Bulltrap? Or Bull run restored?

[talkbitcoin]

If the Chinese decide to cash out we will see a new bottom imho

with Chinese exchanges closed they have no market to cash out and affect the price. all they can do is to sell off the market like selling on localbitcoins or some Chinese forum thing. and that has never affected the market price.

besides you seem to have forgotten that last time Chinese closed their exchanges for 3 months price went even higher! and the volume coming from China's localbitcoin was through the roof as they were buying more.

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[btcney]

Most likely a bull trap imo. Now that the news seems to be confirmed and all major Chinese exchanges are shutting down, the price seems to be responding somewhat too optimistically at this stage.

I'd expcet price to continue dropping after today.

Perhaps it'll break the $3000 barrier, i'm not sure. If it does then it could go back down to $2500 or less.

[fabiorem]

Beartrap. It's now around $3700.

But there will be no bull run.

[Rahar02]

So far it's a bull restore after significant decline, but who knows what will happen tomorrow.
Most Chinese exchanges halt their services, and will be official in the end of this month.
Bitcoiners in China have dragged people to follow them to sell off, weak hands already panic sell and may regret their decision due to the whales and traders buy back more cheaper coins. We don't know for sure, whether there will be next wave of massive sell off or it's already over, back to normal trading day.

[jubalix]

I have to say this is a ridiculous dead cat bounce.

the dump  feels more like a slow flash crash more than a trend.

[Searing]

I've no idea. Right now I'm completely befuddled. Bitcoin will likely do one of ony 2 things imho.

1) go back to 5k FAST.

2) go back to 2.5k FASTER.

The 'ways' of bitcoin are mysterious to me.

[Kyraishi]

From 3000 to 3600 btc/usd

Bulltrap? Or Bull run restored?







Bulltrap:
China closes exchanges and price rises?!

Bull run restored:
Bounced on weekly MA20

It doesn't really make sense to me why the markets are responding positively to confirmations that Chinese exchanges are going to be closed down. I mean the price actually rose after the news came out, or maybe i got that part wrong? I don't know, i definitely could be wrong and the news came out before the dump but all the news articles came only like 15 hours ago.

So it's really quite a positive response, and i don't think it's justified.

Could well be a bull trap.

[thecodebear]

Well it has already recovered $1000 in a day from $3k to $4k a few minutes ago, now a bit lower back in the $3800s. I'm thinking, and hoping, that its a bit of a trap and it at least heads back down under $3500 (because I just got a paycheck and want to buy more under $3500 haha!).

$3000 was the peak of the springtime bull run and so the base of the summer bull run. So it is no surprise that when it got down to just under $3000 the buyers destroyed the sellers and the price shot way back up. I think we'll probably hang in the 3000s for most of the rest of the month though. Not sure if it'll take another shot at <$3000 again, the big crushing news has been received and processed now, there's not gonna be any worse news than China shutting down all exchanges.

So a little bit of a bulltrap I'd say, with prices sinking back to mid-3000s next week. Then october 4000s again, probably november another crash leading to 2x hard fork, december bull run initiates once fork is passed and we go to $6000 or higher by end of year.

[alyssa85]

I'm actually waiting from Huobi and Okcoin official announcement, being the top 2 trading exchanges in China, closure means that the massive nose dive will continue and I'm speculating that it can go as low as $2000. However, we see a dramatic rise today. I'm still trying to understand what brought this price to go to very quickly. I don't know if this is a trap or dead cat bounce. However we can all sleep and relax again after a weeks carnage. I haven't sold and bought bitcoins though, was out of funds but can bought it about few days. But the buying point is no longer there. But at least really nice to see bitcoin rebound once again.

The thing is, those two exchanges never traded any ICOs, unlike BTCC and the others. So I wonder if they'll be treated differently? If it looks like they are staying open, then there will be a relief surge up.

[el kaka22]

I've no idea. Right now I'm completely befuddled. Bitcoin will likely do one of ony 2 things imho.

1) go back to 5k FAST.

2) go back to 2.5k FASTER.

The 'ways' of bitcoin are mysterious to me.

Yes many times did notice always downfall do happen quicker than upward surging. But I am not finding any possibilities for the prices to go below $3000 levels as restoration of bull run has already initiated and we may see $6000 levels in this rally so $5000 levels may happen within next week and by end of this month we may see prices nearing $6000 levels.

