Topic: Never below 10K again... well that didn't stick - Food for thought (Read 575 times)

This always happens. The richest investors always say: buy when the market is bleeding, sell when the barber tells you that he wants to buy. No matter what happens in a week or a month. The most important thing is to be patient and wait until the next bull run begins and sell with profit.

Patient is good, take any chance that we can get is good too. That is what i learn from trading. Like this time when price dumped, if people want to buy, good time to buy. Better than see price pumped and we late to buy, and then get FOMO, and then buy when in high price. Actually simple thing to say,  but in fact, it is keep happen and happen again.

Seems legit
I think this can be a problem in reading TA. No one who has ever tried to explain to me how it works has ever used a long-term history. They have always been short periods of time and signals that may appear in a moment. In my opinion, we should look at the whole story, which clearly shows that the price is rising and will continue to rise for a long time, so fluctuations around $10k (because in my opinion it is only a small fluctuation) is only a temporary situation.

That is only if you believe in TA. The way I see TA is that it's a picture that anybody can draw on. What you draw others will see and you can change what you're drawing by stretching and contracting the base layer. Some people see something happen on 1h charts others see something else on 4h and some other people only look at 1d and draw lines there. The truth is that you can draw almost anything you want on Bitcoin charts. You can draw clouds, resistances, channels, harmonics, and the chart will look different every time. A bear you can make it look bearish and a bull will make it look bullish.

Example? If you look at all time Bitcoin it's bullish, 5 years? Bullish, 3 years bullish (1k-7k), 2 years bearish (20k- 7k), last year bullish (3k -7k), last month bearish (9k-7k), and if you take the last 2 days you can have both bullish and bearish TA based on what has happened.

It also depends on who and how reads TA. I don't know how to do it, but I know people who say TA shows that the BTC price will go down much more. Despite this, we should remember that the cryptocurrency market is different from much more stable fiat markets, and TA was created just for them. Cryptocurrency market cap needs to increase a lot  more so that TA can be useful for trading here.

Well we all make some mistakes and I also believe in those words but I think it is time to wake up from reality,
We have seen it reach $20K and still went down to $3-4K again so we couldn't really say that we would never see it again in this price it is like a dream and we want to stay dreaming but we have to face the reality and I know it is hard.
And it is just a good example that TA's words isn't really worth it so for those who are a die hard fan of TA's good luck with your investment and I hope you would learn your lesson soon enough that they are just like us,
They are just predicting the price so if they could do it then believe in yourself and try to make your own decision.

Absolutely. This is why I think that TA doesn't work unless you are sure that the operator is someone completely unbiased - TA can be manipulated in some many ways to pass off opinions as evidence based facts.

Dollar cost averaging is especially useful in this type of market, where prices are constantly going down, but you don't know when the downtrend is going to necessarily end.

You essentially hedge yourself both ways - limited downside risk without giving up much upside. Perfect if you are a long term holder.

Yes those who lost and left behind holding bitcoin bought it at a high price at the end of 2013 saw in 2014 then prices dropped dramatically, so who can survive he who wins holds BITCOIN and sells it in 2017, they became rich people before, so now I see a lot of people will pick up cheap bitcoin prices for the next 2 years

Hard to speculate indeed! Even self-proclaimed blockchain experts or trading experts can't exactly predict what will happen next, even for the next 24 hours. There are so many factors in play that affect the stability of bitcoin price and so we experience its price volatility til now. No one can pinpoint the major factors that influence the up and down movement. We just need to be vigilant on what we are doing with crypto to avoid big losses.

It may or may not be your last chance under 8000, or maybe this is the new reality.  Bitcoin will go up and down and hover around here forever and this is its stable price.  Or its overinflated and it will drop back into the hunders.  Or it will go over $100k and never touch below 6 figures again.  See how silly all of this can be.  You cant speculate on tomorrow's price based on yesterday's actions.

I can bet any money that we're never going below the previous top of 1k ever again. I agree that you can't say never with all confidence because there's always that 1% chance, but I'm willing to bet all in on Bitcoin.

I started Bitcoin investments with just a few thousand USD and made it into more than 100k in 5 years. I've learned one thing by being here. You should never accept the price as it is. It's always your choice to sell or not. Selling at low prices makes you accept what they're offering you at that moment. I will never accept 5 or 6k for my coins, it's simply not enough. If nobody gives me more I'll keep waiting until someone does.

People should learn not to be scared unless they really need the money now and were trying to sell when it all dumped.

In times like this I just switch to fiat and pay all my expenses this way, because short term BTC value is low, but I'm 100% sure that it will be higher than it is today at some point. Maybe in a month, maybe in 12 months.

