Was $17.5K the low? | Bitcointalksearch.org

Dave1

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Quote from: OgNasty on July 27, 2022, 05:41:22 PM

Even though we’ve seen quite a bit of an increase in price and less market fear, I’m not willing to say the bottom is behind us for this cycle. Especially with the mtgox coins still to be distributed. I am however fairly certain we’ll know for sure if that was the bottom by Halloween. I think come The Day of the Dead (El Dia De Los Muertos) we’ll have already seen the market bottom for this cycle.

Yeah, that coins though, I mean when it is distributed, I'm not seeing those people not selling it for a price. They have been waiting for so long that the moment they got it, boom, sold-off.

So we need to monitor the news about when the distribution is, observed the market. If there is no effect then good. But if the market falters then we should take advantage of the situation and buy again.

btc78

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Actually I don't know and I don't care? as I am for Holding and not for anything more .

Yeah I am selling for sometime but for this moment ? i completely hold my funds and not to compete in this crazy market .

but even if the lowest is 17k or 10? or even 5k yet i care nothing because I am ready to keep my funds for another couple of years I think ..

OgNasty

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Even though we’ve seen quite a bit of an increase in price and less market fear, I’m not willing to say the bottom is behind us for this cycle. Especially with the mtgox coins still to be distributed. I am however fairly certain we’ll know for sure if that was the bottom by Halloween. I think come The Day of the Dead (El Dia De Los Muertos) we’ll have already seen the market bottom for this cycle.

yohananaomi

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it is difficult to predict accurately in a situation that is not good for bitcoin, I chose ;

even though it is possible that it will drop below my prediction, of course looking at the past situation which will repeat again and I see that it has fallen at $ 5K maybe now it will be 2x as much.

if it drops below $10K, it will obviously make it difficult for bitcoin to quickly increase which will result in the possibility that next year will also move the same as this year and continue to stay in the $30K range before it can rise again well into the halving year.

Yaunfitda

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Quote from: fzkto on July 20, 2022, 11:11:04 AM

Today bitcoin has reached 24k, which is about 40% of the expected bottom at 17.5k. Unless a reversal back to the bottom happens at these levels, we can say that 17.5k was indeed the bottom. But I wouldn't be too quick to buy now, it's too easy to buy for all those wishing to buy at those prices. There is a chance that the bottom will be tested again.

Still too early though so say that bottom is in? I mean bear market is going to take even next year. And if we take the same pattern at the last bear market, the price still goes down hard prior to the halving year. I'm not a perma bear, I'm just trying to be realist and say that I'm still considering the $17,500 to be not the all time high, without looking at the charts, just basing on past history price.

Frengki_cisco

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Quote from: dragonvslinux on June 19, 2022, 12:07:31 PM

My current outlook is that price will either rebound from the $17.5K lows towards $30K, or otherwise if this support is broken then price will capitulate further to $12K.

In the last few months, I often read speculation about Bitcoin later this year and entering 2023, some speculation said Bitcoin's lowest could touch 15-10k, that's the lowest prediction I have seen.

I believe speculation will occur in the next few months at the 10k point, I believe it is the lowest nominal traded at the end of this year, the comparison two years ago had touched $6000, this time it is likely to be $10k.

STT

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Still above the weekly average, see how we fair with this tomorrow and this week. We do have pressure between this shorter term momentum & the 50 day average which is declining and will continue to do so.

However just this moment its looking bullish, weekly bar closes Sunday of course which gives a wider view. For me to be especially bullish I need not just mild action but a proper rise upwards above and beyond the 200 week average is what I want to see. Apparently bond markets are moving slightly to ease the dollar strength so it remains to be seen if crypto benefits from slightly more optimism etc.

Try 22347 as a mark just because of the 50 day average. However I really expect BTC to respect most boundaries like a monster truck observes curbs

Bitcoin2009

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The market is always unpredictable, the unique thing we can see is that when the price drops below $20k there will be a large transaction volume, even many people are waiting for the moment to be able to buy cheaply, and I hope the $17k price will not happen again.

