The Bavarians were held to a surprise 2-2 draw by Frankfurt last weekend, extending their current winless run after defeat to Atletico Madrid in the Champions League followed by a draw against Cologne at home.
Ancelotti's failure to collect maximum points in at least one of those matches has led to talk that the Italian is beginning to struggle at the Bayern helm.
A run of eight straight wins in all competitions to start the season appears to have been forgotten by those suggesting the German champions are suffering a mini-crisis.
Ahead of Wednesday's Champions League clash with PSV Eindhoven, Ancelotti admitted recent performances had not been good, but felt it was only a matter of time before Bayern got back to winning ways.
"I wasn't happy in Frankfurt, I made that clear, but I don't want to punish the players - I just want them to understand," Ancelotti said.
"It's too early for the word crisis, which I am now hearing, we haven't won our last three games, but we still played well. We aren't magicians and we will have a different attitude against Eindhoven."