Too Many Gloom & Doomers!

[exstasie]

"sideways for months". i doubt that can ever happen with bitcoin!

That's strange, because it's happened many times in Bitcoin's history. Just pull up any weekly chart. In fact, Bitcoin tends to consolidate for much longer periods of time now than back in 2013-2014, when I started trading. The market used to feel much more emotional and volatile back then.

Masterluc recently said a couple months of sideways was one of the likely scenarios after the drop to the $10,000s.

[TERA2]

5 years of sideways between 5k and 10k

[pooya87]

"sideways for months". i doubt that can ever happen with bitcoin!

That's strange, because it's happened many times in Bitcoin's history. Just pull up any weekly chart. In fact, Bitcoin tends to consolidate for much longer periods of time now than back in 2013-2014, when I started trading. The market used to feel much more emotional and volatile back then.

Masterluc recently said a couple months of sideways was one of the likely scenarios after the drop to the $10,000s.

to be fair the 2013 onward drops was a special thing because of all the sudden big changes in the bitcoin world. mainly the Mt Gox fake pump in only 1 month from $200 to $1200 and then scamming people and running away. all that silkroad crap, the end of GPU mining,...

and it was not "sideways" it was dropping! its a big difference.

[Harlot]

A pretty good chart analysis you provided to us. From what I am seeing Bitcoin has also succeeded on creating a head and shoulder formation which is a good formation signifying a reversal in the current trend. Using the basic Moving Averages as well you will see that it is still intact to its supports and we may now not worry that it will go down below 10,000$ level right now. With regards to people panicking on Bitcoin's price movement you will see that it is their own fault for their own lack of preparation and education about studying charts.

[nidacoinlove]

"sideways for months". i doubt that can ever happen with bitcoin!

That's strange, because it's happened many times in Bitcoin's history. Just pull up any weekly chart. In fact, Bitcoin tends to consolidate for much longer periods of time now than back in 2013-2014, when I started trading. The market used to feel much more emotional and volatile back then.

Masterluc recently said a couple months of sideways was one of the likely scenarios after the drop to the $10,000s.

to be fair the 2013 onward drops was a special thing because of all the sudden big changes in the bitcoin world. mainly the Mt Gox fake pump in only 1 month from $200 to $1200 and then scamming people and running away. all that silkroad crap, the end of GPU mining,...

and it was not "sideways" it was dropping! its a big difference.

Unfortunately we don't realize the difference between events, we only look at the price and then just throw something which could really misguide especially the new members of the group. Right now bitcoin price has dropped due to the money taken from it and invested in the alts. There is no such other reason for the bitcoin price drop which started from a correction and is now struggling to go up, this may take a little longer but it doesn't mean that bitcoin has lost it's position in the crypto world. It will recover taking price above the moon.

[J. Cooper]

I think I would be a lot more worried if the price kept skyrocketing like it has been doing the last couple of months of 2017. If I look at the weekly charts all I can see is a very healthy correction that's going to end somewhere in the near future. If you really believe bitcoin can just keep going without a pullback you should question what you're doing here. And I also think this has nothing to do with fees and confirmation times either

Indeed I was so glad bitcoin paused for a bit and at least had some correction and took a break from the exponential rise.
Seriously I think there are too many people on this board who just wants to see btc goes up up up up up faster faster faster - so that they could be billionaire by the end of 2018.
It just doesn't work like this!

People who are just getting in to this are so extremely used to seeing bitcoin hitting new all time highs practically every single week. But it can't always be like that, that just won't be sustainable at all. Looking at the weekly bitcoin charts we can see that currently we've hit our 3rd consecutive red candle (hasn't happened since the China crash). So I feel like we're preparing for a very big leg up very soon.

[cybersofts]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

Haha, welcome to the party.

A stop loss would have been appropriate two weeks ago. We've fallen 40% or so off the high...the loss has already passed you!

This isn't new for Bitcoin, we've seen 80% crashes before. Everyone in the media has been expecting "the bubble to pop" and it has now that the price has gone from nearly $20k to $12-13k. So, what's the surprise? Bitcoin will sit at this level while we all wait to see how the Lightning Network implementation pans out.

