Retracement will finally happen - page 3.

jossiel

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That's to be expected.

It won't really just be a straight line that will continue up to $24k-$25k but it has to be retraced and had a dip somehow before it reaches there. But for the meantime, while it's staying on $21k then everyone should get hold of it or still wait for some confirmation until it finally moves to its resistance.

Quote from: ?? on ??

but the other question
of whether it is good or bad is a bit tricky.

It will always be tricky but then, if you're for the long term that will be good.

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The resistance region seems to start from 23K though, the price has been hovering around that region for a long time. Rejections or retracements usually happen almost immediately after a pump. The current situation is a little confusing thou, but we hope for the best.

About whether it's good or bad? I think this just the market being normal and not moving in one straight line as some people expect.

justdimin

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Quote from: DevilSlayer on January 27, 2023, 12:52:46 AM

It only means that the supply there are so high and the price already exhausted where we can expect that the price may go down up to its major support in around $19,000 to $20,000. The Major resistance is so strong at around $24,000 to $25,000. The BTC should consolidate more for the price have strong momentum to breakout.

But, we have not tested around $23,700 levels for only once which means in my opinion, we can expect bitcoin market to keep trying to penetrate $24k to $25k levels before making a retracement. Yeah, it might be too early to expect for a retracement. Hopefully we are still in the middle of a short term bullish wave which may extend up to $27k levels in coming days.

Quote from: DevilSlayer on January 27, 2023, 12:52:46 AM

Is it bad or is it good? Even though that the price will finally retrace, it only means a good movement for BTC because it will only confirm that we are already in bullish.

Regardless of whether it is good or bad, retracement is just part of every wave hence we need to accept and must look for perfect reversal point to make better DCA. We may not have bitcoin to break $20k levels; so we may keep buying around $21k-$20k levels.

palle11

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It is normal for price to retrace after some bull move and if this happens it won't be a surprise. The resistance levels around 21,000 couldn't stop price to jump to 23,000 and now we have seen a little stop at 23,000.

Hence, I think the next coming week is going to determine if the price level of 23k will be a strong resistance to push price down for a bull correction before the next move but for now, I'm going to stay and watch until the new week to avoid being trapped on the weekend because it is always funny during the weekend.

Coin_trader

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It’s so early to conclude on this outcome because the current week is not yet over and we don’t if this week candle is a doji or not to confirm retracement. Using Bollinger Bands on the weekly timeframe chart shows the current price is sitting on the upper limit of the Bands meaning it’s either will break out above to break the current downward channel or a retracement will happened like what stated on your TA. But still it’s too early and needs a confirmation this weekend.

Bitcoin usually make a strong move during weekends since this rally started. I don’t believe too on straight line when it comes to chart but the current rally is not the typical pump and hype buy can always occur anytime whenever traders feels that the current setback is a perfect opportunity to enter in Bitcoin.

pooya87

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There is simply no reason for the price to see another "crash" again specially below the previous resistance which is now a strong buy support. So unless something significant happens to the world economy again, it is highly unlikely to see any kind of major drops.

Whether things are going to be good or bad depends on how healthy the trends from now on are going to be like. A healthy rise where the investors start coming back slowly and buy bitcoin before it shoots up is a good thing but panic buys where price shoots up and creates high volatility is never good.

Oshosondy

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I checked the weekly candles when the bull run started and I predicted that $23000 may be the resistance that retracement may occur and it is happening like that, I used BB and RSI for the analysis, but there is possibility of the price to increase a little above the overbought market which is indicated by the upper band, because it is weekly candles, the price range is huge a little and it is around $25000 which makes me think that even if bitcoin increase above $23000, it may not go beyond $25000. Today I check the daily candle stick, it is showing a pattern that bitcoin may also rise to $25000 before the retracement, but analyses can be wrong.

Edwardard

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Quote from: DevilSlayer on January 27, 2023, 12:52:46 AM

Expect a red days in these coming days

Lets see what is the impact of today's 1.48b$ options expiry followed by the rate hike decision in the upcoming days (1st feb).
Although I agree with your point that we should see some sort of a correction to fall between 20k-21k range once more before flying harder, the fundamentals are going to decide the technicals. We will know soon. For me 25.2k area is where if the price goes, there is no stopping back upto 32k.

hugeblack

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The correction will be good if we reach the next resistance level, and thus we will witness a healthy growth rather than a speculative pattern.
The coming days will be either confirmation because what happened is speculation, or the price will reach new support levels, thus officially confirming the bottom.

Quote from: DevilSlayer on January 27, 2023, 12:52:46 AM

Is it bad or is it good?

Does it looks good or bad? It depends on your view of the price. If you are a trader, then speculation and the change in the price means profits. If you are an investor, then the price increase is good for you.

DevilSlayer

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This is the weekly timeframe of the BTC/USDT

Price don't go straight line, as a trader we should expect a bounce or a retracement after a great momentum. As you can see, the last 3 weeks of BTC/USDT was really good and finally, the price already hit the major resistance, It only means that the supply there are so high and the price already exhausted where we can expect that the price may go down up to its major support in around $19,000 to $20,000. The Major resistance is so strong at around $24,000 to $25,000. The BTC should consolidate more for the price have strong momentum to breakout.

Is it bad or is it good? Even though that the price will finally retrace, it only means a good movement for BTC because it will only confirm that we are already in bullish. The chart of bitcoin is now creating higher highs and finally it will create a higher low. We should keep in mind that having a good risk management can help us to entry better and avoid cutting huge losses. Expect a red days in these coming days

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