Bitcoin - Recovery or bull trap v.2018 ?

[richardsNY]

Hmmm...  I fear we're still in the 'stage of denial' and BTC could still go back down or needs to crash some more to reach the stage of capitulation (then despair).  Only til then will we see true recovery...

Denial? That may apply to some people, but certainly not to me. The only obvious thing at this point is that we won't be shooting up any time soon, and as long as that fact stands, there may follow another dump causing the market to tank further. It just requires a few large traders to lose their patience and start dumping, because in a market where the expectations are insanely high, boredom is something traders can't properly deal with. Get rich quick mentality doesn't only apply to noobs just having found their way into Bitcoin, but it also applies to whales. We'll see where we end up, but we indeed shouldn't calculate ourself safe from another dump yet.

[1715093090]

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[gantez]

I'm yet to see a convision that the upward run have started. Bitcoin is not an altcoin that has very low patronage but it has an average of 4 to 5 billion volume 24h , so we should know that it will have some upwards movement against the negative news around it.

I think we should be expecting good times when it cross $10,000 just like it broke last December and got to $12,000.

[JanpriX]

As of this moment, we couldn't really tell if BTC is already in recovery mode. The 8k area has been the support line in the past few days and it held its own ground really well. Though, I still couldn't shake this feeling where it appears that it is being manipulated by the whales and big corporations trying to buy cheap Bitcoin. It reached 9k area but then again, brought down by heavy selling parties. It seems that they don't want it to surpass the 9k level. I think, we can see the real trend of it after Feb 16 (Chinese New Year). This time will be crucial and will play a big part for its course of action in the coming months.

[btc_angela]

I'm yet to see a convision that the upward run have started. Bitcoin is not an altcoin that has very low patronage but it has an average of 4 to 5 billion volume 24h , so we should know that it will have some upwards movement against the negative news around it.

I think we should be expecting good times when it cross $10,000 just like it broke last December and got to $12,000.

I guess we need to break the $9K barrier first and see how it goes. Bitcoin price as of late doesn't move as much as we want, similar to what we have seen last year. Its been like enjoying a couple of days gaining, then suddenly plummeting with no indicator as to why.

I can't say that this is a bull trap, more of "I will wait and see how the price moves" attitude for investors. Maybe they are afraid of the regulations coming our way that we are now having a hard time pushing and breaking the $9K-$10K barriers.

[wuvdoll]

original post from 2013:

Is this the start of a recovery or a bull trap?

I'd hope for the first but I'm still confused...

Boy I sure hope we'll reach a new ATH this year, similar to 2013.

I'm cautiously optimistic right now too, seeing how USD 8,000,- is holding up fairly well with USD 6,000,- looking like a double bottom. I guess February is going to be critical. If we break below USD 8,000,- again, I doubt that USD 6,000,- will hold and the downtrend might continue. If we manage to break above USD 10,000,- however, or at least stay above USD 8,000,- until the end of the month, I think that we might actually look at an uptrend again.

Right and really looking forward to it. From what we have, there is still hope that we may be trying to break some resistance in coming weeks, but we really need to get past this $9000-ish region first. So many times, I almost freaked out of seeing a trap, but for now it looks like the formation is looking good but I personally need more to know that we have recovered and the trend has changed.

I guess we have to wait and see, but if it is a bull trap, I am sure by now we should have known, but everything still looks good. However, a trap or not, I am still very bullish on bitcoin this year. It could be a bumpy one, no one knows, probably a smooth adoption and an up rally, no one can say, but at least, only the chart can really tell us that.

[juragane]

Is this the start of a recovery or a bull trap?

I bumped into a post like this from couple of years ago and thought maybe to revisit this vote again

I think in 2018 this bitcoin in the price recovery and crawl up to the nomrla price of a price above $ 15k I hope bitcoin pick up the players who stuck at high prices.