So let's hope for the Lightning Network to work because without an update to speed up the bitcoin transaction speed and lower the transaction fee, the bitcoiners are going to be sitting ducks because in time everyone will be leaving bitcoin by calling it an outdated coin.

[exstasie]

"sideways for months". i doubt that can ever happen with bitcoin!

That's strange, because it's happened many times in Bitcoin's history. Just pull up any weekly chart. In fact, Bitcoin tends to consolidate for much longer periods of time now than back in 2013-2014, when I started trading. The market used to feel much more emotional and volatile back then.

Masterluc recently said a couple months of sideways was one of the likely scenarios after the drop to the $10,000s.

to be fair the 2013 onward drops was a special thing because of all the sudden big changes in the bitcoin world. mainly the Mt Gox fake pump in only 1 month from $200 to $1200 and then scamming people and running away. all that silkroad crap, the end of GPU mining,...

and it was not "sideways" it was dropping! its a big difference.

I wasn't talking about the entire downtrend from $1200. That was a downtrend on monthly time frame. Again, pull up any weekly chart. During the downtrend, there were several periods of sideways consolidation (corrections) that lasted for months before the drop continued. Nearly the entire year of 2015 was spent in a range. So was the period of December 2015 to May 2016. Tight sideways action for months and months.

Also, I don't buy that logic. Silk Road happened before the November 2013 bubble. ASICs took over well before that. Gox went down months after the market had already crashed and entered a bear market. These are just empty rationalizations of why a bear market shouldn't have happened. Correction and bear market cycles will always occur; they are cyclical. It doesn't matter what excuses anyone makes for them. The fact that so many people now think this way suggests to me that another long term bear market like 2014 is coming. The question is, how high will we go first?

[NeuroticFish]

Of course, the latest correction also helps. And as the others said, losing one month of growth (actually less than that) is not the end of the world.

It's completely meaningless. People for once need to understand that if a market can increase a lot in quite a short period of time, that it can also go down quite a lot in a short period of time.

Yes, this is what correction means. And yes, we are still higher than we were in December 1st. And yes, ups and downs are normal for Bitcoin.

This market doesn't care about these clowns at all, and never will.

This is the part we don't agree on. FUDers are spawned relentlessly. When Bitcoin is on down trend, although it's just a correction, many newbies will panic sell.
The market is still full of inexperienced wannabe traders that do care of such FUD and don't even check that the posts are made by accounts made minutes ago just for FUD.

Look at kwukduck for example, he started with spreading fud even when the price was below $500!!

He's a special case. He's wrong so badly so many times he's fun to read.
Anyway, he cried "wolf" so many times even newbies don't believe him and everybody will ignore him even when/if we will be right.

[nl247]

5 years of sideways between 5k and 10k

How about 10 years or 20 years of sideways at the price you stated? Anyone who wants to believe stuffs like this are strictly on their own and I believe time will tell at the end of it all. Gloom, doomers or whoever have a place in the community, but really, who cares?

[btc_angela]

This doomsayers will be part of the market as well. Specially if the price keeps dipping down a little. Some of them really took it seriously to spread alot of false news about bitcoin like the legendary kwukduk. LOL.

But when the price is hitting all-time-high? They are all hiding the rocks and you will not see them for months. So as for the OP, you shouldn't be emotional about those people, others have learn to just laugh at them while others continues to ignore. But there are really a lot of more senior member who will really put up a debate and contradict those doom sayers around.

[TERA2]

What if I think a price decrease is good for bitcoin and is not doom and gloom as long as youre not a leveraged long.

[pooya87]

What if I think a price decrease is good for bitcoin and is not doom and gloom as long as youre not a leveraged long.

thinking that and sharing your speculation on a forum is not the same as spamming everywhere on the forum saying price will get dumped, that is called spreading FUD. currently you 773 posts with 84 activity and you have been constantly spamming about how bitcoin is going to fall for the past 20 days that price stopped rising!

