Bitcoin Recovers Amid Bull Trap Warning

Kemarit

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Quote from: Oasisman on April 29, 2022, 12:23:42 AM

The title along is misleading.
Did Bitcoin really recovered? I guess nah, that's more like of a dead cat bounce.
That temporary recovery has perfectly synced during Twitter announced that they have accepted Elon's offer to buy their company.
I'm just not sure If that was just a coincidence or people are giving into another Elon hype for a moment.

Yea, dead cat bounce, bull trap, anything that we can call what Bitcoin price movement is doing in the last 2 weeks or so.

We are still below $40,000 though, so there is no recovery but just another push maybe by the bulls to defend that price again because that's where we should stand. The hype of Elon Musk is complete already, there will be no increase maybe until the 2nd week of May.

Oasisman

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The title along is misleading.
Did Bitcoin really recovered? I guess nah, that's more like of a dead cat bounce.
That temporary recovery has perfectly synced during Twitter announced that they have accepted Elon's offer to buy their company.
I'm just not sure If that was just a coincidence or people are giving into another Elon hype for a moment.

pooya87

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There is a war going on and I'm not talking about Ukraine. A war amongst the market participants, one group is buying because the stock market is dumping (which is what should happen, just like the past decade) but another group which seems to be growing are "weird" people who think after 13 years of not following any market whatsoever, bitcoin has suddenly decided to follow the US stock market for no reason! So they panic sell each time some shitty stock dumps in US!!!

Unfortunately there is also a third group that sees this war and decides to stay away so the volume decreases and lets the price jump up and down like this without deciding on any direction.

The only way to get out of this stage is for one group to run out of money to waste and since the second group is fanatically shorting bitcoin I'm betting it would be them...

Fundamentals Of

sr. member

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Not really recovery in its strict sense because, first, Bitcoin didn't fall very low in the past days and, second, Bitcoin hasn't even gone past $40,000. So for the past week there is nothing to recover and the price has not yet recovered if we want to look at the bigger picture. These are the boring moments. The price for the last week has been playing within $38,000 and $40,000. So unless Bitcoin escapes from this price range, there is no big deal.

adaseb

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Earnings were pretty bad for Amazon after the lose and also bad for intel. Most likely we will be seeing this trend for a while. So whenever there are bad earnings, crypto follows and also dumps. I think all those overpriced FANG stocks are finally getting closer to their real value.

Look at Netflix, lost almost 80% in a short period. I don’t think even bitcoin went down faster than some of these high cap stocks. I am assuming many people bought in at the highs and are now getting liquidated if they bought it on leverage. Not looking good for crypto either.

777Jolami

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Bitcoin price is having a slight recovery after yesterday's sharp drop, now bitcoin is stable around $40,000. despite a lot of bad news for the market bitcoin is still going strong, Central African Republic officially becomes the second country in the world to accept Bitcoin as currency showing bitcoin is getting more and more popular. I think bitcoin will break out this May.

cabron

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Quote from: TravelMug on April 28, 2022, 07:47:04 PM

Quote from: KennyR on April 28, 2022, 06:59:32 PM

Quote from: cryptomaniac_xxx on April 28, 2022, 06:06:10 PM

Of course it's not a bad idea to invest at this time, although the market is bouncing around the $40k price, still a good price to enter specially if you are here for long term. Just continue to accumulate and buy in the dip.

Just take note though that personally, I think we are in a bear market, so there is still a chance that the price could go lower, and worst comes to worst, we might see the price going back to it's previous all time high. Nevertheless, as I have said, this bear market is the perfect time to buy as much as you can and wait for the next bull run to take your profits.

The price has bounced from the lows of $38k once after the buying of Twitter by Elon Musk. Exchange supply shock looks similar to the 2020 pattern. Whenever this happens, there is more chances for market pump/dump. As of now the market is on the increasing side. So we can expect pump in the bitcoin price in a gradual manner over the falling weeks.

It obvious that we are either going to pump or dump specially if we enter May. But I'm not surprised if we are going to be on the $40k level for quite some time now. Although there is a good indication that the hash rate remains stable despite the recent decline in prices. Still though, this indicator might be good for fundamental analysis, and it could help us if you are just going to be a holder. And as long as the hash rate is healthy, bitcoin will continue to thrive regardless if we are in a bear or bull market.

