Topic: Was 22.3K the correction? (Read 724 times)

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.

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..

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.

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.

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.

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.

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!

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

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.

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.

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!"

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

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.
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 .

$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.

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.

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.

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.

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

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.

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.

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

How much more to those people who had been just guessing in 14-16k price? Remembering up some threads which people do keep speculating on prices in the future
but this one will really result into different numbers since we cant precisely predict on what would happen in upcoming months or years to come.
Correction is something that can happen always because we cant just see a market that will only rise, there would be a decrease when people are selling off their investment
and trying to do the same thing again when the price had dip a bit.

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

Understanding the structure of the market is important because a lot of people are losing because they always think that the price will continue to go up without knowing that there should be consolidation first and also pullbacks. There is a recent pullback wherein the price goes down at $21,800 but that pullback indicates strong price move rebound because there is huge wick indicating that there are a lot of buyers that bought in that area. Right now, the price is consolidating and I keep seeing many people that are worrying because the price is still not moving. They do not know that consolidation is important and it is normal to see a price pause before it goes another rally.   

$30K is possibly though but in my opinion 25k will be good enough to reach at the end of this year so the trend can continues in the next year as well but if the 30K happens all of a sudden then it may drag the whale's activity more so there are chances of panic selling will be executed once the manipulation started.

Indeed. It was beyond my thought that Bitcoin will grow this much, in fact, I was only thinking that only breaking the $20k USD because the resistance was really strong that time but look at it now. Bitcoin is now currently playing around $23k-$24k USD and there's even a chance that it might touch $25k USD before this year ends. Regarding the correction, I'm not quite sure about that because all I can see are just a bunch of Bitcoin resistance.

Have you seen the recent spike its already on 24K$ .It means we are strongly at the bull run .Which are not surviving and still there is no chance of downfall and nvere be at 20K$ soon .I think we can touch 30k$ at this year hand cause we still have few days to end and btc is rising fast .Everything is possible on crypto we need to eye on the market always .

If that's the case it means to buy at every little dip that occur because from the look of tings there won't be any major dip like previous years where btc dip alot, this time it seems only little corrections and the price will readjust for the next run, this year is really different, 2020 has got some events that will go down in history.

Exactly, the only difference is that we have touch a new all time high and that's why everyone is really excited getting to $25k. But it won't be handed on us on a silver platter, the market needs to move on it's natural course because we can see $25k or even higher. Correction is over though, we have even momentum again to push to $24k, that bears didn't take over the market, normal pullback, and you're right, just one of many.

People still get surprised anything like this? Without even realizing that we had been facing this for a decade now. 
Correction can happen anytime because it wont really be called a market if there would be no price pullbacks to happen.
We cant just see a market that have some continous rise and therefore we should really be making out some measures
on buying out while its still cheap and waiting for some good run or increase for us to make profits.

I believe it is, but we consider it as a minor correction only, we have some surge and therefore it's expected that major correction will come. Bitcoin on the other hand is still bullish, I'm not certain if it has already top, so I think it might rise a bit before the big correction will start.

However, this is just my own personal opinion, I could be wrong like many others, we just have to be smart and don't make ourselves greedy on what we are seeing as we might be FOMOd.

It's hard to tell where the correction is going now we are in a bull run and Bitcoin is setting a lot of new records but if there's a correction between 22 and 23k we need not worry as long as there is no bad news, and no price crash I have a strong feeling that Bitcoin will end up in the $24 to $25 level, we only expect $20000 but the price reached $23000 it's really a big year ending surprise.

And we should not just believe the news that spreads bitcoin FUD will remain stable at 20k+ look what happens now where altcoins have decreased quite drastically and now bitcoin is still holding $23k this is a bit of a correction where the bulls will not go away once Me, Christmas is a good day for them and of course this is in demand so much because there are no long holidays so they are saving more on their assets than having to worry about what viruses are happening now.
Adoption is still happening but I think it will continue at an increasing price.

You can't assure that, there's still possibilities that test will try to go deeper considering that there are whales who still holding huge amount of this coin, they can easily play and shake most of the holders. Make sure to understand all those factors that may affect the current market trend before assuming what will happened next.

This current rate may be a good corrections since it bounce back and now residing above $23K, showing a good strength
and holding, bull still working and still gaining.

