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RE: In which phase of the chart do you think the price of Bitcoin is?
I think we are in Capitulation. My question is how it will look like if we go down to Despair?!?
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I think we are in Capitulation. My question is how it will look like if we go down to Despair?!?
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@yanipetkov, thank you for commenting. Yeah, it seems that most of the people say that we are already in the «Capitulation» stage.
What do you mean exactly about the stage of «Despair»? How it will look like on the PRICE Chart? Or, how the situtation on the crypto market will look like?
Price and the overall crypto situation. Though I guess in this phase the price of BTC will be anchored to the levels of 1000-1500$
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@yanipetkov, usually in the stage of «Despair» the price of the asset just go sideways for a very long time. Have a look at this chart and read the post to see what I wrote about Bitcoin last year on 17th of August. When Bitcoin was in the phase of «Enthusiasm».
Ok, now about the market. Hmm. I think that many of the tokens will go to almost 0. Most of the great ideas (tokens) will disappear. Their ecoysystem will be completely destroyed and they will never recover. So, very soon we will see that each and every month the number of Tokens (some call them cryptocurrencies) in the medai we will read news that some token price dropped to almost 0. Later, the media will write it was Scam. No, it is not a Scam. It is just bear market and some ideas will not be able to implement.
Just to let you know. In 2006 and 2007 I bought many shares of companies in TecDAX, that were trying to produce solar energy, solar panels, wind energy, etc. It was a hype at that time to invest in environmental friendly energy companies, etc. Prices were really good. 3 euro, 5 euro, 10 euro per shares. We believed that ther prices would skyrocket. But when the financial buble bursted in 2008, their prices dropped to 0,20 cents, 0,15 cents... And we even in 2009 and 2010 started investing heavily into those cheap stocks. I bought shares of one company producing solar panels in Germany at price of 0,10 cents. Because, in 2006 its price was 3-4 euro. Price of this stock drop in 2012 to 0,001 cent. Later the company went bankrupt. So, I have many such kind of examples. I still have some kind of shares of that time...of companies which shares are trading close to 0, or even disappeared.
The same will happen to the crypto. Many many tokens will go 0. Their great ideas will be burried. Investors will cry and claim that it was Scam. No, it was not. It was a harsh bear market, that didn't let the ideas grow.
I cross my fingers that STEEM survives.
Thank you @cryptospa for this detailed answer.
Now I got broadened knowledges, about Up/Downtrends. Good comparison to Rhodium and the Shares of Centralized companies, that got busted back in the Fin.crises in 2008.
Lets hope we can get away easier here, lets cross fingers STEEM will make it ASAP!