We went from 7 to 10k in 12 hours, do you believe that we'll never do it again?

This is exactly any observer in the market looks for, they just interpret what they want the market to be and so is the reason you will see many technical analysis and predictions and i never went with any TA nor any predictions as you cannot predict the market in the short term.

Anyone who made a loss in any market jump the gun and invest everything all at once and that is a bad strategy, the market can go either way and you need to have a support level to enter and if the market goes down then you calculate accordingly and evaluate your next entry point and if you want to safest option you can book your profit with every 10 to 20 percentage profit in the market and then repeat the process and if you look at the market these price ranges are common.

If you are entering the market at a regular interval your initial capital will average out and even if you purchase during ATH you will not end up in a loss considering that your gross investment is still giving you the profit.

It's a cast iron rule that as soon as some knob writes 'we will never go below x price again' x price makes a reappearance within 1-24 hours. Anyone who comes out with it gets a brownie point deducted from me.

One day it'll be true. It'll only be clear several months or years after it has occurred.

Every timeframe from 1 minute to 3 day is oversold. Weekly still has a long way to go. A technical bounce is due, but could be at 6k or even 5.5k as well. I would short nor long here, too dangerous. Wait for a reversal, then long the bottom and/or short the bounce.

I wonder what happened to the 1.3 billion investors that we're buying bitcoins after Xi's speech and China supporting blockchain...
And all that institutional money that was coming to bitcoin, and Bakkt...

It was clear that the last serious pump to 13 was running out of steam and the price went up way to fast way to high, a drop was expected, 8k 9k  was sure to be tested again, 7k...well this is a surprise for many, if it hits 6k I will raise some eyebrows too, 5k...let's not go there.
But to say things like never 4 digits again was like declaring yourself a permabull a bit out of touch with reality.


The same experts that managed to get those predictions right were also one hundred times wrong and I'm quite sure 99% of them didn't get this drop right. For example, McAfee has a prediction of bitcoin getting to 500k, if the price will ve get to that will he is an expert on the price? Of course not. Roubini nailed the last major crisis, after that he predicted another twenty of them and every single one was ...guess what, wrong.


Usage caused a rise in the transaction number and subsequently fees, not the price.
If price would raise the number of transactions we would be stuck even now in such a situation, the price is still 7 times that of 2013 yet the transactions are just 20% more on average.

If bitcoin is used in everyday life by a million people you will see them back to 4-5$ in an instant, and saying that I don't know if I should be happy or not for this...

I think people are free to make speculation, and i respect to yours. Maybe for who believe bitcoin price will increased, they see the timeline. Actually i am one who believe bitcoin price to increased too. Because since 2014, if seen as whole, bitcoin price move positively or at least maybe a lot of people who bought at high price when last pump, have big hope and will do something too to get their profit back.

But two weeks ago it was just a little touch to the $10k price. Never expected though that it could go way down like this.
I thought it will just be for a day or a couple.
But there is no bottom now. Every analyst are on fire in their seats looking for something into why this is happening.
As I said even before, no one can know what could happen specially with bitcoin and yet they still got numbers and charts to show this and that which they think are accurate enough.
I don't bite that.
Now look at it, below $8000, so what will they say now? $6k is the real bottom and this is really, really, real?  

Year 2014 - 2015 everyone thinks bitcoin will touch back 2 digits around tens of dollars, but only play low hundreds of dollars with 3 digits until finally 2017 goes to 5 digits, but right now we are still playing 4 digits under $ 10k, so maybe some next year it could be that we will no longer see 4-digit prices like we did not see before bitcoin no longer touches 2 digits, it looks like this is the last chance of bitcoin under $ 8000, but this is only my speculation, I don't expect my speculation can be achieved

There are many predictions made in the cryptocurrency market and all of them are likely to come true. Bitcoin can rise to $ 50,000 or drop to $ 0, we can not predict exactly what will happen.
If anyone says that Bitcoin will not go below 10k or not above 10k I will not believe because the market is always up and down. But that's also the best part of the cryptocurrency market, anyone can make a profit through that up and down, if the market is stable we won't get anything.

everything is possible in the bitcoin market. bitcoin which is very volatile can go down and up quickly. just like you yesterday I also predicted bitcoin at the end of this year could pump up to $ 10,000 again but the fact is that the current value of bitcoin actually continues to decline. and this week bitcoin has decreased quite a lot. maybe until the end of the year bitcoin will continue to decline.
if we have money of course this is a good opportunity to add bitcoin. and I'm optimistic that bitcoin can pump again to reach $ 20,000, hopefully next year the bitcoin bull run.