Blawpaw (OP)
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November 20, 2022, 06:23:27 PM |
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We have entered the second year of a Bear Market. The market moment we're in has found its support at the peak of 2017's Bull market. There are those who think that it can still go lower, but the majority agree we have reached a bottom as the selling pressure is losing momentum. Theoretically, if Bitcoin is able to hold the support at the peak of 2017's bull run, we may see a reverse in the bearish momentum and the start of a new accumulation phase. I say this phase has already begun. So, what do you guys have to say?
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Oshosondy
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November 20, 2022, 07:00:46 PM |
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I say this phase has already begun. So, what do you guys have to say?
The falling pattern is very similar to 2018 falling pattern, just that it was unexpected that FTX customers fund misappropriation would be the cause of what we expected in November, but it happened and the price declined further, but just that bitcoin price did not fall much more, but many altcoins suffered significantly with most price fall. With what I think, the price of bitcoin has falled significantly from all-time-high, even if the price would declined further, it will not be significant which means it is advisable to buy now, or better just DCA. But to tell if the bear market is over, I do not know, but it is getting closer to bull time.
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The Cryptovator
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November 20, 2022, 07:14:34 PM |
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I'm not a big fan of chart patterns. It's because I believe Bitcoin reacts in real time. For example, if Elon accepts Bitcoin for Tesla again, the price will skyrocket. On the other hand, if major investors announce their intention to sell Bitcoin, we may see a massive drop as a result of Panic. So how Bitcoin reacts is dependent on various of attributes. So, instead of relying on chart patterns, consider the real-time situation. Because the market is so volatile right now, it's difficult to predict the button.
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Blawpaw (OP)
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November 20, 2022, 07:21:38 PM |
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I say this phase has already begun. So, what do you guys have to say?
The falling pattern is very similar to 2018 falling pattern, just that it was unexpected that FTX customers fund misappropriation would be the cause of what we expected in November, but it happened and the price declined further, but just that bitcoin price did not fall much more, but many altcoins suffered significantly with most price fall. With what I think, the price of bitcoin has falled significantly from all-time-high, even if the price would declined further, it will not be significant which means it is advisable to buy now, or better just DCA. But to tell if the bear market is over, I do not know, but it is getting closer to bull time. Totally agree. And I even add that the altcoin meltdown money is fleeing into Bitcoin as we speak. The capitulation of many altcoins is nothing new, it has happened several times before. In fact, I believe that this happens because smart investors are on top of investing in the early stages of tokens\ altcoins launch and end up dumping their stash as soon as the coin hits an exchange. In the process, shitcoins get wrecked and the average joe believing in it gets smashed. The money gathered from the blow is then channelled in for the next blow while they channel part of it back to Bitcoin.
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Flexystar
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November 20, 2022, 07:45:08 PM |
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Ok so I am not really into trading but if this is right technical analysis then I just hope it is to be true. At least it will break the panic situations for the people around us and we can get back to the normal life. Lolz. For me bitcoin price do not matter as long as we can have it circulated for its current value.
Moreover, I am happy with the bearish market as we can keep buying more and more for time being. Anyways, halving is also coming next year and we can’t deny the fact that it’s gonna have severe affect as well.
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jossiel
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November 20, 2022, 08:50:40 PM |
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Those that have been with the 2018 bear market and now experiencing to see the bear market. We're not that worried much because we're looking at the great turn around of the market for which the possible lowest at these times was the ATH on 2017.
I'd say that if this is going to continue for at least a year or two, we will definitely see a different bull run again by the time it comes again. And I'm sure that all of us are going to love it and those that experienced this as their first bear market, they'll for sure going to lock their profit if that time comes.
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crzy
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November 20, 2022, 09:39:20 PM |
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Theoretically, if Bitcoin is able to hold the support at the peak of 2017's bull run, we may see a reverse in the bearish momentum and the start of a new accumulation phase.
I say this phase has already begun. So, what do you guys have to say?
Buying at a cheaper price is always a good idea, and I believe we are already on this level where many able to buy at a cheaper price and some are so eager to get more. The market bear trend seems slowly becoming week, but due to the panic of negative news, bear tends to stay for a while. After the panic and fud, I believe the market will start to get its momentum going up, so preparing right now is really good.
