Down below $9k for the first time in a long while!

[cheezcarls]

Do you think this is the right opportunity to buy now?

It seems that the bloodbath sale has just getting started, as the bears are now taking over the market (thanks to Bakkt hype lol).

For me, I don't mind the red market we've experienced, as it is our opportunity to accumulate more satoshis.

I just wonder that in today's market, what would be our new support and resistance this time around? Let me know your thoughts or opinions guys!

Cheers!

[Zed0X]

Bitcoin bears wreaking havoc once again to many bitcoin hopefuls. This is a classic example of people selling on the news. From this we can assume now that the price rally from $3K to $13K was due to the "rumor" of bakkt launching and now that it's here, time to sell 

There were also some claiming the cause of the price drop was the drop in hashrate. But that can be ruled out now since it has recovered.

[ZionRTZ]

Not looking good for those who are anticipating a pump after the bakkt launching. Just two day's after the OP, BTC is barely holding on at $8000. It looks like we will be seeing btc at $7K again and I think that is where it will bounce off.

[mlawson71]

By the looks of it BTC is not even remotely done falling, let's see how low it will drop.

[Keenly]

By the looks of it BTC is not even remotely done falling, let's see how low it will drop.

I think that its fall will not last long, but the take-off will not be sharp, smooth, but will go up steadily, again, my opinion is only

[mnixxo.crypto]

I think this dump will stop somewhere around $7,500. After that I hope BTC will raise again. At the $7,500 there is support and also BK 231 (1D). In the case BTC will drop below $7,200, I think BTC will dump to $6,300 somewhere.

[mlawson71]

I just hope it doesn't drop below $6,000 too.

[comer]

im seeing soon that btc will be retested at $3k. well i hope it will not fall to that level but certainly it that happen many investors will flock again into the marketplace to buy and hold bitcoins and wait for the rise. Well then, let just wait and see what will happen next in the few months from now.

[alltalk]

I just hope it doesn't drop below $6,000 too.

I hope so. It may drop lower if the decline can reach $6,000.
You know, It is a huge decline. Personally, I am a bit surprised by the current decline. As I know there is good news related to Bakkt and we will go to halving time in 2020. But, contrarily, Bitcoin dropped very severely and altcoins followed it. 

[dragononcrypto]

I think this dump will stop somewhere around $7,500. After that I hope BTC will raise again. At the $7,500 there is support and also BK 231 (1D). In the case BTC will drop below $7,200, I think BTC will dump to $6,300 somewhere.

I'm also thinking very similarly from some analysis that I've done, studying past price history mainly. I'm expecting a reaction rally to $9k from low $7k, but ultimately not expecting a bottom until $6k area which should provide considerable support/volume, even if the price doesn't hold and $4-5k is tested.

I'm also starting to see a bear flag on the daily chart which targets the $6k area, so potential the price won't bounce back until this area. If anything, I'd prefer there to be no bounce until $6k, for me this would improve the chances of this level being the local bottom (and last orders) for a consildation prior to a bull market.

The target for the descending triangle breakdown remains at $6,410, so until this is reached, I'd find it hard to be convinced of a bottom (unless we cross $12k).

[Bobcrypto]

It is one those things on crypto market, there will be ups and down in the prices and obviously prices will always fluctuate, it just a normal trend since inception of crypto. The demand and supply rules, news, speculation etc are some of the factors that has been responsible for the prices rise or fall. I think we may be getting use to these factors as time goes on.

[mlawson71]

I just hope it doesn't drop below $6,000 too.

I hope so. It may drop lower if the decline can reach $6,000.
You know, It is a huge decline. Personally, I am a bit surprised by the current decline. As I know there is good news related to Bakkt and we will go to halving time in 2020. But, contrarily, Bitcoin dropped very severely and altcoins followed it. 

I am not all that surprised, it was somewhat obvious that it was in correction mode after the big rally earlier this year.

[vegasus]

I am not all that surprised, it was somewhat obvious that it was in correction mode after the big rally earlier this year.

Surely will be bearish after bullish. After we can see good improvement at several months, then the bearish will follow. It is happening in Bitcoin today. The price drops for a while after it has risen very well in previous months.

[Andruha1993]

In this case, the main thing is not to panic. Yes, the price of bitcoin has fallen, but it is not falling as fast as it was last time. Now two to three weeks will pass and the price will begin to rise again to $ 10k. It seems so to me.

[Shahinaz]

I just hope it doesn't drop below $6,000 too.

up and down ordinary bitcoin but if it reaches below $ 6k I think bitcoin is back in the introduction where the price of bitcoin is starting to become known, maybe hopefully not at this lowest price