I think we are facing a strong accumulation phase right now as the patterns indicate that whales are buying a lot of bitcoin and bots are active that the day before so those who are waiting lower prices we might never see them if this pace keep going like crazy.
The sign indicate nor bull run or bear market as bull run is far for happening and bear market is already here creating panic and deception among holders and traders. Holders are getting panicked and some of them already dumped and traders loose money every day as the charts are hard to read in order to make some decent profits.
Topic: Is this a sign of the next Bitcoin bull run? Or just another bull trap? - page 3. (Read 370 times)
November 26, 2019, 11:16:59 AM
November 26, 2019, 11:04:35 AM
~snip~
I guess its a positive news if we are indeed heading to the next bull run but I think its too early to tell on what might be the market's next move especially if we speculate on it based on a data of one exchange alone.TBH, the community are getting tired of these kinds of speculations where we often end up being disappointed on our expectations though everybody hopes the the best is yet to come in cryptosphere! Imho.
November 26, 2019, 10:47:46 AM
It's a psychological barrier. People know that 6k used to be a very strong support in 2018 and again in the early 2019 so they think it's a good place to buy in.
I don't focus on daily prices. What matters is months and years not days. If you look at months we are still in the same trend since the beginning.
The price should have been at 5k in 2015 but it got oversold to 3k and quickly made it back to the long term trendline at 5k. Now this trendline is at 6k and will be at 7k at the time of the halving.
I don't focus on daily prices. What matters is months and years not days. If you look at months we are still in the same trend since the beginning.
The price should have been at 5k in 2015 but it got oversold to 3k and quickly made it back to the long term trendline at 5k. Now this trendline is at 6k and will be at 7k at the time of the halving.
November 26, 2019, 10:40:08 AM
Bitcoin buy positions on Bitfinex have spiked to levels not seen since February. Sell positions, on the other hand, are around their lowest level ever.
After experiencing compounding losses in the past week, Bitcoin rebounded significantly yesterday from a low of $6,600. Now trading at around $7,150, the bulls are trying to push this higher and it appears they have some momentum.
Click here to read the full news
I would like to pay more attention to the word “momentum”.
No matter what “momentum” do they have, it would probably end up as a bull trap in the current situation of the cryptocurrency market today.
I honestly believe that the momentum wouldn’t last long and may not help much to spike Bitcoin’s price once again, even if the buy positions have spiked to high levels. There is no guarantee now that Bitcoin may going to have another bull run soon even if the number of buy positions are growing to its level that we’ve never seen since February.
What happened last February? Even if there’s a high number of buying positions in Bitmex or in other exchanges, there’s not much impact in Bitcoin’s price back then until after the April Fool’s Day where it grown from $4k+ to $6k+, and then up to almost $14k in the middle of this year.
After experiencing compounding losses in the past week, Bitcoin rebounded significantly yesterday from a low of $6,600. Now trading at around $7,150, the bulls are trying to push this higher and it appears they have some momentum.
Click here to read the full news
I would like to pay more attention to the word “momentum”.
No matter what “momentum” do they have, it would probably end up as a bull trap in the current situation of the cryptocurrency market today.
I honestly believe that the momentum wouldn’t last long and may not help much to spike Bitcoin’s price once again, even if the buy positions have spiked to high levels. There is no guarantee now that Bitcoin may going to have another bull run soon even if the number of buy positions are growing to its level that we’ve never seen since February.
What happened last February? Even if there’s a high number of buying positions in Bitmex or in other exchanges, there’s not much impact in Bitcoin’s price back then until after the April Fool’s Day where it grown from $4k+ to $6k+, and then up to almost $14k in the middle of this year.
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