Bitcoin Forum

https://www.coindesk.com/bitcoin-eyes-10k-but-charts-hint-at-bull-trap-potential/

What do you think, are we getting out of the bull market we've been in lately? This is an interesting read on current technical analysis.

Technical analysis for crypto currencies is a thankless task. Too much of the bitcoin rate is influenced by news, rumors and information about future forks. At present, the greatest impact, in my opinion, is the implementation of Bitcoin Lightning Network (LN) technology.
https://lnmainnet.gaben.win/

It's better to play safe for now. Let's wait for btc to break the 10k then *hopefully* we can see bullish trend afterwards.

We're not in a bull market... We're in a bear market.

But I do think we're going to enter a recovery soon now that kobayashi stopped dumping mtgox bc.

But there's recent news that a huge Singaporean exchange is reversing btc/eth trades. It might cause the price to drop again.

This is a consolidation phase of the crypto market.. it has been in a bear market since BTC drop from 20,000 to 7,000.
Now it is consolidating as it bounces between 9000-11000.

I do believe that this will continue for a while longer. No point trying to time the market. I think the best strategy would be
to buy it anything below 9000 and hold for the longer term.

Do not wait for too long because now you can buy btc under 9k which is the best sign for buying anything under it. Once it crosses 10k it feel it would cover 2 to 3k in a single day only and then it would become too late for you to buy and will also miss this bull run opportunity as well.

If/when the recovery comes it's not going to be a straight up recovery, it's going to be just as rough and bumpy going up as it has been coming down. We've already seen that there's a big amount of resistance in the high 11,000s and there probably is a lot beyond that as well.

I don't think the market was a bull trap because I don't think it was bullish at all yesterday, it's been very bearish for the last 2 months.

The markets don't look legit anymore. Markets normally move first based on fundamental analysis, and only after that, it will follow technical analysis. Right now, it seems to be following none. The news are good, and the price keeps falling, even after giving signs of recovery. For me it looks manipulated and there is nothing we can do about it. In fact there is something, that is to hold our coins. Those that want to drive the market down, will only be selling their coins and buying them again. If we don't sell our coins, they wont be buying them for a better price (since we would be selling at the bottom because of the fear they caused with their first sell).

What you said is true. Bitcoin is being affected by the news released by medias. But as of this 2018, I don’t think that’s the issue. What I’m considering as the main problem in 2018 is Facebook ban of ICOs and advertisements of cryptocurrencies and the upcoming ban that will soon be made by Google to prevent ads that has to with cryptocurrencies.

So I think people are afraid of all these things. But I don’t really see that as a problem. But apart from that, I think investors might be taking a break after the run in 2017. Whatever it is, Bitcoin always recovers.

But we shouldn’t be expecting a rise all the time. There are times markets fall, there are times they rise and there are also times they become stable.

I think what is affecting btc price right now is the uncertainty coming from the new regulations about exchanges. The different countries like Singapore are trying to regulate crypto trading after the reversal of trades

Today price is already less than 8K. Not sure when a market will stabilize to move up. If this goes down like this every week then new people will lose the confidence and do a panic sell to drag prices some more down. I think all governments need a lot of time to regulate this market so prices may not recover back so fast.

Too bad that we have bottom again for the nth time. It really hard to see where the price is going because there's another event in the coming weeks that can significantly affect us, the G20 summit.

I don't know if this is a bull trap of what, because we have bounce back to as high as $85xx just a few days ago and now going down below $8,xxx. So much uncertainly and we don't know when we are going to see any recovery. To be honest, I don't see anything in the horizon that will help us get back as this stage. But I'm not giving up and still believe that at the end of the year, we can all look back and says that we have overcome a lot of obstacles in the beginning.