Has anyone stopped to think that maybe we are just in a bottoming process that started in May? Most bottoms are not V bottoms. Most are some sort of W shape. A lot of people are blaming the devs or fundamentals, when it could just be a normal market trading pattern that we are seeing.
Another traders saying, "Bottoms are processes, not points"
The move from .0198 to .0527 CNY (end of april through may 28) has all the characteristics of the start of a bull market. Volume was high, bullish patterns formed and then resolved themselves, price rose quickly after overcoming breakout points, etc. It happened in three visibly distinct parts just like an elliot wave impulse should, with the middle part being the largest, fitting the expected pattern.
That wave 1 in elliot wave terms is very clear. It doesnt look like a corrective wave in a continued downtrend, it looks like a major bottom.
Everything from the point where we hit .0527 CNY on May 28 has been a correction. (Even when we went briefly higher, to .0532, in CNY terms, though it was not higher in satoshi terms - that barely higher high was the top of wave B of the correction). I suck at counting corrective patterns. They are way too complicated.
This correction, wave 2, has dragged out a long time. It looked for a while like the lows would be around .036 (50% retracement of the move up), hit a couple times, and then we would go up again. The pullback was all on lower volume than the rise. Sadly, when .036 broke yesterday we just had an all out crash down to .028. It still looks like a wave 2 correction, its just a deep correction now, instead of a moderate one. It could indeed go down for a W bottom at .02 and have this all still be correct (wave 2 can retrace up to 100% of wave 1, but not more).
Yeah, its a process. I had hoped it would be a nicer process than this because that first move up was really strong, and we had news events coming. But newmine and all the other haters have managed to make everyone feel shitty about that news and treat it like a negative. (BTS 2.0 news buried under fears about what cryptonomex means for BTS, announcements of customers adopting bitshares turned into threads about how our new customers are scammers, etc).
This community is very long suffering. I really hope we succeed in the end, because people have poured their hearts into the project, and the ideas are amazing. We just need the devs to finally release a good product that the community can run with.
TL;DR version: I also agree with you.