Bitcoin Forum

Recently read the news that the volumes are growing at localbicoins in Canada and Europe. The news is really true, as I have checked this information through a special service.

What do you think?  Is this a bull market signal or another trick?

We are not lay the good thing in our path it is the decision you make on which move you take that will lead you to a trap or something good. it is your choice.

Dead cat bounce, more likely.

I'm looking at the current market cap of the whole cryptocurrency, and its still seating at $250 billion, last December it was at $800 billion.

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Some News are telling that the current movement is just another trap, I don't believe on this because I think news nowadays aren't very reliable anymore.

This may aim to some manupulative plan or a virtual bitcoin pool manifestation among top investors to rule and kind of alter the market whenever required. Well the credibility of the news is still unknown. It can be another speculative stroke been played by some minds who are in path to make personal profits and not benefit the market overall.

What is this special service you are talking about? Also why would someone manipulate LocalBitcoins to create a bull trap when they can just manipulate the exchanges. LocalBitcoins isn't like your traditional exchange where trades can be manipulated that easily.

Today's news is probably due to some whales trying to capture the market, so they have come up with news to hit the psychology of investors. Must have a reliable source of accurate information. I think you should give the article link about this information. So people will believe more absolutely.

Special service  ;D
https://coin.dance/volume/localbitcoins


The efficiency of the old methods decreases and it is necessary to invent new. And maybe they don't manipulate LocalBitcoins, they just use it to buy.
I don't know, I just want to know is there another reason of the growing volumes and then will make my own decision.

LocalBitcoins is not an indicator to anything as the volume their is really low compared to major exchanges.
It might reveal more interest to buy bitcoin with cash/a fear of people from the exchanges or whatever, you can't really indicate from that an increase in the demand for bitcoin.

As we can see, the volume in bitfinex went down at USD terms( 40000BTC volume few months ago is now 120K btc volume as the price of bitcoin went down).

I would suggest you to let your research rely on the biggest exchanges if you want it to be accurate.

I think this going up still not a positive bull market, as we know the market still chaotic and after the long bear market usually people will look for chance to sell, then this bull market for sure won't survive for long time, but this can be the chances to make some profit, and bull market indicate that there are still many people buying and it will be a good reference for other investors, so it's a positive movement

You think very standardly.

Big players in the cryptocurrency space have set up their own private network for OTC trading, buying and selling billions every month among their little club. And instead of using Bloomberg, Symphony or anything of that caliber usually employed by traders on Wall Street, they just Skype it.

https://www.reuters.com/article/us-crypto-currencies-otc/otc-crypto-market-flourishes-powered-by-skype-idUSKCN1H91P4

I'm trying to figure out what's next. Growth of bitcoin or we say hello $4000

A temporarily recovery is what I am seeing maybe others are seeing a bull trap but I think this is a Dead cat bounce I though that the market is recovering and will continue from increasing but then we had dip back $7,127.41, But it is just an assumption base on the current movement of bitcoin and a sudden dip again, And in my opinion a indication of manipulation with the price.

No strong indicator of a bull yet, but who knows, it may be an early sign of a re-surging market.

Definitely not a bull market. Prices have only recovered slightly when the $6.6k bottom was found earlier on in the wee. I think there will still be some distance to go before we find the true bottom for this bear market and a real bull market starts emerging.

Should be a bull trap, it's not a trick of any kind. It's just normal market movements.

No idea why Localbitcoins volume is relevant because it could just be any whale dumping/selling coins or even wash trading. Who knows. But as I said, we're still in this bear market. Unless BTC can rise above $10k(which will most likely be at least the end of the year when that happens), I would not call this a start of a real bull market.

usually whenever price falls, there is a surge in volume since there will be a lot of people who are taking advantage of the situation (the discount) to invest their worthless fiat money into valuable bitcoin and then hold it long term. and it is always hard to invest a large amount without raising red flags so most of them do it slowly and over time.

this surge that you witnessed, specially since you said it is from localbitcoins might be that. and I don't think we can take this as a bull market signal or trap. it just is!