BTC will thrive then the bears are over. For now the volatility is scaring holders when swings of price just drops from $45k to $38k. The new holders who had not seen the bears before 2021, will really be scared of loss forcing them to sell when have actually bought their holdings at $50k.

When the fud about recession is coming and inflation will make them buy $10/gallon of gas. Its time to sell not mining the loss anymore. I also thought price will now continue to go up because many will buy to hedge.

TravelMug

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Quote from: KennyR on April 28, 2022, 06:59:32 PM

Quote from: cryptomaniac_xxx on April 28, 2022, 06:06:10 PM

Of course it's not a bad idea to invest at this time, although the market is bouncing around the $40k price, still a good price to enter specially if you are here for long term. Just continue to accumulate and buy in the dip.

Just take note though that personally, I think we are in a bear market, so there is still a chance that the price could go lower, and worst comes to worst, we might see the price going back to it's previous all time high. Nevertheless, as I have said, this bear market is the perfect time to buy as much as you can and wait for the next bull run to take your profits.

The price has bounced from the lows of $38k once after the buying of Twitter by Elon Musk. Exchange supply shock looks similar to the 2020 pattern. Whenever this happens, there is more chances for market pump/dump. As of now the market is on the increasing side. So we can expect pump in the bitcoin price in a gradual manner over the falling weeks.

It obvious that we are either going to pump or dump specially if we enter May. But I'm not surprised if we are going to be on the $40k level for quite some time now. Although there is a good indication that the hash rate remains stable despite the recent decline in prices. Still though, this indicator might be good for fundamental analysis, and it could help us if you are just going to be a holder. And as long as the hash rate is healthy, bitcoin will continue to thrive regardless if we are in a bear or bull market.

KennyR

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Quote from: cryptomaniac_xxx on April 28, 2022, 06:06:10 PM

Of course it's not a bad idea to invest at this time, although the market is bouncing around the $40k price, still a good price to enter specially if you are here for long term. Just continue to accumulate and buy in the dip.

Just take note though that personally, I think we are in a bear market, so there is still a chance that the price could go lower, and worst comes to worst, we might see the price going back to it's previous all time high. Nevertheless, as I have said, this bear market is the perfect time to buy as much as you can and wait for the next bull run to take your profits.

The price has bounced from the lows of $38k once after the buying of Twitter by Elon Musk. Exchange supply shock looks similar to the 2020 pattern. Whenever this happens, there is more chances for market pump/dump. As of now the market is on the increasing side. So we can expect pump in the bitcoin price in a gradual manner over the falling weeks.

cryptomaniac_xxx

hero member

Activity: 1344

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Of course it's not a bad idea to invest at this time, although the market is bouncing around the $40k price, still a good price to enter specially if you are here for long term. Just continue to accumulate and buy in the dip.

Just take note though that personally, I think we are in a bear market, so there is still a chance that the price could go lower, and worst comes to worst, we might see the price going back to it's previous all time high. Nevertheless, as I have said, this bear market is the perfect time to buy as much as you can and wait for the next bull run to take your profits.

STT

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Its an unconvincing bounce I'd have to agree, not sure its a trap especially as more volume might come later

Here the blue line is a weekly average, if it can beat that measure in a convincing way then we can start to appreciate a more positive bias but at present it seems thats not the case.

kelonmusk

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COMBO Network ex COCOS-BCX

I'm a long term holder who likes to add more btc when I have capital. but once in a while I don't forget to take a little advantage when I see an opportunity.
as I can see that the BTC price is currently up in the $40k range which is an advantage for me personally to sell it at the current price because I bought in the $36k range.
I don't just stop there, my current plan is to wait for the BTC price to drop in the $38k/$39k range and add back a little BTC from the profit I've earned.

maydna

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The chart looks cool, and it is like a roller coaster. I am not sure if bitcoin will recover after this, but there is a chance for bitcoin to get that after the price fails to break the next high price. But bitcoin is also a chance to go back to the lower price, so we can only just wait, sit back and watch the market and the price moves. But hopefully, in the next month, the price will recover and will be back to $40k and above so we can back to make a big profit.

gantez

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Quote from: Taskford on April 28, 2022, 05:25:57 AM

For not getting caught by bull trap we always monitor the market since those huge pump what other expect will not come unto this year, most of the time the one we can see is pump and correction scheme which already happen for long months. So its better to do short trades while waiting for possible upcoming bull run which speculated to come by many people mostly on 4 year cycle.

