Bitcoin Forum

I posted another bearish article 1 month ago which made some people here annoyed, because according to them, those Wall Street analysts are biased against the cryptospace, are not cryptocoin traders and know only about forex, commodities and stocks, and that technical analysis does not work in bitcoin plus all sorts of silly reasons.

But now that the bear market has fully established itself, do you agree with them now? The joke is on us, I reckon.

https://ei.marketwatch.com/Multimedia/2018/03/27/Photos/NS/MW-GG293_BTC_03_20180327075202_NS.png

he total value of digital currencies fell below $300 billion overnight as more broad-based selling pushed some major digital currencies to multimonth lows.

The No. 1 digital currency, bitcoin BTCUSD, -2.43%  spent most of Tuesday trading below $8,000, nearing long-term support, which will have the eye of many traders. Bitcoin was last traded at $7,882.64, down 3.1% on the day.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.

“After steadying we are not seeing the same optimism as before and the path of least resistance is lower not higher.”

Tuesday marks bitcoin’s sixth losing day in the last seven as the mid-March rally continues to unwind.

The fall in bitcoin has wiped out many short- and long-term support levels. In addition, each relief rally has met resistance at key moving averages. The current selloff has bitcoin is nearing a further long-term trendline that, if broken, could leave it vulnerable for to retest the Feb. 6 lower under $6,000.

Source https://www.marketwatch.com/story/crypto-market-cap-dips-below-300-billion-as-bitcoin-nears-long-term-support-2018-03-27

It took me a while to acknowledge myself we are in a bear trend, but hey i have seen it before. Longterm, and i mean about 5 years from now i see a bright future. We will see how the triangle will play out now in April, breaking up or down. News about lightning network being embraced and ETF would sure help us.

Yes, we are in a bear market, but I don’t care. I watch other people crying while I yawn.

Now it is too early to draw conclusions. Bitcoin is still popular. Now bitcoin prices are relatively stable and therefore speculators brought part of the capital. They are attracted by volatility. But bitcoin continues to be traded on stock exchanges in large volumes. Soon we will see a big price increase. I'm sure of it.

Don't always be optimistic as sometimes it can lead you to loss of money. What made you think we will soon see a big price increase? I don't see any news or rumors that are soon to be fact that will drive bitcoin to new all time highs and big bullish movements and even if I do, I only see it correcting later on. It is just the right time to draw conclusions now because if not, you will see the real conclusion even before you make a speculative one.

It's quite clear we are in a bearish period but I think half the issue is that everyone has a strong expectation one way or the other. It's either that we will be back to the ATH in a month or that we will go down to $2000. It's entirely possible we remain in the region of 7-9k for some months and that really wouldn't be the worst of things.

bbc, fox and any other major media of course are biased, not only in relation to cryptos, but in every thing. I think it is a shame to work for those fascist entities.

yes, we will see, how far this bear market will survive ROTFL
before the bull market comes in, there will be a lot of additions in the list of people panicking. I will continue to hold back and will not panic, until the price I expect comes and will benefit.

I suppose total market cap makes for a more fun narrative but if I were being professional about it I'd at least divide them up a bit. Market cap for Bitcoin is illusory enough, most of the other shite out there is pure hot air on a one way trip to zilch.

Sounds like you used good management and protected yourself against the swings. Well done and I have as well, it will be interesting how many people squirm and sell bottoms in the coming months if we are in fact in a bear market.

It all depends on how you look at the market. If you pay attention to what has happened after reaching the speculative peak last year, then technically one could say that we experience somewhat of a bear market right now. I personally am only focused on the longer term picture, and thus don't consider current market to be anything even close to bearish.

It's pretty obvious that when the price increases to such insane levels, it's purely the result of hype and speculation, and let these be aspects of a market that aren't sustainable when their momentum is no longer there. The market is resetting itself, and that's a normal and healthy move, even though people might not consider it to be that. What goes up hard, comes down hard, that's a very simple but yet truthful saying that perfectly applies to current market. Seriously, what justified the price to shoot up that hard? Exchanges even in current time don't manage to serve their users, which means that we have a long way to go. This ecosystem BY FAR didn't reflect the price of last year, and not even the $10,000 levels from a few weeks back.

