Bitcoin's price break 5700 USD, is this uptrend or bulltrap? - page 2.

FanEagle

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Quote from: The Cryptovator on May 04, 2019, 03:44:13 AM

Noticed from Binance, bitcoin touched $5.9K which was very near of $6K. It's not look like bull trape because just few days ago there was another breakout. Trend is good sign for another bull run. Don't know when it will break $6K and we will be on bull. Expecting bounce from $6K zone, if in case that zone and need to be stable for few days. Then we might see repeat of last bull run. So wating for breakout $6K zone.

They like attaching market increase to BULL TRAP a lot, I cannot even really seems to figure out what we want from Bitcoin and how we want bitcoin achieve the value we have been speculating, if at this little increase that is nothing for the Bitcoin community to push the price to with their constant investment, we still call it BULL TRAP.

Market is just simply growing fine and we already know that the movement will not be like that of 2017, the BULLS we need are already in the market, but they will not pump money at once like in 2017, so it is gradually they will keep investor more in the market and as they use the crypto system too for other things, we should expect to be seeing these type of increase from time to time.

lupinvn

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Quote from: Kelvinid on May 05, 2019, 07:14:30 AM

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. Lol

wuvdoll

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We really don't know which one is it do we. How can we really know which one we are in without actually it happening, price of bitcoin is something like that, you can't predict it before hand, you can only look back and make a comment on what it was after the fact. That is why when asked about what we are in right now it is futile because nobody even the most experienced person can know about it only after it really happened. If we are in either of those things a month from now we can look back and say we were in this or that.

Bitcoin seems to be doing alright though, even if this is a bull trap I welcome it because the price went up much more than what we assume it would and even if it goes down I doubt it will go down too much so I am happy with whatever has happened.

Kelvinid

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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.

bitbunnny

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Quote from: adaseb on May 05, 2019, 03:24:20 AM

I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

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.

Yes, there is a good chance for price to reach 6000$ in the upcoming period. However, it seems that is still kind of struggling and fluctuating back and fiorth so at the end it might happen that crossing 6000$ might be harder than expected. At this moment I'm not expecting too much and the option for price to get under 5000$ is still open.

figmentofmyass

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Quote from: adaseb on May 05, 2019, 03:24:20 AM

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.

everyone seems bullish so i'm pretty weary at this point. i've closed my longs. (although i'm too conservative to short quite yet)

looks like we're still bull flagging here on the hourly. indeed, i'm pretty surprised at the bulls' resilience at this level since we're right below a major resistance level.

adaseb

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I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

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.

Herbert2020

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no, this alone is not the uptrend. the "uptrend" is all the rises that we had in the past 2 months and we will continue to have for the coming 2 years. there is no "bull traps" anymore because we are already in a bull market and any tracing back is only going to be a simple correction as it has been the case with all the small drops that we had ever since price started rising up from $3100.
the $5700 is no different either, we are testing the resistance close to $6k and that requires some small drops before it breaks out and goes to $6500

bitcoin31

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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.

BitHodler

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Quote from: arpon11 on May 04, 2019, 01:50:04 PM

Traders will only make money if you can take the risk to buy when and uptrend has began like the current happening.

Since when do traders care much about the direction of the market? It doesn't really matter what the direction is as long as there is a decent level of volatility, and we had that for like a whole month now.

Also, the uptrend you're referring to started after the price found its bottom last year. Right now it's waiting for the price to make its first real attempt to break the $6000 mark, and from there we will figure out what the next move is.

IIRC the hyperwave squad wanted to bet 1.5BTC that the price would reach $1500 before $6500. With how the price is going up I'm sure that they are happy that no one (that I am aware of) accepted the bet.

hatshepsut93

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It's a beggining of the new bull run, things will be slow for a while, we will see more drops (even during bull run there are many dips), so regardless if this recent price rise is a bull trap or not, on a scale of months and years the price will keep growing. Things will become hard for short-term traders, because it will be very hard to time your trades correctly, everything can be either a bull or a bear trap on small scale. It's better to just buy and hodl again.

Bezobraznike

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Quote from: Japinat on May 04, 2019, 02:20:27 AM

Uptrend, forget about the possibility of the bull trap because whales just encourage you not to ride to this upcoming big bull run.
$5700 in your book now, but Bitcoin reached $6,000 already in some exchanges.
If this is still a bull trap, we can accept this, what we have in mind now is to see the price to rise again as most of us get's really disappointed last year.

