Topic: Bitcoin's price break 5700 USD, is this uptrend or bulltrap? (Read 418 times)
The day that BTC has broken the 6,000$ and the 7,000$ key resistances only show that this ain't a bull trap but a bullish reversal already the only thing out of the way is how will this up trend hold for how long? In my honest opinion BTC has been moving up really fast compared to the ideal scenario I was lookinv for whoch is a steady up trend. Fast movements like this tends to take a lot of market confidence thus making another bearish reversal inevitable. I won't expect that this up trend will attempt to go another ATH since BTC is acting like it was in 2017 where aggressive pumps lead to scary falls.
Unexpectedly, just over 10 days have passed since this thread was created, the value of Bitcoin has hit huge milestones. Not only did it break its peak within the last 5 months, Bitcoin also went further to more than 8,000 USD. Hopefully this will be one of the positive signals for the upcoming market!
News Update, HACKERS STOLE $40 MILLION FROM BINANCE CRYPTOCURRENCY EXCHANGE. And yes, the price witnessed a dramatically fall after that terrible fud. But again, CZ has done very well during crisis, Bitcoin's price is now stable at around $6-6,1k, thats sound great. But on another hand, do someone think that the hacker thing just a fake news so that traders would panic and sold their fund in low price and Binance's team buy them all. lol
Its wind of change which we are all been waiting for. For a long time now people have started giving up on bitcoin but let us hope this price will consistently bring about a uniform rise in other strong altcoins as well. I will like to see ETH breaking that $170 resistance and move to the next level hopefully.
The people who gave up on BTC already left. The ones who believe in the king of the crypto market continue to trade it over the long term. This is no bull trap since I see this as perfectly organic growth spurred by positive news from every direction.ETH will cross $170 soon and it will target $180 next.
I sense lots of actions arising through this value ($6k), especially actions from the bull and actions from people that will FOMO. So no more panicking for me, bitcoin movement now, is more reliable and I can confidently change some of my fiat again to bitcoin, because it is certain that more increase will occur before this month runs out.
Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours
for a few moments we managed to reach the $6000
only on the tether chart, or bitfinex. tether is trading 1% higher than everywhere else and bitfinex 5-6% higher. all the legit exchanges like stamp and kraken topped out at $5975 or below.
good recovery from the overnight dump though, so maybe we'll see another attempt at $6k soon. tough to say what happens in the short term but i do think price will be much lower than this in a few weeks. a stab back into the $4000s.....
Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours, look at the Bitcoin's price chart, we can see the "tripple peaks" is forming (1D).
To the uptrend idea, there are many good news for Bitcoin and cryptocurrency recently. Many investors have started to consider carefully about this digital asset (CFTC Chair Giancarlo Expects ‘Explosive’ Spike in Crypto Interest). Furthermore, this is the first time in the last 5 months BTC's price over 5,700 USD, so we have can think about good future.
On the other hand, If we look at the 1D chart again, there are some chances that the price has just formed the tripple peaks model, so the price gonna down to lower than before it rise. Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.
Actually, this is just my personal view. Please share your opinion and we will discuss about it.
Usually on triple peaks model on technical analysis does really signify market reversal but this wont really be a guaranteed thing to happen anytime on crypto.To the uptrend idea, there are many good news for Bitcoin and cryptocurrency recently. Many investors have started to consider carefully about this digital asset (CFTC Chair Giancarlo Expects ‘Explosive’ Spike in Crypto Interest). Furthermore, this is the first time in the last 5 months BTC's price over 5,700 USD, so we have can think about good future.
On the other hand, If we look at the 1D chart again, there are some chances that the price has just formed the tripple peaks model, so the price gonna down to lower than before it rise. Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.
Actually, this is just my personal view. Please share your opinion and we will discuss about it.
About on your insight of IEO reason,we wont able to say that it is a main factor but somehow its plausible.People did realize that IEO are failures? I do already
make some warning before on about that matter but i dont see this is the main reason.For now we cant conclude if this is already a reversal or just a bull trap.
[Update]
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8.
Saw that as well. Makes me think that we might need to consolidate around 5.8k and above for a bit before going for another push to actually break the 6k barrier and stay in there, because it looks like we'll touch 6k in other exchanges very soon (later today maybe?), but seeing how Binance couldn't hold the 6k, it's very likely that we'll see the same pattern in other exchanges. Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8.
Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours
for a few moments we managed to reach the $6000
Bitcoin Inches to $6,000 While US Stocks Drop
the price is increasing gradually, and this is very good
Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.