As long prices are not breaking $2800 we never need to worry about drastic downfall and I am sure that breaking the big physiological resistance $3000 also will not be possible with current trends after China's regulations on various crypto initiatives.

[MFahad]

I've been holding since 2013. I don't why people disheart when the price goes down.They should hold. China just did a awful job with us by banned bitcoin which decrease the bitcoin value and we can buy more bitcoin. Whatever might be the trend Bull or bull-traped, now we have to Hold it more till the end of the 2017.

[Carlsen]

I do not think it is a bulltrap because everything is depending on the outcome of the chinese regulation attempts.
If everything goes the way it looks like at the moment we are back on track.
Should the government in China change there point of view and push through harder regulations, we will see a reaction on the market accordingly.

[virasog]

Did you actually look at the history of the price before you ask this question? You have to look at the long-term before making statements like this you're asking questions like this. The fact is that there have been price drops before and this is just a minor little bump in the road and is already practically recovered from it. You have to look at the long-term and stop looking at these little tiny isolated windows.

[Ararbermas]

I know that will go down because I have bought some.

we are not sure mate maybe it will continue surge And never fall i think justt hold it cause bitcoin now adays has a possibility to achieve our prediction. I suggest to buy more mate. 

[cellard]

From 3000 to 3600 btc/usd

Bulltrap? Or Bull run restored?







Bulltrap:
China closes exchanges and price rises?!

Bull run restored:
Bounced on weekly MA20

I've been monitoring all day. My eyes are dry, red, and sore, but it was worth it. My prediction for the ascending triangle breakout came true, and we crossed $6000. The Bitcoin Gold nonsense is already over. Now we are going to try to break the last all time high, and we are going to do this before November 19th which is where the damn segwit2x nonsense will end into a hardfork, then is anywhere's guess what will follow.

A lot of people will lose their money, except the smart people that are holding their own coins and not doing anything stupid, like sending BTC into an B2X address. What I think it's clear is, long term, B2X is pretty dead, what's important is how the situation will unfold during Nov-Dec. By January 2018 we should have a clear winner which hopefully is BTC going into 5 figures with dead big blockers.

[Krikke]

From 3000 to 3600 btc/usd

Bulltrap? Or Bull run restored?







Bulltrap:
China closes exchanges and price rises?!

Bull run restored:
Bounced on weekly MA20

I've been monitoring all day. My eyes are dry , red, and sore, but it was worth it. My prediction fo the ascending triangle breakout came true, and we crossed $6000. The Bitcoin Gold nonsense is already over. Now we are going to try to break the last all time high, and we are going to do this before November 19th which is where the damn segwit2x nonsense will end into a hardfork, then is anywhere's guess what will follow.

A lot of people will lose their money, except the smart people that are holding their own coins and not doing anything stupid, like sending BTC into an B2X address. What I think it's clear is, long term, B2X is pretty dead, what's important is how the situation will infold during Nov-Dec. By January 2018 we should have a clear winner which hopefully is BTC going into 5 figures with dead big blockers.

I agree, there will only be one Bitcoin and that is the original BTC! Some volatility and a pull-back might come by the end of the year, but for me BTC is on route to the moon - user adaption growth in 2018 will be the key and by 2019 the big boys will finally join in.

Hold on to your coin, just sell for your daily expenses or when you buy some online goods... don't forget to buy back the BTC which you use and make sure you know your private key!

[pitham1]

I've been monitoring all day. My eyes are dry, red, and sore, but it was worth it. My prediction for the ascending triangle breakout came true, and we crossed $6000. The Bitcoin Gold nonsense is already over. Now we are going to try to break the last all time high, and we are going to do this before November 19th which is where the damn segwit2x nonsense will end into a hardfork, then is anywhere's guess what will follow.

A lot of people will lose their money, except the smart people that are holding their own coins and not doing anything stupid, like sending BTC into an B2X address. What I think it's clear is, long term, B2X is pretty dead, what's important is how the situation will unfold during Nov-Dec. By January 2018 we should have a clear winner which hopefully is BTC going into 5 figures with dead big blockers.

Nobody paid any importance to the BitGold nonsense. After Bitcoin Cash, this was a copy cat fork. The fear is you will have more and more forks, trying to cash in on the "Bitcoin" name. The Segwit2x is the important one and once that is out of the way, Bitcoin will definitely zoom ahead.