A signal of bull market or trap?

[GhostWithin]

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?

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[bigmaster23]

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.

[odolvlobo]

Dead cat bounce, more likely.

[Liquidathor22]

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.
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.

[fiulpro]

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.

[Kaller]

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.

[LooBaao]

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.

[GhostWithin]

What is this special service you are talking about?

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

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.

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.

[BillCoin]

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.

[xuan87]

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

[GhostWithin]

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.

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

[YuginKadoya]

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.

[99btcwah]

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

[magneto]

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?

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.

[Pursuer]

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!

[GhostWithin]

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?

[ahmadakbari]

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.

[Denker]

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?

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!

[talkbitcoin]

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.

[fabiorem]

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.