[Update]
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8. I see the pattern is really similar to its chart in 2016 and 2017. In my opinion, I have a strong belief that, in the end of 2020, the price of Bitcoin may be reach the peak at 30.000$ for sure. So, to the question I ask in this topic, I think this is a start of Uptrend time. lol
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8. I see the pattern is really similar to its chart in 2016 and 2017. In my opinion, I have a strong belief that, in the end of 2020, the price of Bitcoin may be reach the peak at 30.000$ for sure. So, to the question I ask in this topic, I think this is a start of Uptrend time. lol
If me i will look it is stable or not, because bulltrap will move market price very fast and then in short time it will dumped again. That is my personal opinion, actually i don't know how people call bull trap or maybe bear trap.
Its always a trap as BULL-as-BEAR-trap 
But the long term trend is just one big BEAR-trap for all us BULLs to feast on ...
But the long term trend is just one big BEAR-trap for all us BULLs to feast on ...
Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.
Yeah, I'm still worry about what cryptos have done recently. TBH, I'm not very well in analyse the Price's Chart or news, but after 2 recent days, the price is crazy and changes very fast (I mean Bitcoin has increased and down in about 2-3% in just few hours). Thats why I have to ask everyone ideas because I'm really want to "all in" this time. LolI've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.
Looks pretty good so far considering the several attempts bears have made to dump back down have been bought right back up, and we haven’t fallen far from where we pumped on our first attempt to 5900. RSI on the 1 day seems overbought and selling pressure is still everywhere given this is a major resistance zone, but this does have a chance of breaking through 6K, although I am personally considering putting in a medium leverage short at the moment.
Its wind of change which we are all been waiting for. For a long time now people have started giving up on bitcoin but let us hope this price will consistently bring about a uniform rise in other strong altcoins as well. I will like to see ETH breaking that $170 resistance and move to the next level hopefully.
The people who gave up on BTC already left. The ones who believe in the king of the crypto market continue to trade it over the long term. This is no bull trap since I see this as perfectly organic growth spurred by positive news from every direction.ETH will cross $170 soon and it will target $180 next.
Well, in my opinion I see the current market trend as an upward trend which I believe will continue to grow from in the coming weeks and months except if there is any negative information about the crypto currency market strong enough to pull the market on a downward trend.
Now price is reached $5800 so what do you think about this is still bull trap? i don't think so bevause we are now in the bull run we need to believe again to the bitcoin and always be positive and think about bitcoin how to increase more. People still undecided until now if they are now in the bull run or still bull trap. But better to believe now in bitcoin and spread it to other who leave before so they come back again to increase more the market.
Bull trap or not, bitcoin has already formed the path of increasing lowly and gradually, and I think this price is too immature for it to be a bull trap, we already know what led to the increase in price, I mean the tether and bitfinex case, so I think we are still in safe haven, although we might see a retrace, but won’t be because of manipulation of whales.For the next few months, we will still have more of these factors that will continue to help us gradually grow the value of bitcoin that will keep the market completely out of the red zone in preparation for the bulls to really come in, because it is when the market becomes fully green that we will earn the confidence of the healthy bulls.
I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.
It's easy to discard the possibility of a bull trap when the price has consistently made higher highs for over a month. The euphoria that comes with it makes people feel overly confident, and that in a bear market is dangerous.The positive side to this rally is that the real fiat to BTC volumes have actually increased, and that's something we haven't seen in a very long time. All we saw before was fake volumes increase rapidly, but that changed now.
I find it a good move from Coinmarketcap to remove exchanges reporting fake volumes. Currently they're going after the most obvious volume faking exchanges, but for now that's a decent enough first step in the right direction.
The rise in the price of BTC could be attributed to a lot of factors, but we don’t know exactly what yet contributed to this increase same as what happened last month, everything has just been speculation, just like I read yours now, it was totally another reason giving by another analyst, I learnt it was as a result of some transactions that could not go successfully on bifinex, which they had to buy BTC first to be able to carry out the transaction successfully.
Anyway, whatever the cause may be, there will be lots of factors over the year that will lead to increase in value of BTC, we had one already last month, one has already done the present one and I expect more factors soon to take the price to next level of $6500.
Anyway, whatever the cause may be, there will be lots of factors over the year that will lead to increase in value of BTC, we had one already last month, one has already done the present one and I expect more factors soon to take the price to next level of $6500.
I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.
There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.
It all depends on whether or not there is enough momentum to keep pumping. Back in 2017 every $500-$1000 increase people were calling tops, pointing at how overly bullish everyone is, and the market didn't give a shit. If this is somewhat similar, we could end up going well over that $6000 level and start correcting at a level most people here don't have a clue about.
I am still short at the moment, but I'm feeling less confident about it now. I can however leave it open because the leverage is so low that I don't worry about it being liquidated.
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