is the market building up towards another bog FOMO? - page 2.

pooya87

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Quote from: teosanru on October 01, 2019, 10:35:58 AM

The thing is FOMO these days don't have much power in them as people are tooo worried about bitcoin to go down after a successive leg up. This is the reason why we don't see large pumps as we saw back in 2017. Because at that time most of the crowd had never thought of a bearish phase in bitcoin but now everyone thinks that Bitcoin has a reputation of a bubble. Currently i don't see any upcoming FOMO or any type of Bubble.

you mean these couple of weeks or this year? because this year we had a couple of big FOMO cases the biggest one was $2000 rise! comparing this to 2017 is also naive because there is nothing similar and what we had in 2017 was neither pumps nor FOMO. it was a solid rise with a nice rally ending up with a lot of hype and a simple but big bubble. if you want to compare things you have to compare it with 2015 instead when price was (similar to this day) coming out of the bottom.

udidrone

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Quote from: Vaskiy on October 01, 2019, 06:57:56 PM

Quote from: STT on October 01, 2019, 06:46:31 PM

We have the halvening event and thats usually some hype, I dont count as a big deal myself but I would guess on that for a focus to promote the price up until it occurs. Thats my memory of it last time, it helped encourage the price before occurring and eventually after falling back it started the next big run up

Quote

can we see a bubble in short term this time

Short term I see it recovering the pricing around the 13k peak and revising that area until market is more sure of a direction so that will take time imo, the rest of this year easily.

There is also predictions stating that the price could go even lower to $7000. If that happens we can expect the FOMO on the down market. Further by 2020 there will be growth expectation among every user based on halving. This will give growth and, there I believe the FOMO will be around the $18000 margin which I predict based on the previous ath.

People really have high expectation about halving. Hope it can really happen with FOMO, or maybe FOMO itself can be used to something positive like bitcoin pump. Maybe if people keep have positive perspective about halving, new ATH can be possibly reached.

Pearls Before Swine

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Quote from: BrewMaster on October 01, 2019, 10:11:09 AM

what do you think about the size of the upcoming FOMO? can we see a bubble in short term this time or will it be like last time (small just to kick start the rise)?

I don't consider FOMO to be a good thing and whenever that feeling next hits the markets is not something I care to predict. Your second question alludes to why it's bad. It's emotionally driven buying and if traders engage in it and push bitcoin to the bubbling point, they are just as likely to panic sell and crash the price. FOMO is an acronym that gets bandied about a lot and most of the time I don't believe people really consider what it means.

Quote from: magneto on October 01, 2019, 06:33:16 PM

FOMO only really occurs when the market is excited and sentiment is high, while it is pretty much the opposite of what is going on right now.

That is the truth. There was a lot of it when bitcoin was on its way to $20,000 mainly because it happened so fast. I guess if bitcoin were to take off like a rocket right now there would be a lot of bandwagoneers buying just because they don't want to miss out on the potential profits. It happens every time any investment does this and its what creates bubbles. Once again, this is not a good thing.

Quote from: magneto on October 01, 2019, 06:33:16 PM

I doubt that a sizable pump due to FOMO will come at any time soon.

Maybe, maybe not. There's been quite an abundance of selling going on but that could reverse itself easily enough and I strongly think it will. When it happens is something I couldn't even guess at.

Vaskiy

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Quote from: STT on October 01, 2019, 06:46:31 PM

We have the halvening event and thats usually some hype, I dont count as a big deal myself but I would guess on that for a focus to promote the price up until it occurs. Thats my memory of it last time, it helped encourage the price before occurring and eventually after falling back it started the next big run up

Quote

can we see a bubble in short term this time

Short term I see it recovering the pricing around the 13k peak and revising that area until market is more sure of a direction so that will take time imo, the rest of this year easily.

There is also predictions stating that the price could go even lower to $7000. If that happens we can expect the FOMO on the down market. Further by 2020 there will be growth expectation among every user based on halving. This will give growth and, there I believe the FOMO will be around the $18000 margin which I predict based on the previous ath.