Wilhelm

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Quote from: fzkto on July 20, 2022, 11:11:04 AM

Today bitcoin has reached 24k, which is about 40% of the expected bottom at 17.5k. Unless a reversal back to the bottom happens at these levels, we can say that 17.5k was indeed the bottom. But I wouldn't be too quick to buy now, it's too easy to buy for all those wishing to buy at those prices. There is a chance that the bottom will be tested again.

Yes wait for 69k before buying Roll Eyes

Even if it would dip, btc is still considered "cheap"

fzkto

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Today bitcoin has reached 24k, which is about 40% of the expected bottom at 17.5k. Unless a reversal back to the bottom happens at these levels, we can say that 17.5k was indeed the bottom. But I wouldn't be too quick to buy now, it's too easy to buy for all those wishing to buy at those prices. There is a chance that the bottom will be tested again.

dragonvslinux

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A month ago I claimed that if the 200 WMA is reclaimed, then I think $17.5K was the low. Currently waiting for a weekly close (>$22.7K), but looking good so far.

Quote from: dragonvslinux on June 19, 2022, 12:07:31 PM

if the 200 Week MA is reclaimed (currently $22.4K), then I believe it will confirm a bottom for many, and therefore price would be unlikely to fall lower than $17.5K again.

Since this topic the Pi Cycle top/bottom indicator has signalled a bottom, Bitcoin is leaving oversold conditions on Weekly RSI as well as back above realized price (capitulation has ended for now).

For those waiting for confirmation of a bottom (instead of buying the dip) then there are also enough signs already imo, even if waiting for a small pull-back remains sensible.

Edit: Poll results screenshot 24/07:

Bears still waiting for a breakdown I see.

rodskee

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Quote from: STT on July 15, 2022, 06:58:15 PM

Sideways from here would be fine and then later hope price is also able to beat the prior recent high and build higher on a regular basis.

sounds that you are already correct in this market time because the price is now increasing , from 19k now we are at 22k which means there seems to be an increase coming more these days.

Quote from: Vaskiy on July 18, 2022, 05:32:57 PM

It looks like $23k to $26k to be the next resistance levels. Users who have been holding can close the position if it is possible to book profit around the range. Because there is more market dump dates and the same could assure with good buying opportunity. For now $17.5k is the low bottom and further we don't know how far this is going to make impact over the market.

but we still have not reaching 23k , stagnant at 22k yet.

but hopefully in sooner time we will break this and again touching at least 30k?

Vaskiy

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It looks like $23k to $26k to be the next resistance levels. Users who have been holding can close the position if it is possible to book profit around the range. Because there is more market dump dates and the same could assure with good buying opportunity. For now $17.5k is the low bottom and further we don't know how far this is going to make impact over the market.

savetheFORUM

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Quote from: BobK71 on July 17, 2022, 01:10:01 AM

Nothing is impossible. Because BTC went to $17.5k during the bearish period and has come back from there to stay between $20k and $21k. Investors are yet to regain full confidence, but if there is no major negative news in crypto, this could be the highest dip at in this session.
Yesterday's and today's current positions provide somewhat positive guidance. I think buying this position from $17.5k will not have any major negative impact. Since we take it as long term investment.

That's normal that the price comes back to a higher level because there are also people that buys when they saw the price are dumping. Price getting stable on the current level would mean that many are not yet interested to sell because they think the value is too low but it wasn't bad for someone that wants to make a little profit and use the money for something more important.

I think the price can still dip even if there's no negative news, the same when there's an increase, it can also happen without a positive news but in the event the price falls to 17.5k, it will then be featured in the news and many will consider this as a negative news.