Everything has a reason. If something doesn't have a reason, if something just is, you do not know the reason. Because everything has a reason.
I don't believe that volumes grow without a reason. Are there other reasons for the growth in volumes in LocalBitcoins? Maybe there was some push from the state?

None of them. This is not a trap nor a bull market sign. Nothing special has happened. The price change is about only 5%. That's completely normal in cryptocurrencies. I think we should wait. It is impossible to predict the price. But I am sure that sooner or later the real price rise will start.

It's neither a trick nor a signal for a bull market.
Just because the demand for buying and selling OTC is increasing, doesn't mean we are out of the woods.
Of course you wanna buy when the price is low. Anything else would be dumb from an investors point of view.
But imo it'll probably need a few more months before we could see a trend reversal.
What's so bad about 6-12 months bear market for instance? The weak projects and coins will get washed out, which will strengthen the market and ecosystem in long term. Take advantage of this phase and I try to accumulate more BTC!

but the market is not moving up so far so we can not say this was a signal, at least not a bull run. and let us not forget that volume that comes from anywhere other than bitcoin's biggest exchanges (eg coinbase, bitfinex, bitstamp,...) is not something that can affect anything in the market.

for example the volume coming from Indian exchanges was huge, the price was also so much bigger than US prices, for all of last year and i think it still is bigger but i have not checked this. this had no effect on the market.

Bull trap. We will stay the entire year in hibernation.

There were several of these traps already, this is just another.

Compare the chart to last year. It had already recovered by this time.

The signs are clear, we are going straight to 1k. Only then we can recover.

I'm not saying I want that, its just how the market looks like right now.

Come back in December for 10-12k range prices.

None on both.. The market still on stagnant,, this must be a test run for any reaction positively from the community. Testing the water or just those two country show signs of bitcoin popularity because of news about Europe Binance relocation and regulation on crypto that is positive..

If the signal is more deliberately show today,, the market will give a hint out of it and increases will be more dramatic.. But this is a good start than no movement at all..

Although it is rather too early to say,i think we have already hit rock-bottom for crypto this year and it is time to head into the bullish market.There are speculations everywhere of some institutional funding coming soon to the market.I do not think this is a trap,the bulls are coming :D :D :D..happy days once more

Wut?

If a dead cat is tied to a plane, its jump may be higher than a living cat's jump. It all depends on the mood of the users. For example, I do not want to sell my bitcoins at low prices. I'll keep them as long as it takes to recover the price. If so will think most the price will rise very quickly. It seems to me that these jumps are associated with attempts whales to reduce the price but the resistance in the market is large and so the price is quickly restored.

I think we are on a trap and possibly we can experience again the market in a down trend. So the market would seems slowly recovered I think this mid of year onwards. No one knows actually, but we do hope we can see soon the continuous bull ran market.

The chart says so otherwise. You can see that the volume is neither increasing nor decreasing, there are candles where the volume is massive then the following candles will have a lower volume, this tell us that the traders are still unsure whether they want to participate in the market or not as they are also not aware or unsure of the current situation where Bitcoin is in. Right now with just over 30 minutes of time Bitcoin had drop from 7,200$ down to 6,800$ this shows us how unsure the market is. 

It's a bull trap.
The momentum from 20K to 6K is too strong. Any momentary rise to 10 - 12K will only be a trap.

I do not know the effect of localbitcoin on the Bitcoin value but I do not think it will be big or for the long-term.
Overall the price returned to rise after a long decline so we will see a bullish trend in the coming days and perhaps raise the level of stability from the barrier of (6000$ to 7000$ )to (8000$ to 10,000$).
mempool is still empty and the confirmation of conversions takes less time
more good news coming, Keep holding  ;D

I'm not sure how big the impact of localbitcoins, maybe it has play significant role that we might have overlook. We have recovered by the bottom in the last couple of days, but it looks like everyone is talking profits when the price bounce back so we are back below $7K again. So we are not in a bull market signal as of yet. Gonna be a long way before we can see the flock of herds running because the bears are still taking over this market. We have seen this pattern before, actually when we peaked at $11700 last few months, everyone is calling (including me), that we are already out of the woods and we can all breathe a sign of relief, however, we all know what happens next, so it this is another bull trap or a dead cat bounce, we all should be cautious but should enter the picture and quickly jump in before a massive bull run that we all have been waiting.

