Bitcoin - Recovery or bull trap v.2018 ?

juragane

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Quote from: elektrikdinar on February 11, 2018, 12:32:02 PM

Is this the start of a recovery or a bull trap?

I bumped into a post like this from couple of years ago and thought maybe to revisit this vote again

I think in 2018 this bitcoin in the price recovery and crawl up to the nomrla price of a price above $ 15k I hope bitcoin pick up the players who stuck at high prices.

wuvdoll

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Quote from: HeRetiK on February 11, 2018, 01:17:03 PM

Quote from: elektrikdinar on February 11, 2018, 12:40:56 PM

original post from 2013:

Quote from: marcus905 on April 10, 2013, 03:51:08 PM

Is this the start of a recovery or a bull trap?

I'd hope for the first but I'm still confused...

Boy I sure hope we'll reach a new ATH this year, similar to 2013.

I'm cautiously optimistic right now too, seeing how USD 8,000,- is holding up fairly well with USD 6,000,- looking like a double bottom. I guess February is going to be critical. If we break below USD 8,000,- again, I doubt that USD 6,000,- will hold and the downtrend might continue. If we manage to break above USD 10,000,- however, or at least stay above USD 8,000,- until the end of the month, I think that we might actually look at an uptrend again.

Right and really looking forward to it. From what we have, there is still hope that we may be trying to break some resistance in coming weeks, but we really need to get past this $9000-ish region first. So many times, I almost freaked out of seeing a trap, but for now it looks like the formation is looking good but I personally need more to know that we have recovered and the trend has changed.

I guess we have to wait and see, but if it is a bull trap, I am sure by now we should have known, but everything still looks good. However, a trap or not, I am still very bullish on bitcoin this year. It could be a bumpy one, no one knows, probably a smooth adoption and an up rally, no one can say, but at least, only the chart can really tell us that.

btc_angela

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Quote from: gantez on February 12, 2018, 02:07:55 PM

I'm yet to see a convision that the upward run have started. Bitcoin is not an altcoin that has very low patronage but it has an average of 4 to 5 billion volume 24h , so we should know that it will have some upwards movement against the negative news around it.

I think we should be expecting good times when it cross $10,000 just like it broke last December and got to $12,000.

I guess we need to break the $9K barrier first and see how it goes. Bitcoin price as of late doesn't move as much as we want, similar to what we have seen last year. Its been like enjoying a couple of days gaining, then suddenly plummeting with no indicator as to why.

I can't say that this is a bull trap, more of "I will wait and see how the price moves" attitude for investors. Maybe they are afraid of the regulations coming our way that we are now having a hard time pushing and breaking the $9K-$10K barriers.

JanpriX

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As of this moment, we couldn't really tell if BTC is already in recovery mode. The 8k area has been the support line in the past few days and it held its own ground really well. Though, I still couldn't shake this feeling where it appears that it is being manipulated by the whales and big corporations trying to buy cheap Bitcoin. It reached 9k area but then again, brought down by heavy selling parties. It seems that they don't want it to surpass the 9k level. I think, we can see the real trend of it after Feb 16 (Chinese New Year). This time will be crucial and will play a big part for its course of action in the coming months.

gantez

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I'm yet to see a convision that the upward run have started. Bitcoin is not an altcoin that has very low patronage but it has an average of 4 to 5 billion volume 24h , so we should know that it will have some upwards movement against the negative news around it.

I think we should be expecting good times when it cross $10,000 just like it broke last December and got to $12,000.

richardsNY

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Quote from: tokeweed on February 12, 2018, 01:08:28 PM

Hmmm... I fear we're still in the 'stage of denial' and BTC could still go back down or needs to crash some more to reach the stage of capitulation (then despair). Only til then will we see true recovery...

Denial? That may apply to some people, but certainly not to me. The only obvious thing at this point is that we won't be shooting up any time soon, and as long as that fact stands, there may follow another dump causing the market to tank further. It just requires a few large traders to lose their patience and start dumping, because in a market where the expectations are insanely high, boredom is something traders can't properly deal with. Get rich quick mentality doesn't only apply to noobs just having found their way into Bitcoin, but it also applies to whales. We'll see where we end up, but we indeed shouldn't calculate ourself safe from another dump yet.

socks435

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I'm looking for free spin.

In my own guess is recovery but a bumpy one because what i seen from the current bitcoin chart the movement is increase a lot from past week ago when the price drop a lot middle of feb. 6 to feb. 7 which is $5780 its a huge drop and its affected by FUD.. but now its recovering and increasing slowly..
China still regulating cryptocurrency and they don't let china access any trading site online and any foreign country so if this issue will done expect the price will rise fast again and the bitcoin will be fine again..

tokeweed

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Most people answered: 'Recovery, but a bumpy one.'

Hmmm... I fear we're still in the 'stage of denial' and BTC could still go back down or needs to crash some more to reach the stage of capitulation (then despair). Only til then will we see true recovery...

Crytptohack

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HodL!

The low for 2018 was on Feb 6th IMHO. If you look at a daily or 4hr chart from the Dec 2017 peak to the Feb 6th low, you will see the highest volume during the last sell off/buy V bottom.