Considering the price is still above 23.5k as of right now, that was probably the correction when we bottomed out with the help of XRP getting investigation news was probably impacting on the crypto world a bit as well, which means price was meant to go down. But considering it is way about that already, literally just 24 hours later, I assume that correction was a short lived one and we are doing much better once again.

Do not forget we have spent weeks and even months around the 19k level, went up and down many times, and in the end we broke over that and look where we are right now. Which could mean that maybe the price of bitcoin could have hard time breaking over 25k for a long time, but in the end if we keep this up and not allow price to go down, that could mean that the price could actually go above 25k eventually, even if not right away.

It was a correction, one of many.

The way the chat looks, it is like 22k is the correction, we might hit 25k before the end of this year and the bull run proper will begin in the year 2021 where there will be a lot of FOMO

It is not possible to talk about the size of the correction but we can be sure that the total size during bull runs (which we are currently in one) is always a lot smaller than any other time because of the increasing demand and the momentum that exists during these times creating a "resistance" against the fall.
With that said I wouldn't be surprised if we never see any price below $22k ever again even though this is the end of the year and there is always newbies panic selling for no reason.

From what I see here, I am looking forward to an area of $19,000 - $20,000 is strong support here, significant support especially from last 2017 peak. People may start buying again or waiting for $20,000 to buy again, it is also psychological support for some.
If you check the price of Bitcoin last month, we got a lot of time that Bitcoin stays around $19,000 and after it broke the $20,000 it easily reach the $22,000 - $23,000 level.

Even though it goes back to below $20k, we can't say that it ends up the bullish season.
If we take a look at the last 2017 trend, we suffered a huge drop last December but what we have now is truly amazing and different situation. People are not so dumb to sell their cryptos for the Christmas season but instead of keeping them.

It was this year that despite the virus spread, Bitcoin demand is getting stronger and many companies are adopting this. This will have a huge impact on the market trend and I foresaw that this rally will continue till next year.

It didn't slow down a bit, the price is still a decent $23k++ right this Christmas holiday so it's very different as compare to lets say December of 2017 wherein there was still a big rally because of the positive news about CME and CBoE. But then again, time has change, narrative has change as well that's why we didn't see any massive dump today. Yes, there could be some pullback in the future but probably in the range of 1%++ not a huge dump. So the price today will be the next support and then it goes on.

Im presuming that we would be heading back down to 20k price or lower since we are on a holiday season which same as you said where people will be taking off their profits.

Yes, there was a decrease in price but it didnt really go as bad as we presumed but we cant conclude either that was already the correction or pullback that we've been waiting.

On technicals there were several spots for some buyback but it seems the price had stabilized or moving sideways once again which make it really hard to
make up some decisions neither you do buy or sell to this point.

^ We will never know until the middle of next year. But for me, it is not a correction. We have to consider the fact that one of the greatest holidays of the year is about to come.  So people would consider selling and profit with their assets first then reinvest later. So for me, we will know it once we reached the next 6 months. I have been eyeing it since it hit $23k already. I was expecting a more dramatic decrease in the value as bitcoin is very volatile. But luckily, it did not. It’s slow so there is a chance that It will still increase. Remember that once there is a correction there could be a price pump in the market.

It had some correction just today but its really not much, just topping out on a Fib line thats matched highs all along this large price movement for weeks.   I suspect its from the news of further delays to any stimulus bill being sent, really I dont trust news like this as a proper reason for movement but it does effect market sentiment overall so to BTC now we react to Dollars so often and have main market involvement



So negative projection as OP feared, here by this extrapolation that'd be about 19k at first count.   That low would match Dec 11 low and also the thanksgiving sell off, still within a range of positive movement but a correction.   Blue line is 50 day average, its a fair downside target to pencil in but theres not much excuse to expect it as yet and we are above the 2 day average.   2 day is declining and weekly still rising, if they meet we could sell properly at that time perhaps.

By the looks of it the price is not going down "that" much. The news about XRP should have dropped the price a ton, and it did dropped a bit or maybe it was just coincidence that the price dropped during something like this, but the price dropped nevertheless yet when we look at it, price drops in all crypto goes from 2% to 8% or so at the top level, which is not really all that much and bitcoin is still above $23k level.

