusion.   Recent highs was capped by monthly average

Hopefully it will not be the case though, but who knows, maybe at the end of the week, speculators are going to short bitcoin again.


China is really a big market, admit it or not, although bitcoin mining has shift somewhere else, Chinese still has a huge impact on the market.


Right, if at least this week will be green candle, then we would have broken the record. If I'm not mistaken, it's about 9 week of having a red candle, not good indicator, although this could be expected in a bear market.

We got a nice rally today and most people are already calling the bottom. Many of the indicators do point to a bottom however it’s hard to tell if we are actually reversing or this is nothing but a dead cat bounce.

Most of the rally is due to China reopening with the stock leading the way. Stock market was closed today but futures were open and it had a huge rally day.

If we finish the week green then I can see further upside but if we finish bear then it’s nothing but a dead cat bounce.

True.

We have been through 28k to 31k sideways for multiple times now ... and we might going for it once again in the next few days.
We won't surprised , we prepared.
Till there is a huge boost to jump or a huge scandal to drop bitcoin to the death... we are doing just fine at the current level .

at least you  know what are you talking in this matter mate? bitcoin price had just grow to 30 today , but in the previous week the value is below 30k so what are you saying that the price will not drop below that level?

maybe in any minute now the bitcoin movement will again go sideways and we will be below that start again lol.

so better be ready or else you will be left behind longing for that high that won't come true .

But two days ago I still saw that the price of bitcoin was at $28 thousand and lasted for several days.
But now I see the price of bitcoin has gone up again to the price of $ 30 thousand and that is a sign that there will be another price increase in the next few days and of course it will happen.
For those who bought it yesterday for $28, they now have a profit of around 20%.

all of that cannot be separated from mere predictions and the possibility that it could happen as they have analyzed. but the reality is not as imagined by them so that their analysis is considered a failure. but I think bitcoin will continue to stay above $30k, won't drop below $30k so the opportunity to buy underfoot won't happen again.