The low support level may still be tested during 2023. - page 5.

yudi09

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Quote from: indah rezqi on June 14, 2023, 04:19:10 PM

I really wouldn't be surprised or disappointed if bitcoin price tests the low support below $20k again in 2023 (but I'm sure it won't). Even though bitcoin is still trading above $24k at the moment, the possibility of a drop cannot be ignored. I don't think prices will hold well over the next few months, so of course I need to set up a budget to plan my purchases and build a strong portfolio.

Don't panic, do some analysis and collect some bitcoins if you have more budget. I will be doing this for the rest of the year and hope it will benefit me for years to come. Don't sell at loss, that's good advice for anyone holding it so far.

Good advice of course this friend. The question is, is it possible that some of us are ready to sell at a loss?
Feeling confident that the price will improve again is a strong motivation even though the support price is still at a testing level.
This market condition gives us a pretty good opportunity to find money to be able to buy more Bitcoins or add more to the number of Bitcoins currently held.

and maybe this situation will continue for some time to come before entering the new year which makes me personally try to make good use of it without having to panic.

hugeblack

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I still believe that the 200 EMA works well as a support level, and if we happen to break it (a price below 25k), we will inevitably do a quick test of the lower level, which is at 21k, and then stability for a period around 23k to 27k but I hope that we will not see rapid growth above 34k soon, because this is sometimes an indication for pumping liquidity into the market at a time when you do not need it, as it is difficult for us to reach levels higher than 34k soon, and because there are no resistance barriers at those levels, and there is not enough liquidity to reach above 40k.

Returning to levels less than 20,000 is impossible in the current circumstances and needs something very bad to happen.

Dr.Bitcoin_Strange

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@indah rezqi, With my experience so far in the crypto space, selling so cheaply should not be an option for a real investor because the market will always see a bull run in the right season. Bitcoin is not like every other altcoin that is pumped and also gets dumped. The bitcoin market can be volatile, and anyone investing in it should be aware of that. I don't believe that Bitcoin could drop to $20k again this year just as you've mentioned, but even if it does, investors should hold tight to their portfolios because if there is a big dip, the uptrend will also be big😜. Also, the market is not usually so predictable; someone can speculate for $20k, but instead, it will go below $20k or above $30k. The approach for Bitcoin investment is to hold until you have earned your desired profit, otherwise the person can continue to DCA.

bitzizzix

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The bitcoin price is being shaken by several negative factors such as the Fed potentially holding interest rates down and also Binance being in shock due to the unfinished lawsuit from the SEC, and several other factors including panic selling.
but my takeaway is that anything that makes the price of bitcoin go down will eventually go up again, and if we look at the trail of growth bitcoin is always being tested but growth is continuing to grow and build that could eventually turn things around.
and I feel fine even if bitcoin's downturn will continue, because I'll take it as my opportunity to continue to pool bitcoin and do DCA and increase buying as long as the downturn continues and hold it in for the long haul. Looks like this year has been a good year for DCA strategy.

adaseb

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Well it’s possible. There is just way too much regulation going on in the US that’s it’s possible it might start a sell off. However keep in mind that I am pretty sure there is nobody left to sell and bring price down to $16K again.

Weak hands already sold and those who bought at $20K won’t sell at $15K. With alts it’s different. With ETH I can see it happening if SEC says it’s a security but not with BTC.

Oasisman

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Quote from: indah rezqi on June 14, 2023, 04:19:10 PM

Don't panic, do some analysis and collect some bitcoins if you have more budget. I will be doing this for the rest of the year and hope it will benefit me for years to come. Don't sell at loss, that's good advice for anyone holding it so far.

Well, I'm surprised Bitcoin did not fall further than and hold its ground to $25k up until this moment after the SEC had a simultaneously lawsuit against coinbase and binance. There was a panic for sure after the SEC wants to freeze some binance asset, but luckily the judge didn't allow it and let binance continue to do it's business like usual while the lawsuit is on going.
There might be some more decrease any time soon and it's just a matter of what will be the progress on the binance lawsuit it will surely affect bitcoin's price.

rat03gopoh

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Closing last month I expected bitcoin to rebound to the 28.5k resistance area and to consolidate there through this June, at least just a slight change in trend when the FED announces new policy.
Really, the SEC's case against binance was unthinkable. I think the SEC will continue to chase a few more exchanges and this story will continue into next July.

dansus021

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The fundamental analysis Bitcoin pretty much can still bleed if the ongoing case with SEC is not done yet. Binance or Coinbase should win the case, if both of them are lose maybe we can see another bleed this month.