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Ayers
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November 20, 2022, 10:58:59 PM |
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I'm not a big fan of chart patterns. It's because I believe Bitcoin reacts in real time. For example, if Elon accepts Bitcoin for Tesla again, the price will skyrocket. On the other hand, if major investors announce their intention to sell Bitcoin, we may see a massive drop as a result of Panic. So how Bitcoin reacts is dependent on various of attributes. So, instead of relying on chart patterns, consider the real-time situation. Because the market is so volatile right now, it's difficult to predict the button.
I totally agree with your thinking, I think chart analysis to predict bitcoin price doesn't work. Bitcoin not only depends on supply and demand but bitcoin also depends on a lot of factors and sometimes most of it is manipulated or made in price by some influential actors in the market. Just a tweet from Elon or CZ the market will immediately react, chart analysis becomes useless. We can analyze charts, sharks can too and they are people with money, they can manipulate the price to their liking.
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sheenshane
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November 20, 2022, 11:06:37 PM |
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I'm not a big fan of chart patterns. It's because I believe Bitcoin reacts in real time. For example, if Elon accepts Bitcoin for Tesla again, the price will skyrocket. On the other hand, if major investors announce their intention to sell Bitcoin, we may see a massive drop as a result of Panic. So how Bitcoin reacts is dependent on various of attributes. So, instead of relying on chart patterns, consider the real-time situation. Because the market is so volatile right now, it's difficult to predict the button.
Sometimes I'm confused about which I do believe, relying on the chart and doing technical analysis or thinking about the fundamental result which reacts in a real-time. We saw how Bitcoin price reacts when there's big news coming, from awareness to adoption which makes the Bitcoin price react and I think there's no such technical analysis that gives accurate predictions as of now. There are a lot of theoretical speculations about which use of graphs and technical analysis, but in the end their advice is to do DCA way of investing in Bitcoin because it's the safest way of making profit and never sell when the price is drop.
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Mr.right85
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November 20, 2022, 11:41:54 PM |
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We have entered the second year of a Bear Market. The market moment we're in has found its support at the peak of 2017's Bull market. There are those who think that it can still go lower, but the majority agree we have reached a bottom as the selling pressure is losing momentum. It is the second year of the bear market alright but, its hard to agree the market has reached its low just yet. Not so long ago, we established the low to have been reached at $17k and watched the market gradually rally up to $19k and $21k. The market continued to circle around there for a while, giving investors hope that, it might continue and then go up and in the event of a fall, the market would meet resistance at $17k but, it broke that and went lower. It could still repeat and until a bull market begins to materialise, you never can say. Mean while, you accumulate when you can and not make a season about it. What is most important is, trying not to sell unnecessarily.
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salad daging
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November 21, 2022, 12:00:56 AM |
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I'm not a big fan of chart patterns. It's because I believe Bitcoin reacts in real time. For example, if Elon accepts Bitcoin for Tesla again, the price will skyrocket. On the other hand, if major investors announce their intention to sell Bitcoin, we may see a massive drop as a result of Panic. So how Bitcoin reacts is dependent on various of attributes. So, instead of relying on chart patterns, consider the real-time situation. Because the market is so volatile right now, it's difficult to predict the button.
I totally agree with your thinking, I think chart analysis to predict bitcoin price doesn't work. Bitcoin not only depends on supply and demand but bitcoin also depends on a lot of factors and sometimes most of it is manipulated or made in price by some influential actors in the market. Just a tweet from Elon or CZ the market will immediately react, chart analysis becomes useless. We can analyze charts, sharks can too and they are people with money, they can manipulate the price to their liking. Actors can still influence the market under any circumstances because they actually have control even though we can see this market is more inclined to decline and there is too much speculation about what they say about market manipulation, about this analysis chart pattern we cannot fully rely on us just comparing to some of the past history of this pattern where the market would break out of the bearish, but I think it's a little different for this year and going forward its more drama about them being able to scare the market and it's making everyone panic. The accumulation phase is not completely out, we are still trapped in a pool of blood.
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GreatArkansas
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November 21, 2022, 12:27:48 AM |
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(....) I say this phase has already begun. So, what do you guys have to say?
Long crypto winter for me until the Bitcoin block halving. Especially the year 2022 is coming to an end, and we expect the year 2024 will be the year of the Bitcoin block halving event. So for me, during the year 2023, it's gonna be challenging for the entire market. Yes, accumulation for me is for this year, I believe, especially since we already fall below $20,000 and Bitcoin is having difficulty regaining this area, we are now in sideways.
