Was 22.3K the correction? | Bitcointalksearch.org

STT

legendary

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I think 22k is reasonable but not just yet, alot can happen before then some speculate a new high. The price action recently has been fairly weak compared to previously however it cant be called all negative as its stayed sideways. Lets see how it handles this level challenged just now and its right near the monthly average also.

These are the 4hr bars since about Thursday and I'd say the water level is about here, to be positive it needs to be on top of this surface area. So far its just bobbing up and down and I would assume more work must be done to prove positive. I always look for a trend because a good trend will negate these small time frame speculations but right now I think we left trend and we will need to re-accumulate momentum and other factors that power price action especially.

kapalmabur

sr. member

Activity: 2002

Merit: 250

29k is a correction, not 22k, if a lot of people want Bitcoin price to dump to $ 22k, I don't think it will happen,
we know since there are futures trading conditions when the correction is not according to TA because many shadows or wicks are twisted,
and that should be us observe before selling bitcoin..

Pamadar

legendary

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Quote from: Jating on January 24, 2021, 08:28:39 AM

Quote from: hahay on January 22, 2021, 09:46:38 AM

The price will continue to weaken I think because although it looks like there is a quick recovery but still, it will not last long and the decline is happening again. The price is going up and down fast but it doesn't provide a strong pattern for the price to go up any time soon, so with this downside I'm sure the price will still decline or it will just continue to struggle so it can get stuck between $30k.

Yes, the trading volume is already weak to push to $35k. But above $30k, I would say that we are still bullish, its weekend and traders take a respite. And even next week, I would say that we are going to see the same pattern, sideways, we still have bitcoin futures expiration contract that might influence the price negatively.

But come February, we might recover a bit and then push the price to $40k again. And yes, the sentiments is still very bullish, it's just that investors are affected by the negative news and Fud this week.

Still have lots of weak holders who are not capable of holding after suffering with big loses.

The influenced of fuds are weaking more those unprepared investors, we might see bounce back or more corrections that may pullback the value it's a matter of how investors will hold on and keep the barrier not below $30K. It will lessen the fear from the market, and chance to bring new money after strong hold takeover.

Jating

hero member

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Quote from: hahay on January 22, 2021, 09:46:38 AM

The price will continue to weaken I think because although it looks like there is a quick recovery but still, it will not last long and the decline is happening again. The price is going up and down fast but it doesn't provide a strong pattern for the price to go up any time soon, so with this downside I'm sure the price will still decline or it will just continue to struggle so it can get stuck between $30k.

Yes, the trading volume is already weak to push to $35k. But above $30k, I would say that we are still bullish, its weekend and traders take a respite. And even next week, I would say that we are going to see the same pattern, sideways, we still have bitcoin futures expiration contract that might influence the price negatively.

But come February, we might recover a bit and then push the price to $40k again. And yes, the sentiments is still very bullish, it's just that investors are affected by the negative news and Fud this week.

RealMalatesta

legendary

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Quote from: STT on January 22, 2021, 05:50:44 AM

Theres waves of doubt that come in after a move down, market takes time to work through that before resolving its final direction either way. I'd say we are bullish above 30500 or so, however overhead is the monthly average. I'm told volume favours a further rise from here but appearance might put a few people off, depends on sentiment to some extent and wider markets possibly.
The price is undecided for the moment and hard to judge, a difficult trade is sometimes best avoided hence I always said trending market is ideal and times like now require alot more attention. ie. we broke trend

It is definitely a strong point on 30.5k price because it has lowered as much as that point and skyrocketed back to near 34k levels, which is a show of how we are not doing that bad at those levels. Supports are very important during a fall, if a fall can go down under the support levels that means it is not just a simple fall but it is a crash and usually crash happens very quickly and that is what I think will probably happen if we get a crash which wasn't that quick this time around so I think it wasn't a crash.

I believe this wasn't a correction neither, because corrections happen when the price goes up too fast, and yes we did went up to 40k very fast but we had our correction twice to 32k and then went back up, so we are not there anymore. Which means we are not a crash but not a correction neither, this is probably something that is in between of them.

hahay

legendary

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Leading Crypto Sports Betting & Casino Platform

The price will continue to weaken I think because although it looks like there is a quick recovery but still, it will not last long and the decline is happening again. The price is going up and down fast but it doesn't provide a strong pattern for the price to go up any time soon, so with this downside I'm sure the price will still decline or it will just continue to struggle so it can get stuck between $30k.

kapalmabur

sr. member

Activity: 2002

Merit: 250

Bitcoin price was below $ 30000, and touched $ 28800 on Binance, but only to making wicks, im sure this is strong support.
and of course this makes the bulls continue, don't be trapped by whales, if you really want to buy bitcoin I'm sure this is a good time,
because a bounce will happen , and the target is over $ 40k, good luck mate!