I respect all your comments, and it appears that some of us still cannot accept the bearish sentiment that started on January. That is ok, we are human and we make mistakes. But what gives me unease is if we are stuck in a state of denial, then it may indicate that the market might still go down.

they are biased, even if some article they wrote were to come true partly or fully.


and this is the biggest problem that i see with these articles. they talk about the whole market at the same time as if it is really the same! well, it is NOT. it is very different.
altcoins are getting dumped and people have been exiting for a while now, they are running away and trying to get buried under the dump. so even the volume has dropped significantly in altcoin market and recently we are seeing the newbies are also exiting because some of them are waking up.
but things are still different for bitcoin, the volume is where it should be. people compare it with the time when price was going from $10k to $20k in less than a month and think now it is low because it is lower than that time. but in reality it is still pretty high considering the circumstances. and only those who had high hopes of getting rich overnight are "withdrawing their capital" from bitcoin. the rest are still pretty much in the market still.

The trend has provide a way that we may interpret what is happening now and making an inform decision about the position of things and when to buy or sell bitcoin. Bitcoin dominated the crypto currencies market and as such we can used it to interpret the market. This bearish market is reall and I think it is almost coming to an end.

I admit that initially in January I thought that it was just going to be another recovery, and the bull market wasn't yet over. But by this month I'm definitely convinced that we are in a bear market. That is to be expected, though. I have always expected this to happen, but frankly who is able to predict if the next rebound was going to come or not. You just have to be prepared for all scenarios.

Based on the current bearish trend, if we do not break out above $9-10k soon, we'll probably going to go under $6k which was the low this January. Surprisingly that figure has not been broken yet. I expect the market cap to bottom out at around $150 billion total and BTC should bottom at $3-4k.

Bear markets aren't all doom and gloom, though. That's what the wall street analysts are failing to address. You can make a ton of profit if you buy in a bear market, have the patience to wait for the rally, and sell then. The prices are way cheaper to accumulate for the long term now compared to last year, but people aren't buying at all. That's the difference.

Yeah I didn’t want to come to terms with it either, it’s not nice as a HODLER to see your portfolio value be slashed in half & more but we will recover. Everybody just needs to be patient, like you said we’ve seen it all & been here before.

Let's see those faces from people who sold their bitcoin after this bear market season, not gonna deny the crash makes most of our portfolios halves from the initial profit that we've invested most of the cryptocurrencies took their own damage by the domino effect made by the bitcoins dump, let's wait for those weak handed to panic and cash out, flushing out all of the easy money wannabes making all those enthusiasts to be the last stand from holding their coins, the true earnings comes from holding it is proven for so many years with bitcoin.

It continues now i saw that it is very near to death cross of Ema indicator which is very critical if it continues to cross now that investors are pulling out the msrketcap much decrease and red candle starts. Im not spreading any Fud but that is what i have seen from my own T.A. Probably a long bearish is waiting to bitcoins if it happens.

I still think there is too much demand for bitcoin to experience long bear markets. We love to hear good news anyways so this is the best thing I can at least say. We all wish to see all these market will recover..

Three Diggits coming soon, holding through  8)

I think that now everybody has acknowledged that we are in a bear trend. As i said it took me a while, until that descending trendline formed. It can last for a while until we bottom out and star to go sideways...

Good news won't be able to do anything. If the demand isn't there, good news at most will translate into a tiny spike up, that a few days later will plummet back down to even lower levels. That's the hard reality.

The demand we're experiencing is clearly not strong enough to sustain even current levels, which should be clear by now. Currently my hope is still that the $6000 bottom won't be broken through.

If it happens anyway, then brace yourself for what has to come, but on the other hand, this decline won't last endlessly. When the demand is able to sustain the price again, we'll be up for a gradual increase.

I have witnessed during the last years that the markets return to ATH's, but now I am somehow sceptical even though I am still holding my bags. I have lost so much that there is no point in cashing out now. I did not follow the "take profits" rule. I ask myself more and more frequently if we ever will see previous levels, maybe this was the very top in January and we are not going to see anything like that ever again.
https://trends.google.com/trends/explore?q=Bitcoin

It would be nice if these trends actually gave something in terms of numbers of people. It's just a range, it's no surprise that in December there was a huge frenzy of people searching for bitcoin but all we actually know is that it was about 4 times as many people as are currently searching. This in likelihood is still probably a really small percentage of the world and in a few years time the 100 of December could be 10 or less.

