How long have correction floor prices lasted? seconds? Minutes? Hours?

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I continue to anticipate a significant correction in the short-term. What that correction will look like, im not sure. While some analysis says 11k range, others say 9k, 8k and even 6k.

My fear is that if I do not set an autotrade, I will miss that floor, as it will only last a few seconds before it triggers massive numbers of buy orders. Thus–the true question would be how hard to gamble and how low to set the auto-trade.

Does anyone have any info on how long the floor prices have tended to last historically?

Thanks!



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12 COMMENTS

  1. Never try and call tops and bottoms. It’s too difficult. You’re rarely correct and if you take positions on that premise, you’ll probably get run over.

    Have a trading/investing plan with predetermined profit target objectives and stick with that plan. Nobody has a crystal ball and this market will do whatever it pleases.

  2. To actually answer your question, BTCe made two lows after the first rally over a thousand.

    The first was a cascade of margin calls that sent the wick to $150, you couldn’t pick up coins for cheaper than $200 unless you had a limit order waiting. The price stabilized in the mid 200s within seconds.

    The second bottom was at $192, the four hour chart looked like this: https://i.imgur.com/Sa1D9J0.png and the price stayed under $200 for about twenty minutes total.

  3. I’m new at this and I’m trying to learn the ropes. Please let me know if I’m understanding what’s being discussed… Basically the price will drop, and it will only last a moment before its corrected, so in order to catch this it’s good to keep a buy order at near those floor values to buy.
    What I’m confused about is selling, wouldn’t selling on the way down on a automated order be risky as it might just be a small slope without reaching the floor price?

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