The Technical analysis Bitcoin daily candle is still above 200 EMA which is a good thing and there is a support zone at 25K level

Worst case scenario we could back at 23-21K level

carlfebz2

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Quote from: indah rezqi on June 14, 2023, 04:19:10 PM

I really wouldn't be surprised or disappointed if bitcoin price tests the low support below $20k again in 2023 (but I'm sure it won't). Even though bitcoin is still trading above $24k at the moment, the possibility of a drop cannot be ignored. I don't think prices will hold well over the next few months, so of course I need to set up a budget to plan my purchases and build a strong portfolio.

Don't panic, do some analysis and collect some bitcoins if you have more budget. I will be doing this for the rest of the year and hope it will benefit me for years to come. Don't sell at loss, that's good advice for anyone holding it so far.

Im expecting 23k on which it isnt really that too far off considering that we are sitting $25k as of this moment. We dont really have an negative news in the market but there are some sell off with those whales on

Binance basing up on Whale Alerts on TG on which this one indeed cause such that red candle.Is this a hint that there might be some further sell off later on? Lets see and this is what im anticipating.
Not all would really be that emotionally stable or having that endurance on seeing a declining market but instead they do freak out and whine instead of making up some position or buying on the bottom.
These are the times on which you could really consider yourself bagging up which its still cheap because there would really be in our mind that this might be the last
dip or decrease before we could moon. Well, its just anticipation but most likely this is something that mainly in our minds.

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Quote from: indah rezqi on June 14, 2023, 04:19:10 PM

Don't panic, do some analysis and collect some bitcoins if you have more budget.

It needs adjustments instead of encouraging more purchases - I mean you are not yet out of inflation and after all the necessities of life and costs need to be looked at too. Don't rush into buying if you can't afford it - but try to hold on at all costs while planning for the best.

The price will recover - you just need to be patient and not get swayed by swings. So let's get up and think about something better - but for now you just need to be a strong hand.

Baofeng

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Quote from: indah rezqi on June 14, 2023, 04:19:10 PM

I really wouldn't be surprised or disappointed if bitcoin price tests the low support below $20k again in 2023 (but I'm sure it won't). Even though bitcoin is still trading above $24k at the moment, the possibility of a drop cannot be ignored. I don't think prices will hold well over the next few months, so of course I need to set up a budget to plan my purchases and build a strong portfolio.

Don't panic, do some analysis and collect some bitcoins if you have more budget. I will be doing this for the rest of the year and hope it will benefit me for years to come. Don't sell at loss, that's good advice for anyone holding it so far.

I guess it's 50/50 at this point, there could be investors or speculators here who wanted to see price going below $20k (for buying purposes), or there are individuals who think that we have been the bottom already.

So yeah, why not take advantage of both situation? if we see the price testing < $20k this month then buy more?

It seems though as of currently, the price is just within the support line of $25k. Again, we don't know if this is going to hold or now. But base on the sentiments right now, it could go down and then we see support at $23k and so on.

The thing is that we should know how to react in this kind of price drop.

Wiwo

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Quote from: OgNasty on June 14, 2023, 05:04:23 PM

Looking at the chart alone, it seemed extremely obvious that we would be retesting the $20K level as it was a textbook head and shoulders pattern that was forming. I thought with insane inflation that this pattern might have difficulty completing, but today it definitely seems to be moving in that direction. If we do see a drop to $20K, I’ll be a buyer.

With the 3.0% drop within the last 24 hours is something we must worry about and start to redirect our speculations of bitcoin price towards the direction of 20k price as the baseline for bitcoin deep walk in this period even though it is not clear the direction the price is going to take next, but we are certain that touching the 20k region once more will give a lot of investors to chance to get in at a very discounted price.

But the question now is that should long-term investors wait for the price of bitcoin to touch 20k or below before they get in despite knowing that that price may not become a reality if bitcoin decides to go in the opposite direction or should just buy in the current price which is low enough compared to when the price was around 28k-30k a few weeks back?

Nwada001

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Quote from: AmoreJaz on June 14, 2023, 05:05:30 PM

Quote from: Nwada001 on June 14, 2023, 04:56:52 PM

If the price falls below this struggling $25k right now, then I don't think there will be anything that will stop it from falling below $23k, and if they eventually happen, then we will be looking at 20k again after a long escape and it trying so hard not to see $20k again.
Let's see what's going to happen in the next few days or the next few hours of the day.

The rate at which the price can still fight back, I believe, will all depend on how well holders can hold and not panic sell at this critical point in time.

the price will only further drop if there will be such bad news that will emerge on this market like big exchange getting out of business, or big crypto project turned out to be scam and other big events that can possibly have big impact on the market trend.

Those big events don't just turn positive over night unless people actually believe them. The part that I see will always trigger a huge fall is the crashing of big firms with huge amounts of Bitcoin holdings, which always puts fears in the eyes and minds of some investors and will trigger massive panic selling, which I see as the reason to price dump. If such bad news comes out and people seem to overlook it and see it as one of those things, the Bitcoin price will just remain the way it is because there won't be any recorded huge sales or huge withdrawals happening from a particular exchange or private wallet.

