It's a Bloodbath! The Crypto Markets Fell off a Cliff... Time to Give Up!
One of the funny things about life is that few people ever want to look at historical trends, nor do they want to look at what they are doing through a lens of common sense.
Not, of course, that there is anything "common" about sense!
The Crypto Markets Tanked
It's a bloodbath! There's red ink everywhere! Let's give up and go home!
Lacy maple leaves...
Bitcoin — and with the exception of Tether — the entire top 50 cryptocurrencies are trading down double digits on the day; quite a few losing closer to 20%. Once you start looking at then second hundred, or the third hundred, you see more and more losers over 20% and even 30%. $50 billion worth of market cap lost since yesterday...
What are we going to DO?
I've done the technical analysis and the indicators are that we're headed straight to hell because last I checked, the price of Bitcoin started with "666." And if that's not "a sign," I don't know what is!
You see this? That is DEFINITELY a sign. Of SOMEthing...
Time to pack up and go home, I guess. Show's over — nothing to see here. Time to go back to flipping burgers, or playing online games in our parents' basements!
OK, So I'm Being Facetious...
And whereas I am definitely sympathetic towards those who mortgaged their kitchen sink to invest in cryptos, truth is that I am often entertained by the way people seem to run around like chickens with their heads cut off, every time something "bad" happens.
Should we meditate on it?
Meanwhile there's lots of tooth gnashing and people pointing to the triple-reverse-inverted-earwax-flavored-gumball-reversal-trendline being in the house of Scorpio on a Tuesday...
Very few people stop to look at the psychology of markets. Human behavior.
Of course, that's troublesome to many, because human behavior is not mathematical. It can't be charted. You can't throw a piece of code at it, and get a nifty graph. The blockchain can't even explain it. Not even EOS, which I'm told is pretty much as close to genius as inventing cold fusion in your basement with a banana peel and a toothpick. I'm not sure. I've never seen an EOS, in person...
Human nature is often irrational, and almost always fickle. "Buy low, sell high!" And yet everyone runs and sells when things are tanking... only to buy back later when the inevitability of higher prices has set in.
No REALLY, Nothing to See Here...
This sort of thing has definitely been seen before.
Time to head for the mountains...
After a long steady decline, I'm feeling hopeful that we are entering the "capitulation" stage of the market downturn... it's that place where people just get tired of waiting for a market turnaround; that place were an assortment of analysis talk about patterns that suggest a "bullish move," and then they are all met with this kind of double-digit slap in the face... pointing to the distinct possibility that nobody actually has ANY clue what's going on.
Which is where a bunch of people shrug and "this is bullshit," sell everything to cut their losses, and go invest in pork bellies instead. Or chicken farms.
Personally, I see this as a positive.
Positive?
Or maybe this mountain...
Positive, because this is where a bunch of "speculators" get flushed out of the market, along with a bunch of first-time investors with nervous trigger fingers.
Positive, because they tend to be replaced with "value investors" who come in and scoop up cheap assets when they deem prices are pretty close to rock bottom.
Which is positive, because they tend to be longer term holders, not day traders who try to short term trade on wild price swings.
Which is positive — if I'm right — because it will lend some much needed stability to the crypto markets... a bit like the original long steady climb of the tech laden NASDAQ stock exchange from about 250 to 5000+.
Congratulations! Maybe the crypto markets stand at the edge of reaching the next level of maturity!
Meanwhile, I am going to continue powering up, as much as I can afford... and just write stuff, you know, because I enjoy blogging...
Note: The above is SATIRE and HUMOR, albeit with certain historical truths infused. This should NOT be taken as "investment advice!"
What do YOU think? Are we all doomed now? Should we just give up and go home? On a more serious note... do you think we are entering the "capitulation" stage of this market? Are you buying? Selling? Popping popcorn and watching? Leave a comment-- share your experiences-- be part of the conversation!
created by @zord189
(As always, all text and images by the author, unless otherwise credited. This is original content, created expressly for Steemit)
Created at 180610 16:18 PDT
"few people ever want to look at historical trends"
You mean we haven't reached the end of history?
You know, I hadn't considered that possibility.
Although... maybe I should have been paying more attention to the people who are starting to look over the edge of the Earth and considering jumping.
Haha very good!
Love a bit of panic in the market ;)
There's a sale on, who's buying and what?
Funny you should right this at pretty much the same time as I wrote a post on the markets as well. Well, not really, I guess, given that the plummeting prices are on many people's minds right now.
I tend to agree with this. A shift is happening. The only real negative I see in this whole mess is the contribution to the downturn in prices by state regulations/violence.
Anywho, not trying to spam your blog at all, but I put my thoughts into words here if you're interested.
Upvoted and resteemed.
I'm riding this bull or bear where ever it goes. Either nothing at all or a better financial life. If it hits rock bottom and stays there oh well I'll just go try other things in life. I would rather be trying something than blaming the world for not giving me something. I'll find it one day.
I always ask a simple question: "Did the underlying technology and innovation that give these assets value just go away?" If "no," keep going... so, since I still believe blockchain tech is going to be a major wave of the future, I'm not going anywhere.
Perhaps we are just missing a large government to become more accepting and then prices will skyrocket. A county down here is looking into accepting BTC for taxes and county services. Not my area but I imagine if that spreads they finally might see the benefits of accepting more payment options. Than again a major depress in price could also cause them to not want deal with it and outright go after things if the experience is bad.
There was once a HODLer on a forum who said something that stuck with me. After making a few insightful points on the plummeting market he claimed that the reasoning he presented was just a way of saying -
"I am going to ride this b**ch out even it goes to zero just so that I can tell the corporate nazis that you didn't get mine"
Well, he had a point, for sure. This is a "tired" market... every time it has tried to creep up, there has been a selloff. This isn't even a particularly convincing selloff... the volume is still pretty light. If this decline was happening on massive volume, the end might be near....
Sellers have been pushing this down for weeks now. Chance bitcoin has bottomed is about 0%. We are going lower. Give me the panic and i flip BULLISH!
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post
I'm hoping the current turbulence might be the front end of the panic, though... lot more still to be shaken out of the trees, but the "what if this DOESN'T turn around?" sentiment is growing...
It’s hard to buy low. It goes against our human emotions. Hard to fight them but essential.
Go here https://steemit.com/@a-a-a to get your post resteemed to over 72,000 followers.
It's resteemable! Thanks for the great laughs! I so totally agree.