STT

legendary

Activity: 4088

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Theres waves of doubt that come in after a move down, market takes time to work through that before resolving its final direction either way. I'd say we are bullish above 30500 or so, however overhead is the monthly average. I'm told volume favours a further rise from here but appearance might put a few people off, depends on sentiment to some extent and wider markets possibly.
The price is undecided for the moment and hard to judge, a difficult trade is sometimes best avoided hence I always said trending market is ideal and times like now require alot more attention. ie. we broke trend

ethereumhunter

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The price already touched $28,800 as the lowest price, according to Poloniex, but the price now can rise to $30k. But there is still a red candle on the market, so we need to be careful because there is no guarantee that the price will stay at the current price. The price can go down for more, so we need to give extra time to watch the movements and not be late to decide. But I feel that this January, the price will not go up to the high price, but it will stay at a low price like this. I hope I am wrong about that.

exstasie

legendary

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Quote from: Searing on January 21, 2021, 07:45:16 PM

Zowie! I guess if you have "Institutional Investors" and the HODL'ing gets "tough" they take their profits and leave the table ....got to justify

them bonuses don't ya know?

Hell, at this rate the big money and profit-taking by institutional investors could make BTC volatility much worse!

I'm pretty sure it's the opposite. Grayscale is buying thousands of coins a day. The institutions behind those inflows obviously aren't selling into this dip. In fact, they can't since there is a 6 month lockup period for new GBTC shares.

It's weak handed retail investors who are dumping. I was hoping for a sub-$30K dip to shake them out because now they will act as fuel for the next leg up, chasing the market to get their coins back. Once the market pushes above $42K, things will get crazy again very fast.

Searing

copper member

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Clueless!

Quote from: Phantom Investor on December 21, 2020, 02:34:59 PM

Was that price the correction or are we expecting it to hit 20K?

damn...has been a month.....fun times...

looks like going back to the original price of BTC when this thread started!

Bitcoin "You merciless Bitch!" Sad

But really on December 21st,2020 the price of BTC was $23,851.48 (see www.coinmarketcap.com)

current price is $29,543.80 from an ATH of $39,421.41 (see www.coinmarketcap.com)

Zowie! I guess if you have "Institutional Investors" and the HODL'ing gets "tough" they take their profits and leave the table ....got to justify

them bonuses don't ya know?

Hell, at this rate the big money and profit-taking by institutional investors could make BTC volatility much worse!

fun times

Brad

Reatim

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Eloncoin.org - Mars, here we come!

Quote from: palle11 on December 28, 2020, 05:51:51 PM

I believe that this thread would have made many people surprised by this time that price has gone far than the speculated price. Bitcoin price is above the speculated amount from traders a

And at least OP's question about being corrected in Dec 21 is correct ,because that's the lowest price from December and after that Bitcoin Go Wild and Break Multiple ATH this December alone.

Quote from: Kong Hey Pakboy on December 29, 2020, 12:25:10 PM

Quote from: Zemomtum on December 28, 2020, 06:57:56 PM

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Bitcoin's price is really far from our expectations and speculations that it goes beyond to it's ATH price in just a short period of time, and its price is currently stable in $26K+. But most bitcoin users are still cautious because no one really knows if bitcoin will make a huge downfall again like what happened in 2017 or it will stay it's price above $20K.

Now that we are in 2021 already Yet Bitcoin Price is at more than 29,300 and seems like will be making another ATH in any moment ,the last recorded is 29,400 .

Questat

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Quote from: Twinkledoe on December 31, 2020, 06:18:11 PM

Quote from: Questat on December 31, 2020, 06:04:45 PM

Quote from: Kong Hey Pakboy on December 29, 2020, 12:25:10 PM

Quote from: Zemomtum on December 28, 2020, 06:57:56 PM

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Bitcoin's price is really far from our expectations and speculations that it goes beyond to it's ATH price in just a short period of time, and its price is currently stable in $26K+. But most bitcoin users are still cautious because no one really knows if bitcoin will make a huge downfall again like what happened in 2017 or it will stay it's price above $20K.

We never know but at the moment, let's just enjoy bitcoin trying to achieve another ATH at $30,000.. I can't say it's enough because it's really proving us wrong with our expectation, it might continue to rise but I'm certain correction is just around the corner.

And if there will be correction that will happen in the future, I don't think it will fall below 25k. We are almost hitting 30k now. And if these financial institutions keep on buying, that means they are seeing that bitcoin will be valued more than 30k. This is really a great start for this year. We never expected this to happen in bitcoin as pandemic is still around the corner.