This shows us that bitcoin is not ready for a big drop just yet, doesn't mean that it will never drop, but it just means that bitcoin price will probably not fall that all that much for just right now. It is going to be strong and the support of buyers will continue to keep it high, we now have corporations with us trying to buy which allows us to be stronger, normally I hate these financial companies but they are very helpful during this period.

i Have been monitoring since 5am because of making final decision what to do in my holdings,Abd it seems like correction is coming ,because the movement has no consistency and altcoins are also in Pain.
but only two things will happen for sure,and that is either we will continue bullish  till 2021 or market will dump before the year end.
Exactly ,the complicated movement make it harder to tell ,so maybe i will just keep my coins.

The correction now turns out to be somewhat complicated to forecast, in the world a new strain of the virus is now being put, this can cause some panic, some countries are already closing borders again, everything would be a matter of waiting, really the price per now the Bitcoin one is very good.

Indeed, on the lower time frame, $20.000 is strong support, you can see it on the hourly time frame. But, in the high time frame weekly on monthly the strong support is on the $12.000 barrier which I think if the current bull run market same with the previous bull run (2015, 2017, 2020) its price will fall to $12.000, yeah not bad since the previous bull had made bitcoin price touch $3000 as it all time low.

Was a lame try to spread panic and drop price due to the scamdemic 2.0 in England...

i have crossed this Post recently https://bitcointalksearch.org/topic/m.55905082 indicating that Even how high bitcoin price now yet investors are keep on coming .

this means maybe that 22.3k is the correction or something lower will come first for the preparation of the 2021 real Bull run.

If those Big companies really showing interest and proving by buying in the hype so what more small investors and businessman ?

the opportunity is knocking at their doors now and seems like they are grabbing it.

We're back to the top rung of the ladder again, its actually surpassed the daily trend or channel once again.   So the initial fall on Monday reversed while getting close to the lowest bullish trend and a few hundred off weekly average; both of which I would consider the real tide line for our direction over a larger view.    It failed to properly break pricing down further then just profit taking, no real damage done to the speculative trade, the momentum of monetary flows in etc.   Its once again back to beyond expectations in performance, all rockets fired on basically.

Hopefully this is the case and we can expect another Bull run before taking more losses in the price. 
If this is the case then we are looking at a correction of only 2k which is much lesser than other corrections in the past. 
Let us hope this is the case but I still fear a correction period where we see the price of 1 Bitcoin drop to below 20k.  Or even my worst fear of below 15k.

No. A 10% dip is definitely not the correction.

When price is crashing below $19K, that is the correction.

Call me old fashioned, but until we see a 30%+ correction, the prospect of one is like an ominous cloud hanging over the entire market. It's coming, the only question is, from where? $24.3K or somewhere else?

One thing is Sure ,We are expecting Christmas  and Newyear lol.

Why always asking when the price goes down But never Do the same when the price is bullying.
Crypto Is a volatile market and we don't know what's each others plan In their investments and holdings.

If you are not ready of being Stocked then never Invest in Crypto at all ,Because this market is for risk taker and has a Patience .

It quickly went back up to high 22's and low 23's after that dip to 22k. But I would expect a correction back to $16k - $18k range, just to check back in one more time with where those dips from $19k were establishing support in that range.

I'm guessing January will be down for Bitcoin, then February it'll come back up to current price levels and start pushing beyond.

Also Grayscale has stopped buying Bitcoin for now. I think maybe they take a break for a few weeks once every 6 months for I dunno some sort of accounting or business reasons. So that like $200+ million weekly of Bitcoin being taken off the market by Grayscale won't be happening for probably the next few weeks. So if the price is going to correct further downward, the next few weeks is the best bet, before accredited investors start scooping up 9 figures USD of Bitcoin through Grayscale every week again.

Currently the price goes down slowly to $23k, but we can't really tell what will be the next support level with this retracement, (yes, I'm seeing a correction already). But then again, with an asset that is very volatile as bitcoin, there's no way we can see what will be the price correction.

It will keep fluctuating, until a certain period, and then stop, trading sideways, and then a bounce back that is higher than the previous price. We are waiting for $25k to be breach at least at the end of the year, so let's hope and be optimistic that we can get to it.

Price correction or pullbacks are pretty much the same but asking on how deep it would be then that would always be a question of all that cant really be answered
but somehow with some help of technicals then you can presume out on where could possibly the price be ending up in case for some price pullbacks but always
put up in mind that it isnt always accurate nor precise when it comes to technical analysis but at least you do make out some presumption due to some basis
rather than on blindly presuming without any having done some plotting.You can always set on your own buying point.

