Will Bitcoin Correct to $6,500? - page 5.

nydiacaskey01

legendary

Activity: 1834

Merit: 1036

Quote from: olumyd on February 03, 2020, 02:26:32 PM

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

From current price of $9,200 down to $6,500? That's roughly 29% difference. If that happens I don't think we can call that correction but someone or a group dumped heavily to cause panic and buy more at lower price. if its correction, maybe a 10% to 13% drop from current price is possible. Try using stop loss to protect your investment in case a heavy dump happens and you are not in-front of your PC.

mk4

legendary

Activity: 2870

Merit: 3873

📟 t3rminal.xyz

If you're not sure what's going to happen, then the right move would probably to hedge your bets. Can't decide between USDT and BTC? Then probably put 50% on each instead. Even if we're a few months away from the halving, prices are still not guaranteed to rise so act accordingly.

jiten12344321

newbie

Activity: 259

Merit: 0

Quote from: olumyd on February 03, 2020, 02:26:32 PM

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

According to me after reaching and breaking 9000 BTC becomes the stronger and the resistance of 9000 become the huge support of bitcoin so this is not easy to break now but let's see what happens.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: olumyd on February 03, 2020, 02:26:32 PM

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

If the price is around $8000-$8500 today, then probably, chances are we might re-test $6000'ish. However, the $9000 support level looks very solid and the moment it will goes down a few %, someone is buying it up and put the price into perfect equilibrium.

So I'm not seeing $6500, unless there's some massive FUD around causing people to panic and newbies buying the FUD and pushing the sell button immediately. We might be indeed entering a bullish cycle as early as January already in preparation for the eventual halving in May.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: olumyd on February 03, 2020, 02:26:32 PM

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

reaching the $6000s again looks unlikely to me. there was a weekly double bottom there, and also a monthly dragonfly doji---an indication of bullish reversal. https://commodity.com/technical-analysis/dragonfly-doji/

based on just about any metric, the uptrend since mid-december is also significantly stronger than the bull traps from last july, august, and october. everything suggests a new bull market IMO. it's just that price doesn't go up in a straight line---there will be plenty of pullbacks along the way.

dropping to the $8000s and testing important levels like the 200dma is probable. i could even see a quick flush to the upper $7000s. but the $6000s are completely off the table IMO.

Kasabus

hero member

Activity: 2814

Merit: 576

DGbet.fun - Crypto Sportsbook

Don't loss that possibility in your mind but at the same time think of what good things could possibly happen based on the price are moving now.
Bitcoin was up significantly so far and thanks to the hype in the upcoming halving and since halving is still months away, I think bitcoin will still continue to soar and I would not think of its correction down to $6500 again.

when talking about correction, I guess we heavily experience that in the past years especially in 2018, so it's nice if bitcoin will not go down to that direction again so it could also help the whole market to slowly grow.

sunsilk

hero member

Activity: 3038

Merit: 634

If you trust your intuition then go ahead but I say that just be prepared for everything. Be prepared if the price pumps continually or if there's a slight dump in the next few days. But to be honest, everybody is expecting that we're not going that far anymore.

The price is kind of far from that price you're trying to look at. The halving is approaching and it's expected that we're increase more than 25% for the next few months because it was the increase last month.

criza

full member

Activity: 574

Merit: 108

No, I think the value of Bitcoin would not dip too far into $6,500. Bitcoin's price would only struggle close to a $9000 value in the present, halving is coming so it is more possible for it to continue to increase as the day goes by. But, regardless of the current standing of Bitcoin in the present, all possibilities are feasible and we must always take extra care.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Quote from: jackg on February 03, 2020, 03:25:54 PM

To me a drop to $6500 isn't really that far... From $9k to $6k, sure its a considerable drop but would you be happy to sell now and have it go to $15k? You're going to have to work out where you'd buyback if we swing up? (potentislly around the 11k area) and what if you still have these thoughts then? Are you going to risk holding everything to have to buy back at 15k or 20k? (if we make it thst far).

6500$ isn't that far but isn't that close either. Corrections are possible, even expected, but fall to 6500$ would be a rather significant so I don't think that will happen so soon. In the next correction that might follow in the next week or two I don't expect to see price lower than 7000$.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

To me a drop to $6500 isn't really that far... From $9k to $6k, sure its a considerable drop but would you be happy to sell now and have it go to $15k? You're going to have to work out where you'd buyback if we swing up? (potentislly around the 11k area) and what if you still have these thoughts then? Are you going to risk holding everything to have to buy back at 15k or 20k? (if we make it thst far).

olumyd

full member

Activity: 658

Merit: 117

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

Topic: Will Bitcoin Correct to $6,500? - page 5. (Read 1013 times)