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adaseb
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November 21, 2022, 05:28:41 AM |
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We don’t know if it’s accumulation yet, we have been here for only a week. Accumulation is when there is basically no movement and people just quit crypto out of boredom, similar to early 2019 and most of 2015.
It seems we actually might chop around in this area. If we did it would be good because it seems like a decent bottom. However there is way too much macro risks right now to know for sure. Going to be a busy month.
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pooya87
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November 21, 2022, 10:04:54 AM |
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I still believe that the bottom was reached months ago which means any lower price we've been seeing ever since then is making bitcoin extremely undervalued. If I wanted to be generous I'd say the bottom was $20k (bu I believe it is higher) so the current price is an unnatural level exactly like a couple of years ago when price entered $3k range and that too was extremely undervalued.
As for accumulation phase, right now it could happen at a discount. People who have fiat to dump, are enjoying this time since they can now buy more bitcoin with the same amount of money.
The reversal however is going to start only when the Western economical crash starts slowing down and the recession stops growing. Until then, each time another industry shuts down or fires its employees we will see its effects (even small ones) in bitcoin price.
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doq06305
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November 21, 2022, 08:24:39 PM |
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BTC is probably going to 13K, then 9K and so on.
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Blawpaw (OP)
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November 21, 2022, 08:39:04 PM |
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BTC is probably going to 13K, then 9K and so on.
It doesn't look fine. Oh no, it doesn't. Losing the 16k area is like walking on thin ice. It may break at any moment and drown down to 10, 9k yeah, if not more, as panic may take over and we may return to 2017 prices... Apparently thing are really not looking good Here's something to take a peek about this matter.
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Kelvinid
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win lambo...
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November 21, 2022, 09:46:09 PM |
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I'm done buying Bitcoin and I won't do it again but wait for the recovery as my last option. I couldn't think really how huge the impact of the latest big issue of FTX has caused a huge market price markdown. This is the real bottom that most people are saying and they are right that the price may sink to $15k. But, I was still optimistic about the future recovery of the market to believe that it comes sooner.
I could still remember those days when Bitcoin had reached below $5k and still it recover and make another ATH recorder. That is why I still have my faith and to keep holding.
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rhomelmabini
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November 21, 2022, 09:49:19 PM |
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I say this phase has already begun. So, what do you guys have to say?
Well, as of today we lost that support and if we tend to go back at history just like what 2017-2018 did with -84% drop, then we'd be havind that $11k-$10k level. I'm not saying we will exactly hit these levels but fundamentally there are still a lot of factors to consider before we hit that capitulation wick. Just want to say, it will be hard to say we bottomed already, a further below is what I'm expecting. Remember that winters in the bear market and we have still one month before the year close and last time in 2018, December was the month we hit its ATL.
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arwin100
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November 21, 2022, 11:33:44 PM |
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I say this phase has already begun. So, what do you guys have to say?
Well, as of today we lost that support and if we tend to go back at history just like what 2017-2018 did with -84% drop, then we'd be havind that $11k-$10k level. I'm not saying we will exactly hit these levels but fundamentally there are still a lot of factors to consider before we hit that capitulation wick. Just want to say, it will be hard to say we bottomed already, a further below is what I'm expecting. Remember that winters in the bear market and we have still one month before the year close and last time in 2018, December was the month we hit its ATL. But it has possibilities to happen so I guess we need to watch how the market goes if we want to take advantage the current drop that might happen since if we just ignore it then maybe we will just waste the good time bring up by this current bear market situation again. So hard to tell we are really at the bottom since the price still slowly dumping so maybe we didn't see the worst yet so I guess we need to be cautious on what will happen on last month of this year since to see some snapshot that might happen next year.
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Zilon
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November 21, 2022, 11:36:22 PM |
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I totally agree with your thinking, I think chart analysis to predict bitcoin price doesn't work. Bitcoin not only depends on supply and demand but bitcoin also depends on a lot of factors and sometimes most of it is manipulated or made in price by some influential actors in the market. Just a tweet from Elon or CZ the market will immediately react, chart analysis becomes useless. We can analyze charts, sharks can too and they are people with money, they can manipulate the price to their liking.
Chart patterns do work but its best effect is on short term plans. Supply and demand still play out on chart pattern movement where we find major support and resistance area. It is just that chart pattern traders just need to pay more attention to fundamental news so the don't get cut up by sudden events that can shift the direction of the market or cause more drastic move in the current direction.
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