Nature is fractal. Life is fractal. There are many 2014 Bear Market fractals out there, however, I haven't seen this one yet and I think it is very possible. Many in crypto community are calling for either 4k or 10k. This is a very binary view and often is based on emotion.
It is quite possible that we would enter a sideways market for a time being before the bull market resumes. Check out this 2014 fractal and let me know what you think in the comments!
I have been saying that 2018 was going to be a bear and that the Feb lows needed to be tested. They were but there was no panic. Still buyers. I believe this is nail on the head here. Sideways is the worst form of market and we are right in the middle of it.
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Indeed, there was not that much panic. Just a slow grind to the bottom. The bottom is not always in the form of a huge red candle on high volume, it could be a rounded bottom. In general, I think the bottom is a process and we are in the process of forming a bottom ever since capitulation in Feb, as per Wyckoff.
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Agree with the prediction... Those "experts" that "predict" the price will either go down or up with no support to their prediction is the same as looking out on the window on a cloudy day and predicting that either if it rains it will rain a lot if it doesn't then it won't rain.
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Haha, indeed, to many emotions. This is not a prediction though, just a possibility. I am taking it day by day, just something to watch out for.
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Yeah... when there are unexpected events occurring on a daily basis that can make the price drop or rise significantly it just guessing.
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I like your idea but I think this might be a different type of correction. For one the market is much more mature. Protracted (and painful) sideways action is indeed possible and there are triangle and wedge patterns support this. Personally, I still think we will break down before we go back up. I don't think we have hit capitulation yet.
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True, the fundamentals are very different this time around. At 2014 there was a real existential threat. We could see a mode sudden upthrust, however, I don't see a parabolic market happening straight away.
As for the bottom, I think we either already in or maybe we could test 5k again at worst, where I would buy a ton. The worst phase is over I am certain about that.
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Repeating what happened before is indeed a good way to go, because every time we follow the psychology of a market cycle including all human emotions.
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Sentiment analysis is a great tool indeed. This will be always valid because it is based on human psychology.
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It is not unreasonable to expect the current retracement in the price of Bitcoin and other Alt coin considering the meteoric rise in the price of pretty much all cryptocurrencies in 2017.
Therefore analysis calling for Bitcoin to reach $100,000 and so on would have to wait a bit longer. A quick and objective analysis is shown below
https://steemit.com/bitcoin/@cryptotrader0029/bitcoin-btcusd-3-key-info-to-keep-in-mind
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