BobK71

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Nothing is impossible. Because BTC went to $17.5k during the bearish period and has come back from there to stay between $20k and $21k. Investors are yet to regain full confidence, but if there is no major negative news in crypto, this could be the highest dip at in this session.
Yesterday's and today's current positions provide somewhat positive guidance. I think buying this position from $17.5k will not have any major negative impact. Since we take it as long term investment.

dragonvslinux

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Quote from: STT on July 16, 2022, 03:26:27 PM

I wouldnt post a giant chart every time because you all have the BTC chart available, we arent discussing a hundred different tokens just this one price so I expect most people to have checked the chart that day probably multiple times. Shape and characterizing the movement is all thats needed though on Sundays I think full chart and weekly bars is best used

I think you've assumed wrong here, that people check the price multiple times, but more relevantly that they are using moving averages, especially the same moving averages as you are. Someone was simply wanting to know what the lines meant, so I thought best to explain it to them with a full sized chart so they could see for themselves. If you don't appreciate it, then simply scroll past it...

STT

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I wouldnt post a giant chart every time because you all have the BTC chart available, we arent discussing a hundred different tokens just this one price so I expect most people to have checked the chart that day probably multiple times. Shape and characterizing the movement is all thats needed though on Sundays I think full chart and weekly bars is best used

Mpamaegbu

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Quote from: dragonvslinux on July 16, 2022, 07:06:12 AM

Quote from: Mpamaegbu on July 16, 2022, 06:35:22 AM

Anyway, I'm fairly certain it's the 4hr chart as the MAs that are crossing are the 50 & 200...

However it's worth noting that since this cross-over, both the MAs are now trending downwards (bearish) while previously the 50 MA was flat (neutral) even if price remains above them (bullish) and they have bull-crossed as it were. Realistically the 50 MA would need to flatten or trend higher for confirmation of a short-term trend change:

Thanks for your time and analysis. It shows how deep you're into trading. I love that. The crossover and recross of the MAs is the major reason I don't use them as entry or exit signals. They always repaint. I don't rely on indicators that repaint or lag behind. If anything I set the MAs I'm using to a higher figure for judging trend change, but not for taking trades. Relying on MAs to take trades leaves you in confusion because it can seamlessly recross and make your initial position invalid. Of course, I believe there are traders who are profitable using it but certainly not for me.

dragonvslinux

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Quote from: Mpamaegbu on July 16, 2022, 06:35:22 AM

Quote from: STT on July 15, 2022, 06:58:15 PM

The first thing I do while looking at chart(s) is to check the timeframe. Once I don't see that, I can't fully grasp what is been said there. The easiest way to cheat with a chart and make it look like price has long gone far is to present a price action (PA) on 1m/5ms or 15ms TF. It makes it look like there's a nice ride, especially if PA is headed in a particular direction. Anything short of 1hr TF for entry and 4hrs/Daily for guage isn't for me. OP, what's your TF in that chart. Would you mind telling? Again, what MA setting is in orange colour that the candle just crossed?

I agree I'm not a fan of charts that don't present the time-frame, or at minimum have a time-frame at the X-axis. Anyway, I'm fairly certain it's the 4hr chart as the MAs that are crossing are the 50 & 200.

So the orange line is the 200 MA and the other (teal?) is the 50 MA. However it's worth noting that since this cross-over, both the MAs are now trending downwards (bearish) while previously the 50 MA was flat (neutral) even if price remains above them (bullish) and they have bull-crossed as it were. Realistically the 50 MA would need to flatten or trend higher for confirmation of a short-term trend change:

By the looks of it they will easily cross back over (bear-cross) based on their current trajectories if price falls much below them, which is what happened in early June.

Mpamaegbu

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Quote from: STT on July 15, 2022, 06:58:15 PM

The first thing I do while looking at chart(s) is to check the timeframe. Once I don't see that, I can't fully grasp what is been said there. The easiest way to cheat with a chart and make it look like price has long gone far is to present a price action (PA) on 1m/5ms or 15ms TF. It makes it look like there's a nice ride, especially if PA is headed in a particular direction. Anything short of 1hr TF for entry and 4hrs/Daily for guage isn't for me. OP, what's your TF in that chart. Would you mind telling? Again, what MA setting is in orange colour that the candle just crossed?

Topic: Was $17.5K the low? (Read 989 times)