I think this should be the right kind of move as it is . Yesterday was a move up and down that were not in stable direction and this is good for hodlers, traders can lose in this type when they will expect big gains but trap in between in the short correction. Or just hodling will safe someone this uncertain move.

LogitechMouse

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Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

Information Extracted from: https://cointelegraph.com/news/bitcoin-rebounds-off-6-week-lows-amid-warning-of-brutal-btc-price-bull-trap

Rebound? Recover? Cointelegraph is throwing some shit on us aren't they?
Just by looking the chart of Bitcoin on a weekly time frame, you can see that in the 4 weeks Bitcoin has been going down and we are seeing 4 red candles and we might see another one this week because right now Bitcoin went down again.

Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

At the moment in my case it would not be a bad idea to continue investing in this because at any moment it will rise to normal or even more and that is where we will see the fruits.

Well, this is a good advice coming from the OP though but the article you shared is the thing. For some reasons, I just don't want to read news articles from Cointelegraph. They also said that Bitcoin recovered even though it isn't which is funny. Just do dollar-cost average and you're good to go.

Tytanowy Janusz

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Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

[...]

First of all learn to use width parameter while posting pictures. Post will be much easier to read when you scale everything to proper size.
There is need for pictures posted by to be bigger than this:

Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

[...]

Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

B
At the moment in my case it would not be a bad idea to continue investing in this because at any moment it will rise to normal or even more and that is where we will see the fruits.

What does it mean "rise to normal"? There is nothing like "normal price" for bitcoin or "normal rise"

batang_bitcoin

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Quote from: TheGhostMan on April 27, 2022, 04:28:08 PM

At the moment in my case it would not be a bad idea to continue investing in this because at any moment it will rise to normal or even more and that is where we will see the fruits.

That's confusing. Well, it's bad for those that have a short term vision. But if you're someone who's long in bitcoin then any moment now is a time to buy.
What does it mean rise to normal? Usually bitcoin rises at any precedent that it can. Well then, if you think that it's bad to buy. There goes the folks that have been buying it at any market situation.

mk4

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Cointelegraph actually managed to roll out an article about a "price recovery", even if bitcoin has been pretty much going up and down this price range for a while now LOL. Seems like they're running out of things to write about.

Taskford

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For not getting caught by bull trap we always monitor the market since those huge pump what other expect will not come unto this year, most of the time the one we can see is pump and correction scheme which already happen for long months. So its better to do short trades while waiting for possible upcoming bull run which speculated to come by many people mostly on 4 year cycle.

adaseb

legendary

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Today was nothing but a dead cat bounce type of day correlated with the tech stocks. Yesterday was a blood bath type of day where the nasdaq entered bear market territory with the nasty earnings they got.

Today Facebook and had decent earnings so it had a rally towards the end. And Bitcoin follows pretty much every move. Hence there will be more volatility for both depending on how Apple earnings go tomorrow.

TheGhostMan

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Bitcoin (BTC) rallied back $39,000 on April 27 after another night of pain saw BTC/USD hit its lowest levels since mid-March.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView.

Despite all the recent losses, Bitcoin remains in the middle of a trading range that it had held since the beginning of the year, between $35,000 and $45,000, I am sure this will be on the upside soon as Bitcoin is very volatile.

cryptocurrency had risen 1.3% in the last 24 hours, trading at $40,127. Source: CoinDesk.

At the moment in my case it would not be a bad idea to continue investing in this because at any moment it will rise to normal or even more and that is where we will see the fruits.
Information Extracted from: https://cointelegraph.com/news/bitcoin-rebounds-off-6-week-lows-amid-warning-of-brutal-btc-price-bull-trap

Topic: Bitcoin Recovers Amid Bull Trap Warning (Read 202 times)