STT

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We have the halvening event and thats usually some hype, I dont count as a big deal myself but I would guess on that for a focus to promote the price up until it occurs. Thats my memory of it last time, it helped encourage the price before occurring and eventually after falling back it started the next big run up

Quote

can we see a bubble in short term this time

Short term I see it recovering the pricing around the 13k peak and revising that area until market is more sure of a direction so that will take time imo, the rest of this year easily.

magneto

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I doubt that a sizable pump due to FOMO will come at any time soon. FOMO only really occurs when the market is excited and sentiment is high, while it is pretty much the opposite of what is going on right now.

In due course though, there will be a resurgence of bullish sentiment.

I just think that it'll be at least until near the halving that it would happen, if BTC does follow its previous cycles.

Vantix

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Quote from: adaseb on October 01, 2019, 10:50:50 AM

Been looking at the order market depth books and seems that people got front run who wanted to buy in the $7500 area. It's very clear on Bitmex that people were either looking to long there or shorts looking to close there. Reason why the $7500 area was important is because it's an important psychological number and it was resistance during the rally and was strong support during the dip afterwards, people were expecting a quadruple type of bottom I guess.

And what happened was price came close, rally happened and now those orders were moved up all of a sudden. This is why when trading crypto you need to be careful of those simple common support and resistance areas since most traders are looking at the same thing. People were expecting $9000 to be support also but look what happened instead.

Isn't a 7500 dollars price range some sort of a Fibonacci level? If you look at recent bitcoin performance then you can see that $9000 wasn't ever gonna hold. When $9500 level was broken then only $7500 was only reasonable support level.

adaseb

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Been looking at the order market depth books and seems that people got front run who wanted to buy in the $7500 area. It's very clear on Bitmex that people were either looking to long there or shorts looking to close there. Reason why the $7500 area was important is because it's an important psychological number and it was resistance during the rally and was strong support during the dip afterwards, people were expecting a quadruple type of bottom I guess.

And what happened was price came close, rally happened and now those orders were moved up all of a sudden. This is why when trading crypto you need to be careful of those simple common support and resistance areas since most traders are looking at the same thing. People were expecting $9000 to be support also but look what happened instead.

exstasie

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Quote from: rdluffy on October 01, 2019, 10:28:40 AM

Usually we need some great news about BTC to justify a FOMO trend

What was the great news in early 2017? The rejection of the Winklevoss ETF? Tongue

Granted, we had the LedgerX approval, Segwit activation, and the announcement of CBOE and CME futures in the summer. But we had already broken the old ATH long before then.

The big news headlines usually start flooding in after the bubble is already in swing. Price has to get there first. We need a new ATH. Until then, the media doesn't care all that much.

BrewMaster

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Quote from: exstasie on October 01, 2019, 10:26:38 AM

This guy has some interesting projections of how long this move could take. It could take months and we could see the $5,000s or $6,000s first. So my eyes are still set on $20K but I'm not sure when.

yeah, it was interesting but i usually tend to avoid trying to predict how long a downtime is going to last because most of the times it either ends sooner or later than what was predicted but rarely on point.
i am more curious about what comes next specially when it is a FOMO Roll Eyes

teosanru

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Quote from: BrewMaster on October 01, 2019, 10:11:09 AM

i am always fascinated by the FOMOs that keep happening in bitcoin market. earlier this year i created two topics on two different occasions about it the small inital FOMO in first stage and another FOMO with a bigger leg up.

with the current situation where price has come down below the $10k support line and the fact that a lot of weak hands were flushed out, i am guessing pretty soon after the drama ended we are going to see another FOMO market shape up bringing in a lot of money like a tsunami. this time if the momentum could build up we could see $20k before the end of the year.

what do you think about the size of the upcoming FOMO? can we see a bubble in short term this time or will it be like last time (small just to kick start the rise)?