[TERA2]

Heres my hacked profile:
https://bitcointalk.org/index.php?action=profile;u=149230

Youve ignored all of the bullish statements I've made and all of the precise calls I've made and I'm not spamming I'm making rational conversation. And were definitely falling eventually - it has to go within the vicinity of the previous ATH and theres no way it's just staying at this level.

[pooya87]

Heres my hacked profile:
https://bitcointalk.org/index.php?action=profile;u=149230

Youve ignored all of the bullish statements I've made and all of the precise calls I've made and I'm not spamming I'm making rational conversation. And were definitely falling eventually - it has to go within the vicinity of the previous ATH and theres no way it's just staying at this level.

sorry, but that is how i sometimes feel when i see your comments. maybe i am wrong, it certainly wouldn't be the first time... ^.^

[olushakes]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

You are right on point and the moment the increase start happening to bitcoin, all the self acclaimed analyst will change their tune and become angels of fortune who have said they how bitcoin will reach in roof by February and their previous doom predictions wouldn't matter any longer. Bitcoin has come to stay at this time and its expected that ups and down is a norm rather than giving ourselves unnecessary headaches.

[buwaytress]

You are right on point and the moment the increase start happening to bitcoin, all the self acclaimed analyst will change their tune and become angels of fortune who have said they how bitcoin will reach in roof by February and their previous doom predictions wouldn't matter any longer. Bitcoin has come to stay at this time and its expected that ups and down is a norm rather than giving ourselves unnecessary headaches.

Well, people are free to change their minds at any time, really! At its simplest level, (technical) analysis is just based on data that people have in the very short history of Bitcoin. If the data changes, their analyses should too. Of course, this isn't by any means me saying that these analysts are good. Not defending them at all, but defending the right to analyse objectively and the right to change your mind.

On OP: I'm trying to decide if there are more doomers and gloomers but it seems to be that it's pretty even. I can find some space to listen or read all of them, I feel "good" when I take everything in, even if I consider them all as noise that don't impact my decisions. There are some optimists here I find equally hard to stomach.

[hatshepsut93]

I still see people panicking and calling for Bitcoin's crash. I believe the Fractals are still in progress. Both Fractal #1 and #2 display an expanded flat a,b,c correction which is likely complete. There is an alternate count for a lower low where the C wave could reach as low as $10k or so. If this becomes the case, then a Zig Zag of 5,3,5 labeling would be justified. There are still a good number of analysts calling for a doom and gloom scenario..

https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-too-many-gloom-and-doomers

One of the major reasons for FUD is paid shills who create multiple accounts or buy farmed/hacked accounts. Some of them are doing it to promote altcoins - they claim that Bitcoin is outdated and will be replaced by new coins like Ripple or Iota. Probably the biggest ongoing shilling campaign is performed for Bcash with a narrative that it's a real Bitcoin.
The natural cause of panic is noobs and just nervous people - they think that every dip is going to be a major crash, they believe that Bitcoin is a bubble waiting to pop and so on.
And as for analysts, a lot of them are very close-minded, they extrapolate their analysis for stocks and reach a conclusion that Bitcoin is a bubble because it has increased in price too fast and too much, while not bothering to learn more about the technology.

[Drixy]

I still see people panicking and calling for Bitcoin's crash. I believe the Fractals are still in progress. Both Fractal #1 and #2 display an expanded flat a,b,c correction which is likely complete. There is an alternate count for a lower low where the C wave could reach as low as $10k or so. If this becomes the case, then a Zig Zag of 5,3,5 labeling would be justified. There are still a good number of analysts calling for a doom and gloom scenario..

https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-too-many-gloom-and-doomers

We are now facing this crisis but this is expected. As we know Bitcoin is the King even for this situation this is not enough to put Bitcoin down or make it stable(dead). Let them be if they panicked they their reasons lack of knowledge or in need of money.

[TERA2]

I guess I have come to accept that a bitcoin crash is not just going to come by itself without a trigger such as a failing major exchange or another government action.