BTC lows were produced in January for 2015, 16 and 17. This year it was in February (My speculation as we are not out of the downwards channel and BTC has not produced higher high and higher lows on the daily chart)

It' going to be a rough ride back up until something sparks the market or technically breaking out and over the downward trend channel, once a bull trend is set, it should make it's way back to the ATH. (Not sure if that will be this year or not)

YuginKadoya

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I should say it is a recovery but having a resistance along the way is very normal and the fluctuation too is very normal for bitcoin, we are in the midst of recuperating but it is really a bumpy ride up ahead, And in my opinion we are getting the real bull run when all this resistance are gone and the panicking subsides, Whales certainly wants to buy cheaper bitcoin to they can earn a lot from it.

tomahawk9

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I believe we already hit bottom, so I'd say we're now entering the recovery phase. It seems like we only need a little push to begin the bull run, and to me the catalyst could be the SegWit adoption from Coinbase (in the next few weeks like they said) which I think is going to make a significant impact that'll start the upward trend making people enter FOMO mode like others have said.

haroldtee

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Too early to start making any assumption now. It looks like things are looking different though, but still cannot ascertain anything until we really have a break out from this present formation. So far, the market has given us a head and shoulder formation on the 4hr chart, which most times it can be a form of a trend reversal signal which it also looks like the bulls are ready to take over the market with the volume few days ago. However, it is bitcoin, and just these few indications are not enough. We need more to know that yes, we are ready for another ride and some more volume too. I am optimistic though, that this year is going to be a lovely one.

HeRetiK

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Quote from: tokeweed on February 12, 2018, 03:00:46 AM

[...] Think of all those anxious people who are prolly wanting to drop their bags at every mini pump... Only to buy back higher (most likely in FOMO mode) when BTC breaks out beyond 20K USD. Grin

Assuming the bottom is indeed already in -- which I'm hopeful of, but not quite certain yet -- FOMO mode is likely just around the corner.

Assuming that the likes of Bitstamp and Kraken still need a couple of weeks to clear their backlog of fresh account verification, we'll likely have some new market participants soon enough that are just waiting for a good entry point. If Bitcoin continues its downward trend, these newcomers will likely try to time Bitcoin bottoming out. If we break upwards, however, buyers might once again get ahead of themselves but hopefully not too heavily.

imapessimist

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The price is certainly up now. I think it could even reach as high as 9k or even a bit more.. But will drop again back to 7k in the next few days. I don't think it's now on a rise. If I had to guess that is.

magneto

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Quote from: tokeweed on February 12, 2018, 03:00:46 AM

Def a bull trap, but I think we already have hit bottom guys. So good news... And a 'full recovery' of getting back all that value to ATH levels will take months imo. Think of all those anxious people who are prolly wanting to drop their bags at every mini pump... Only to buy back higher (most likely in FOMO mode) when BTC breaks out beyond 20K USD. Grin

Agreed. I think that this current pump is probably not going to take us to $10k or more levels. We're probably just going to hang around $8k-9k for the time being and you're much better off trading for volatility and cycles right now.

But we've definitely bottomed out at around $6k and we ain't getting back there once again any time soon.

I would wait until price drops to around $7.5-8k and then buying a whole bunch because honestly that is going to be as cheap as they come at the moment. As you said, when FOMO is a factor again, and price goes up to $10k+, people will be buying back their sold coins at higher levels.

tokeweed

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Def a bull trap, but I think we already have hit bottom guys. So good news... And a 'full recovery' of getting back all that value to ATH levels will take months imo. Think of all those anxious people who are prolly wanting to drop their bags at every mini pump... Only to buy back higher (most likely in FOMO mode) when BTC breaks out beyond 20K USD. Grin

exstasie

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Quote from: elektrikdinar on February 11, 2018, 12:32:02 PM

Is this the start of a recovery or a bull trap?

Both, in a way. I believe the recovery has started and there's a very good chance the bottom is already in. But IMO the correction is not over.

My models for this correction are summer 2012 and spring 2013. In both cases, we saw a very bloody and deep crash, then a recovery to standard bull trap levels (62% fib). Then a higher low where bears failed to continue lower.

Y'all better hope this isn't 2014, though. Tongue

omonuyak

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Quote from: elektrikdinar on February 11, 2018, 12:32:02 PM

Is this the start of a recovery or a bull trap?

I bumped into a post like this from couple of years ago and thought maybe to revisit this vote again

Bitcoin is at the recovering stage and I think a stable one! We actually need this stability for the next push just as it happens last year. We should buy now in my own opinion and If we could not buy we should hold what we have in other not to be among the disappointed one in months to come.
some of us that were afraid to buy last year January and February thinking Bitcoin is going to clash below $500 cloud see were Bitcoin is as at December 2017. Buying now is going to put you among the most opportune in 2018 as I believe the same pattern that happened last year is going to repeat itself again.

uslfd

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I really think it's 50/50.
Depends on how fast US is going to raise interest rate too

Zentor

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Lol, nice bump. Chinese New Year will end at 16.02 so we should soon recover, a few bulls traps already behind

Topic: Bitcoin - Recovery or bull trap v.2018 ? (Read 370 times)