The thing is FOMO these days don't have much power in them as people are tooo worried about bitcoin to go down after a successive leg up. This is the reason why we don't see large pumps as we saw back in 2017. Because at that time most of the crowd had never thought of a bearish phase in bitcoin but now everyone thinks that Bitcoin has a reputation of a bubble. Currently i don't see any upcoming FOMO or any type of Bubble.

Quote from: exstasie on October 01, 2019, 10:26:38 AM

Quote from: BrewMaster on October 01, 2019, 10:11:09 AM

with the current situation where price has come down below the $10k support line and the fact that a lot of weak hands were flushed out, i am guessing pretty soon after the drama ended we are going to see another FOMO market shape up bringing in a lot of money like a tsunami. this time if the momentum could build up we could see $20k before the end of the year.

Could be. That's loosely been my outlook for the past couple months, up to and including this shakeout.

I was initially hoping this dip would end as a wick on the weekly chart, similar to the action in October 2013 or August 2016. Since we haven't seen a classic BTC capitulation bottom yet, I'm wary of getting too bullish. The final shakeout probably hasn't happened yet.

This guy has some interesting projections of how long this move could take. It could take months and we could see the $5,000s or $6,000s first. So my eyes are still set on $20K but I'm not sure when.

Really interesting idea seems like I have some work to do tonight. Studying these charts is going to be fun. He has some great set of charts which could take you way back the timeline.

carlfebz2

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Quote from: rdluffy on October 01, 2019, 10:28:40 AM

Usually we need some great news about BTC to justify a FOMO trend

This years we already hit 13k and did not trigger something like that, in my opinion near the halving IF BTC breaks 15k USD, we'll probably have a bull run and the FOMO will start again

We already passed through Bakkt and nothing happened, the next big thing probably is the halving

Okay let me ask you this. What was the thing triggered out for btc price to climb up from 3k to 13k on previous months of this year? I guess there was none.
So i basically say that any fundamentals isnt really necessary to trigger out bull run yet it can happen anytime without our notice.We do see countless bullish news
but it didnt affect directly the market movement thats why i dont easily believe on any sentiments neither bear or bull ones.We would be even sure if that halving event would
be a catalyst for next bull run.

rdluffy

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Usually we need some great news about BTC to justify a FOMO trend

This years we already hit 13k and did not trigger something like that, in my opinion near the halving IF BTC breaks 15k USD, we'll probably have a bull run and the FOMO will start again

We already passed through Bakkt and nothing happened, the next big thing probably is the halving

exstasie

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Quote from: BrewMaster on October 01, 2019, 10:11:09 AM

with the current situation where price has come down below the $10k support line and the fact that a lot of weak hands were flushed out, i am guessing pretty soon after the drama ended we are going to see another FOMO market shape up bringing in a lot of money like a tsunami. this time if the momentum could build up we could see $20k before the end of the year.

Could be. That's loosely been my outlook for the past couple months, up to and including this shakeout.

I was initially hoping this dip would end as a wick on the weekly chart, similar to the action in October 2013 or August 2016. Since we haven't seen a classic BTC capitulation bottom yet, I'm wary of getting too bullish. The final shakeout probably hasn't happened yet.

This guy has some interesting projections of how long this move could take. It could take months and we could see the $5,000s or $6,000s first. So my eyes are still set on $20K but I'm not sure when.

BrewMaster

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i am always fascinated by the FOMOs that keep happening in bitcoin market. earlier this year i created two topics on two different occasions about it the small inital FOMO in first stage and another FOMO with a bigger leg up.

with the current situation where price has come down below the $10k support line and the fact that a lot of weak hands were flushed out, i am guessing pretty soon after the drama ended we are going to see another FOMO market shape up bringing in a lot of money like a tsunami. this time if the momentum could build up we could see $20k before the end of the year.

what do you think about the size of the upcoming FOMO? can we see a bubble in short term this time or will it be like last time (small just to kick start the rise)?

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