$25k? you can never tell, what happened in the past, bitcoin reach almost $20k and it fall to $3000 that's 6 times of fall, therefore it's not impossible for bitcoin to fall below $20000 or even $10000, however, all of these are just possibilities, it's still important what you believe.

Twinkledoe

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Quote from: Questat on December 31, 2020, 06:04:45 PM

Quote from: Kong Hey Pakboy on December 29, 2020, 12:25:10 PM

Quote from: Zemomtum on December 28, 2020, 06:57:56 PM

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Bitcoin's price is really far from our expectations and speculations that it goes beyond to it's ATH price in just a short period of time, and its price is currently stable in $26K+. But most bitcoin users are still cautious because no one really knows if bitcoin will make a huge downfall again like what happened in 2017 or it will stay it's price above $20K.

We never know but at the moment, let's just enjoy bitcoin trying to achieve another ATH at $30,000.. I can't say it's enough because it's really proving us wrong with our expectation, it might continue to rise but I'm certain correction is just around the corner.

And if there will be correction that will happen in the future, I don't think it will fall below 25k. We are almost hitting 30k now. And if these financial institutions keep on buying, that means they are seeing that bitcoin will be valued more than 30k. This is really a great start for this year. We never expected this to happen in bitcoin as pandemic is still around the corner.

Questat

hero member

Activity: 2982

Merit: 610

Quote from: Kong Hey Pakboy on December 29, 2020, 12:25:10 PM

Quote from: Zemomtum on December 28, 2020, 06:57:56 PM

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Bitcoin's price is really far from our expectations and speculations that it goes beyond to it's ATH price in just a short period of time, and its price is currently stable in $26K+. But most bitcoin users are still cautious because no one really knows if bitcoin will make a huge downfall again like what happened in 2017 or it will stay it's price above $20K.

We never know but at the moment, let's just enjoy bitcoin trying to achieve another ATH at $30,000.. I can't say it's enough because it's really proving us wrong with our expectation, it might continue to rise but I'm certain correction is just around the corner.

Kong Hey Pakboy

member

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Quote from: Zemomtum on December 28, 2020, 06:57:56 PM

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Bitcoin's price is really far from our expectations and speculations that it goes beyond to it's ATH price in just a short period of time, and its price is currently stable in $26K+. But most bitcoin users are still cautious because no one really knows if bitcoin will make a huge downfall again like what happened in 2017 or it will stay it's price above $20K.

Zemomtum

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CitizenFinance.io

That seems to be a perfect correction based on the current uptrend we are witnessing, although, I am expecting some correction as we have moved so fast in just a short period of time

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: STT on December 28, 2020, 06:18:13 PM

To return to 22.3k now would take some doing but its still possible. On a chart theres a few levels of support and trend of buying above that price, so on a map it would on the edge of possible destinations for price to travel near term.

Market doesnt want to pull back especially right now but I bet theres some profit taking and general supply coming in, but also demand too which I wonder if its still rising or not and its the tipping point in balance between those two which really gives us the price decided. 22.3k is a corrective price though, it was previously and it would be now. Its a ledge in any fall likely to have some orders placed at it to buy in, 22.7 is more prominent above that. We're way off currently, I just wanted to look at daily bars where its still within scope

Interested if 22.3k really will be the corrective price here. As we are in the 27k mark, going down is imminent, but going down below 23k is really hard at this moment. Speculations is always there, but seems that the price is really going strong because a lot of these financial institutions keep on pouring their money.

Cherylstar86

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Quote from: Phantom Investor on December 21, 2020, 02:34:59 PM

Was that price the correction or are we expecting it to hit 20K?

Maybe at $21k price corrections upheld since many holders will going to sell their coins nowadays.
Hopefully other traders would learn to acquire self control and avoid weak hands, because that's the reason why most fluctuations tends to initiate due to emotional stress. We can handle it though constant market monitoring and daily analysis.

STT

legendary

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To return to 22.3k now would take some doing but its still possible. On a chart theres a few levels of support and trend of buying above that price, so on a map it would be on the edge of possible destinations for price to travel near term.

Market doesnt want to pull back especially right now but I bet theres some profit taking and general supply coming in, but also demand too which I wonder if its still rising or not and its the tipping point in balance between those two which really gives us the price decided. 22.3k is a corrective price though, it was previously and it would be now. Its a ledge in any fall likely to have some orders placed at it to buy in, 22.7 is more prominent above that. We're way off currently, I just wanted to look at daily bars where its still within scope

Topic: Was 22.3K the correction? (Read 718 times)