Another Bubble popped?

[exstasie]

Why is everyone panicking?

High-momentum selloffs will do that. We've been stair-stepping down; bounces have been really subdued. That can do a number on peoples' emotions when holding losing positions.

It's still possible this is a larger whipsaw, but it's way too risky to knife catch in this environment. Unfortunately, the chart has turned bearish on the 4H, 1D and 1W charts. And bears have time on their side. Nothing to do but wait for signs of life from the bulls.

Latest from John Bollinger (1D timeframe):

No confirmation of a bottom ever showed so now it is time to see if we get a W bottom. So far, not looking like it. #BTCUSD

.....and there goes $8,000.

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[Jacques_Bittard]

Bitcoin bubble doesn't pop. The air is released in a controlled manner. The bubble filled until December 2017, the rest is just letting out of air in a way that profits those in control the best.

[pinky]

This one isnt bubble but there are some similarities between popped bubble and long term correction. As a trader i advice to keep holding our coins because there isnt any fundamental reason to sell it for cheap price. Buying high and selling low is dangerous and foolest way to lose money in markets.

[sjefdeklerk]

This one isnt bubble

Whahaha bitcoin not a bubble. You can't use it (almost no shop accepts it), it can only process 14 transactions per second, it doesn't scale so it will never work anyway, lots of countries have banned it already and you tell me at $8200 it's not a bubble. That's funny.

This sir, will go into the history books as the biggest bubble in history. Hundreds years from now they will still talk about this bubble. Mark my words.

[exstasie]

It's still possible this is a larger whipsaw, but it's way too risky to knife catch in this environment. Unfortunately, the chart has turned bearish on the 4H, 1D and 1W charts. And bears have time on their side. Nothing to do but wait for signs of life from the bulls.

First signs of life off the $7,600s:


15min inverse H&S completed, pushed into resistance. Maybe we'll pull back now and form a higher degree H&S on the hourly. The volume profile looks right.

Dragonfly doji and follow-through on the 4H chart:


Bulls have their work cut out for them, though. Looking for more confirmation. The daily is still in the shitter, but if we can close near $8,200+ then we've got a dragonfly doji. The upside here is that the market is heavily short right now.

[newwest]

This one isnt bubble but there are some similarities between popped bubble and long term correction. As a trader i advice to keep holding our coins because there isnt any fundamental reason to sell it for cheap price. Buying high and selling low is dangerous and foolest way to lose money in markets.

This is obviously for me not a bubble or bitcoin is not at all a bubble to be precise. People who do not understand or fear are those who call it a bubble and trying to create a panic in the market. BTC price have started to recover and crossed 8200$ now and should be 10k by march end.

[terrific]

Market price fluctuations are just normal in the cryptoworld and there are lots of factors affecting to it. We can't also tell how long this situation stays and all we can do is just wait for the better days to come.

And for those who keeps on telling it that it's a bubble, it isn't. The bubble issue about bitcoin will never die.
There are people who keep this argument alive, I know you can't do something so you are making this for argument's sake.
At least the price was still higher than last year's price, how can you recognize that?

[exstasie]

8% bounce from the lows so far. Not bad.

Here's a couple hopium ideas for the hodlers. These haven't been invalidated. Yet.

Pitchfork to $33k from @CarpeNoctom:
https://twitter.com/CarpeNoctom/status/974119627398762496


Bullish fractal from @joezabb:
https://twitter.com/joezabb/status/973994490095693824

[exstasie]

First signs of life off the $7,600s:


The daily is still in the shitter, but if we can close near $8,200+ then we've got a dragonfly doji. The upside here is that the market is heavily short right now.

The daily closed as a dragonfly doji. We're four hours from the next candle close. I'm hoping that bulls can at least hold this area if not push higher into the close, but we're hitting resistance at $8,600 (the breakdown level before the plunge to $7,600s). Fingers crossed. This would be a nice 2-bar reversal pattern:



Ideally, we'd see a V-bottom right back to $9,000. So this isn't ideal, but it's also not the failure that bears were expecting.

[exstasie]

We're four hours from the next candle close. I'm hoping that bulls can at least hold this area if not push higher into the close, but we're hitting resistance at $8,600 (the breakdown level before the plunge to $7,600s). Fingers crossed. This would be a nice 2-bar reversal pattern:

LOL. So we were consolidating below the highs all day. 20 minutes before the daily close, someone market dumped ~1000 BTC on Bitfinex. Instead of confirming the outside bar reversal, the candle closed as a spinning top doji (indicates indecision and pushback from bears).

Classic Wall Street shenanigans.

[amwer]

"I think we are going to see Bitcoin hit $ 60,000 mark, but I think we are going to see bitcoin hit $ 5,000 mark," says Hope, co-founder and president of TenX, it is a firm which wants to make virtual currency cost easier for people .
Bitcoin's price has dropped down now. So it will have to wait a long time to grow.

[LexLuther]

I know the drop has caused a lot of consternation for recent investors, but people just getting in like myself are benefiting as we dollar cost average into larger positions.  I believe long term in the tech and growth in this space, so having lower prices and a little time to develop a position is helpful

[exstasie]

I know the drop has caused a lot of consternation for recent investors, but people just getting in like myself are benefiting as we dollar cost average into larger positions.  I believe long term in the tech and growth in this space, so having lower prices and a little time to develop a position is helpful

That's exactly the right attitude for a long term investor, as long as you can stomach the drawdowns.

The problem with some "hodlers" is that they psych themselves up into holding through the bull markets and then start to lose faith during the bear markets. And they end up selling the bottom in despair to stronger hands. There's nothing to be done about it....just typical market cycles. But it's something to keep in mind.

When we neared the market bottoms in July 2013 and August 2015 in particular, I recall feeling true despair as a lot of old hodlers gave up hope.