A signal of bull market or trap?

[Kingofbitcoin12345]

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..

[1714157576]

1714157576

[tonyosa]

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 ..happy days once more

[Donovan XXL]

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.

Wut?

[Lieldoryn]

Dead cat bounce, more likely.

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.

[Pasnik]

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.

[Harlot]

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. 

[uslfd]

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.

[hugeblack]

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  

[Kemarit]

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?

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.

[richardsNY]

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....

[exstasie]

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

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:

[timerland]

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?

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.

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.

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.

[poplolnman]

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

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:

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.

[lablab03]

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?

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.

[exstasie]

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.

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:



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.

[Slow death]

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

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

[fabiorem]

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.