It seems that the support around $7300 managed to at least for now, keep its position. If we look at the spread between the last bottom and today's bottom, then it was just $5, and that shouldn't really be coincidence. I bought myself some extra coins today to lower my average buying price, and will continue doing so all the way down, but I'm mildly optimistic about the market from current levels to not go down much further. If you don't buy at current levels and keep waiting, you might find yourself to yet again to miss out on a great opportunity. People thinking it will go down to $3000-$4000 should stop dreaming, it won't happen.

@richardsNY. You should be very careful in making such bold predictions. It is easier for bitcoin to go down to $4000 than to go up back to $20,000, I reckon.

Also, it is bewildering that if you ask the same people if it was still possible for bitcoin to reach $20,000 again this year, their answer would be a very easy yes hehehe. Maybe the denial is still strong in some of us.

Too much optimism is wrong and ignoring signs hinting towards a massive crash is also wrong. You can hold all you want, we don't care, but the numbers don't lie and it's there just waiting for you guys to make your next move. The smarter ones have pulled off their assets in the mean time yet the in-denial ones are still trying to make themselves believe that this is just another regular crash which isn't similar to the 2013 bubble. Oh dear, the massive craze about bitcoin has already died out, and the bears, I think, would be ruling the markets in the next coming months.

I agree, and this is true the chart and news says it gonna be reach $3000k that is a strong bearish. For the mean time people are too bullish with $20,000 within this year. The market is too afraid to enter now a reason why people is denial most especially to the new people here in crypto.

Without any incentive for the price to rise, there'd definitely be no push that's gonna happen anytime sooner. Besides, the craze has already died and there's no way the price could take a hard push after all the negativities surroounding bitcoin. Right now, if $5500 can't hold, we can see ourselves tumbling down all the way to $4000 or even lower, which is still a great starting point for future pushes.

Yeah, it is really nothing new and for one fact, that would still give us a chance to at least have some more for the future. Who cares anyway? Bear trend, bull trend are all just some way to make some people believe what they want to believe since there are lots and lots of greedy people in the market and if they are willing to get greedy to give up their funds for no reason, who am I not to take it?

I would not say optimism is bad if he understands what makes him optimistic, he is looking forward to the future and he obviously have in bitcoin what he can afford to lose. In cases like that, I would not really send the market in anyway. Also, anyone who is even a trader should not even be affected with what is going on in the market, since at the end, they can always re-strategize.

I agree. For the different reason that I do not cash out now. I think with the increased usage of both Bitcoin and Bitcoin Cash, the price will rise eventually.

This is not even about popularity, this is the fact that we are in a bear market but who cares really? We are all aware of the volatility in the first place before even coming into this space and in as much as some people are crying, some are just busy having their normal day going on. It has happened before, it will happen again and there is nothing anyone can do about it.  At the end, it is just all about the future, isn't it?

The secret has got to be buying in the dips and selling on the rises.  If you miss the boat then you'll have to wait for the next time.  What is the point of holding for the next five years.  Nobody knows where Bitcoin or any other coin will be in five years time.  Obviously you won't always get this timing right.  But if you just sell a portion of your coins when the price rises then you can make a bit of profit.  And then if it goes down at least you've made something. 

I remembered last year that the btc market is steady and strong when it was still over B150 so going under B300 is not really serious for me or even critical. Let them weak holders get out.

Yeah, those time people are panicking just to own bitcoin and now they are panicking to sell their holdings. Bitcoin is still good right now since the price are quiet stable on that level and hopefully will not go deeper. People may leave this but bitcoin will surely bounce back without those weak hands.

The bears are really not playing at all and they are seriously having a swell time as it is. It is one of those things anyway and the thing is that there is good side to everything. At least, we have low fees which has even become crazily low these days, we have the time to load up some the more, irrespective of how the market tends, and the most important thing here is that in the long run, there is always a repetition. So, it is always good time in the market.

So I think a lot of people. But it seems to me that this opinion is the main reason for the bearish trend. Bitcoin must be a currency in order to be able to resist the actions of speculators. I believe that the price of bitcoin will increase but it will happen only after there will be an opportunity to use bitcoin as a currency.

Well it has dawned to me that we are already going to see more of the bearish trend as April doesn't give us a glimmer of hope. We thought that we have recovered in the beginning of the month, going above $7K in the next couple of days until the day traders decided it was time to dump again and take the profits.

So a lot of holders are still thinking of going long term or just do short trading to cover what they have lost in the last couple of months. All we can do is hope that one day the bull will take over this market from the bears and see the price going 5 figures again.