I think it's correction period and it's not going to stop here we might see more fluctuations in upcoming weeks and it's not new, this happens in the last week of every year, I just hope we don't face one more downfall which we faced towards the end of 2017 and begining of 2018.

If the value of Bitcoin drops below $20k before the end of the year then we are in trouble.

probably for now..but remember Bitcoin 'loves' to go sideways for 1/2-3/4 a year at best ..if not down...also it loves 30-35% price corrections in the down column as well...

Bitcoin..you 'merciless bitch' will even go down as low as 75% just for giggles a couple times. So the ONLY WAY to compensate for this volatile and complex speculative asset

is to just frigging HODL for no period less than 5 years, and I'd only do that in a real fiat or USD real life emergency or better yet 10 years. The 'long game' is the only way

to play any kind of speculation. BTC/Crypto is NOT an investment..it is speculation..it could go down 1/2 due to adoption worldwide and act like a traditional investment..it

could stay at current price now due to adoption and act like, again, a traditional investment of 1-2% per year or it could do what it has in the past and go from $22k now

up 5x/10x/16x etc. There's the fun don't ya know. Sell crap out of attic you may die will on eBay and buy Bitcoin.....what the hell, at worse you have an empty attic and

a rec room and your house goes up in value $15k or some such. But don't stop buying BTC dust at $22k BTC prices...because what are you gonna do if in 8 years it is $100k.

But Bitcoin will go down at least 30-35% this winter of 2021..count on it too much is screwed up ..IMHO everything will take a haircut from stocks to whatever 30-35% in

that the world is fighting a pandemic and recession and just plain, in the USA anyway, undoing IMHO a catastrophic last 4 years under Trump Administration and needs

a complete reset in that area as well. The sheer amount of work and uncertainty and 'adult'ing' or being an adult and stepping up to all this is gonna cause a backlash

of reality to folks.thus, again, I think everything is gonna take a haircut above. So do all such BTC/Crypto purchases with a 10 year plan or 5 years if you have real life

issues, like medical and have to sell some. Remember Bitcoin goes down like an elevator and goes up like your taking the stairs on crutches..it just is how it is...and

I point to our last pump to current ATH as proof!

Bitcoin: "You merciless Bi-Polar red hot mess bitch! Damn, your fun!"

Brad

Look at the RSI, it is giving a more meaningful answer, when we touched the new ATH the market moved backed to the local support line several times and RSI reached on overbought area, which means bear is trying to take control. Now the market broke the local uptrend line 23300 and bounced backed from 22300 which gives now strong support. if the market break this support then we should be ready for a downward movement towards 20k.

It is still hard to tell if it is really the correction or the people who have been holding for long is now taking their profit.
But I don't really think that it is the correction,
But if it is the correction would we see the market continue to move forward?

Maybe.

The price recovered already and it's $22,800 as of time I'm posting this.

We're all expecting both ways, positive and negative. We can speculate about it positively because it just went through a $1k+ correction. Then, we'll see it back afterwards because that's the natural reaction of bitcoin whenever it plummets. Rush buyers would come and won't waste the opportunity when it corrects.

I think it was the news of the stimulus or bail out money deal and it was less then expected but either way prices pull back normally.



On 1hr bars we got 2 day average in blue capping us overhead for momentum and below is yellow the weekly average.   The other lines are our progress relative to the initial high and quick sell off on this move first occurring, we've been retracking since then.    We hit the low price earlier, regained it within the hour and then held this line to confirm action so we've risen from lows as support.    I think OP 22.3k is a good area to watch for being lost or not in terms of weakness.

Correction ? I don't think so ,maybe its better to called "COLLECTION" because surely some Holders are now Collecting their Profit from the Bullrun for the celebration of Holiday season.
That's why there is only Lower Cut compared to the Dump happen week ago.
Bitcoin Did the Job Well for Hitting 24,000$ and if there is some small correction that's Normal for How much had the Run since November .

No one knows.  If projections are accurate, in the long term, whether you bought at 20k or 23k won't matter.  Trading and market timing are rarely successful over long periods of attempting to do it.

It didn't help that Grayscale halted new Bitcoin Trust inflows (it happens sometimes). [ https://www.coindesk.com/grayscale-halts-bitcoin-trust-investments ]
Craziness with the coronavirus in England didn't help.

So those are likely some reasons why there was a drop today, but everything is really just a guess.

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