Too soon too soon.
6000$ on exchangers is wonderful result, but I would not hurry to relax and say it is new bulltrap or bull run. Bitcoin may surprise us very painfully in every moment.
Keeping to hold would be the perfect strategy for any changes of this type.

arpon11

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Quote from: Adriano2010 on May 04, 2019, 01:14:58 PM

Is not a bull trap is uptrend, even if now the price drop a bit, i think this happen maybe because of China news mining, and maybe some of miners start sell if they will be forced to stop mining, but i'm sure bitcoin will continue grow.

People and speculators must asked different questions when things are happening in the market and because of that we most understand that cryptocurrencies market is really gainning momentum and we would do ourself good if we can buy now and holds for long-term. I have been in this market for long and gather alot of experience on it market behavior and it has been in this way when uptrend want to begin. Traders will only make money if you can take the risk to buy when and uptrend has began like the current happening.

kryptqnick

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Quote from: AjithBtc on May 04, 2019, 01:08:10 AM

The market growth happening at present is a perfect uptrend, because the market got impacted when there arise an issue with Bitfinex covered a $850 million loss with tether funds. The market crashed reaching $5200 and stayed around $5285 by the weekend. Now the market has taken a forward price push reaching $5800+ without getting impacted of several negative things that have been taking place.

The price has fallen to $5660 already. While I agree that Bitcoin is doing better than before April, I don't think it's ready for major steps yet. This price break seems like a trap. It's good if the price stabilises around $5600 for now. The $6k barrier is tough, and we need to be patient about it.
Summing up, Bitcoin is generally in the uptrend since the beginning of April, but the changes are happening slowly and are often followed by some corrections.

Adriano2010

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Is not a bull trap is uptrend, even if now the price drop a bit, i think this happen maybe because of China news mining, and maybe some of miners start sell if they will be forced to stop mining, but i'm sure bitcoin will continue grow.

Bardman

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Only an idiot would call this a bulltrap. A bulltrap is a false signal in a declining trend. Bitcoin trend was changed a month ago convincingly and with a ton of follow-through, this cannot be a bulltrap anymore by definition. This reversal is as clear as day, not only we broke the weekly downtrend (first time in 1 year and a half) but we also saw a VERY strong defense against recent FUD news about Tether which normally would crash the market.

This uptrend is real and really strong, this doesn't necessarily mean that we are going to see a bull run in the next few months, we are probably just going to keep making steady gains until the end of the year or so. Positive news could further boost the gains but another bull run is unlikely to happen this soon, mostly because people haven't forgot about the last one and will be more careful this time, at least at first, another bull run isn't impossible, that's for sure and it can happen but it will need some fast explosive moves to make it happen.

It's also clear that ICO's or IEO's really in this case have a lot of interest again, most of them are sold within minutes which is a really good sign for the whole market.

gilangIDR

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This is a new level, now the price of Bitcoin continues to reach a much higher level. Indeed there will always be an increase and a decline, this will be a much better limit. So I consider this to be a very positive thing, we need a stable improvement and I am pleased that the increase that is happening at the moment is at a very stable level and is good for the endurance of the next Bitcoin price.

The Cryptovator

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Noticed from Binance, bitcoin touched $5.9K which was very near of $6K. It's not look like bull trape because just few days ago there was another breakout. Trend is good sign for another bull run. Don't know when it will break $6K and we will be on bull. Expecting bounce from $6K zone, if in case that zone and need to be stable for few days. Then we might see repeat of last bull run. So wating for breakout $6K zone.

Yamifoud

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I'm not seeing this as a bull trap but it is purely an uptrend motion. This is just a normal flow and I've never seen any hypes causes this to soar high.
I may be satisfied with the current price, we have that strong resistance going into $6k which I think that it can be achieved before the end of this second semester.

Cherylstar86

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People with positive motivation will conquer an accurate vision of bitcoin's value will exceed promisingly as what does current scenario has shown. As the market phase has started pumping up in a gradual way, it is a good sign of massive occurence of bull run will definitely lead a bountiful future. Let's just take this as a lucky uptrend that will continue to grow immensely profitable.

Topic: Bitcoin's price break 5700 USD, is this uptrend or bulltrap? - page 2. (Read 419 times)