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Quote from: Nwada001 on June 14, 2023, 04:56:52 PM

If the price falls below this struggling $25k right now, then I don't think there will be anything that will stop it from falling below $23k, and if they eventually happen, then we will be looking at 20k again after a long escape and it trying so hard not to see $20k again.
Let's see what's going to happen in the next few days or the next few hours of the day.

The rate at which the price can still fight back, I believe, will all depend on how well holders can hold and not panic sell at this critical point in time.

the price will only further drop if there will be such bad news that will emerge on this market like big exchange getting out of business, or big crypto project turned out to be scam and other big events that can possibly have big impact on the market trend.
but the drop may be short span, as we have seen throughout the years, btc always bounce. you can't kill this market. even china couldn't. remember the banning of crypto of this country. and yet, it seems they are changing their stance as they have seen, they are not much of a big influence in the survival of this market.

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Looking at the chart alone, it seemed extremely obvious that we would be retesting the $20K level as it was a textbook head and shoulders pattern that was forming. I thought with insane inflation that this pattern might have difficulty completing, but today it definitely seems to be moving in that direction. If we do see a drop to $20K, I’ll be a buyer.

Zaguru12

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Quote from: Oshosondy on June 14, 2023, 04:35:10 PM

Bitcoin can not get to $15500 again, but bitcoin can still get to $20000 once more before going to all-time-high. I am waiting for $20000 once again for me to buy more. If bitcoin do not fall to $20000 again, I will buy some weeks to halving.

I too will advice people to DCA. It is a good strategy. An excellent strategy when bitcoin has decreased very well.

Should bitcoin test the $20k support and the current economic crises doesn’t suppress and the exchanges continue to face the challenges they are currently facing then I see it also going down to like $16k again. Some few weeks to halving seems like a good idea to accumulate because I just sniff into the past price of bitcoin two months before halving and I saw that it normally experiences downturn and I think I would be looking into getting more around January next year. Even immediately after halving the market normally remains and only it the bull run at nearly a year after the halving. So immediately after halving is another good opportunity

Quote from: Wiwo on June 14, 2023, 04:39:07 PM

So for that one need to buy all the way down and sell all the way up, that is the best DCA practice for maximum gains for the short term.
But for long-term gains then one needs to continue to hold and starch more at every chance.

DCA can also be utilized for accumulating bitcoin for long term holding too, most especially a period like this that the market is fluctuating. If you are having extra income and need to accumulate then probably weekly or monthly DCA might seems better. Because if one wants to wait till the price hit the bottom a bit he might miss an opportunity because bitcoin still remains unpredictable

Nwada001

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If the price falls below this struggling $25k right now, then I don't think there will be anything that will stop it from falling below $23k, and if they eventually happen, then we will be looking at 20k again after a long escape and it trying so hard not to see $20k again.
Let's see what's going to happen in the next few days or the next few hours of the day.

The rate at which the price can still fight back, I believe, will all depend on how well holders can hold and not panic sell at this critical point in time.

ShowOff

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Keep holding on and buying, and you are right that avoiding panic during a dips is the best way to avoid losses.
Many people would suggest DCA to be done, but I'd say a lump sum is fine too. If you are consistent with this plan, then you can definitely survive whatever happens in the market. The volatility in market prices right now has something to do with the SEC, but don't worry too much about that because we're probably going to get more disapproval about it.

I'm not sure what will happen in the short term, but today especially in the last hour bitcoin price has found a new dip. There is an opportunity to buy, but do it with DCA. Here is a chart for 1 day TF.

Wiwo

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Quote from: Upgrade00 on June 14, 2023, 04:29:48 PM

For most they can skip the analysis part and just head straight to buying some as long as they fully understand the fundamentals. Analysis is a fancy word for looking a charts and making conjectures based on that, you could or could not be right, what is almost guaranteed is that Bitcoin would outperform the current price if you hold long enough.

DCA and hold.

Exactly because long-term holders don't consider the price before buying more Bitcoin most especially when the price is already at a discounted price, because whatever price one bought Bitcoin in this year 2023, it is still at a discounted price compared to what the price will be in the next two to three years or five years at most, so whatever price bitcoin is bought around this period for long term reason it still discount.

There have been many speculations of a further deep price but the question is that when and how this deep will happen.

So for that one need to buy all the way down and sell all the way up, that is the best DCA practice for maximum gains for the short term.

But for long-term gains then one needs to continue to hold and starch more at every chance.

Oshosondy

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Bitcoin can not get to $15500 again, but bitcoin can still get to $20000 once more before going to all-time-high. I am waiting for $20000 once again for me to buy more. If bitcoin do not fall to $20000 again, I will buy some weeks to halving.

I too will advice people to DCA. It is a good strategy. An excellent strategy when bitcoin has decreased very well.

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