Nothing in this market is what it looks like, and for that reason it's pointless to look at every possible market aspect to hope for a bump up in the price. If people expect it to go up, it goes down, and if people expect it to go down, it goes up. Just like how technical analysis or whatever level of research couldn't point out the bull run and its potential tops last year, we can't really point out where it ends currently. The only thing giving me hope is the fact that throughout the years we haven't seen the market fall below its previous bottom, and I still believe in that long term pattern. Even at the worst possible panic dump resulting in the market to set a new bottom back in February, it didn't tank below the previous bottom at that time, and that while we were very close....

Given the lagging trends and the blow-off top, I'm not expecting a bull market for quite some time. Given how long everything takes now, it's prudent to expect many months if not more than a year of consolidation. Longer, if this is 2014.

I definitely don't think enough time has passed that we've seen despair. But for now, I'm still waiting for my post-bubble bull trap. The question there is will we make new lows after the bull trap? In 2012 and 2013, we did not.

A trading friend of mine (who generally leans permabear) is partial to this bullish wedge:

https://i.imgur.com/HOzIq3H.jpg

This kind of small rally was expected to end pretty soon after it started. So I don't think that it's the major bull trap, even though the pull back was extremely quick and pretty big in scale as well with prices plunging under $7k today. The major bull trap that we saw was bitcoin hanging around $10k trying to break that $12k mark, and that started off the big dumps.

There are virtually no signs for a start of a new bull market right now. Plus, it's only been 4 months and that's probably just not enough time for the bear market of the cycle to be over.


Precisely. 2014's recovery took 2 years and I expect this bear market to probably last anywhere between 10-24 months. But this is way too soon to say that we've reached rock bottom and are working back up again. We're not going to see a real bull market unless we find a bottom, and this is not the bottom just based on the timing alone.

If $6k support broken , I'll even call it bearish . The previous momentum of comeback to $7k are a real bullish for me personally but due unforeseen reasons it's turned around until we are on the deeper line now since yesterday night.
Confusing moment , even altcoins mostly follow Bitcoin trends to go down instead run into opposite direction.
Just hold my breath and forget the loss for a while now.

perhaps its a bull trap not just a correction of price, 'cause it seems whales nowadays doing short term in the market which is that is reason behind why the growth rate in the market always plunges back to the bottom after it grow.

Yeah, I was taken by surprise a bit. Since we broke and held above the mode ~ $7,000, I expected a couple more days of uptrending before the bears gave it another whirl. That was a nasty bearish engulfing they left on the 1-day chart:

https://i.imgur.com/ienvOOq.jpg

We saw some strong buys intraday however, and we haven't broken below $6,000, which is positive. Sub-$6,000 would be quite bad because proportions (i.e. time) suggest a double bottom is unlikely.

All we can do is watch and wait. The wedge I mentioned earlier is still alive. Bulls are still defending that historically high-volume candle from February (the $6,000 low) and as long as they do, hope is still alive.

After that, we can plan on targeting all sorts of bases from $2,500-$5,400 to trade the downtrend.

better not to draw conclusions too soon, because this market is being governed by panic and only after we leave this pressure of the governments we will see how everything will stay. Now is normal every day we read news that country X has banned bitcoin or bank X has banned bitcoin and what is creating panic. That's why I tell you not to be too hasty to draw conclusions.

India’s Central Bank To Stop Dealing With All Crypto-Related Accounts, ‘Not Ban On Crypto’ Commenters Say
 (https://cointelegraph.com/news/indias-central-bank-to-stop-dealing-with-all-crypto-related-accounts-not-ban-on-crypto-commenters-say)

The only way to know is if all of a sudden we are back to 10k. Then the market can resume a upward movement.

Anything below 10k can be a bull trap. Now who will have the courage to buy and discover if the price is a trap or not? We need some millionaires injecting some money into it, since for them any damage will be small.