Bitcoin's price break 5700 USD, is this uptrend or bulltrap?

[adaseb]

I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

[figmentofmyass]

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

everyone seems bullish so i'm pretty weary at this point. i've closed my longs. (although i'm too conservative to short quite yet)

looks like we're still bull flagging here on the hourly. indeed, i'm pretty surprised at the bulls' resilience at this level since we're right below a major resistance level.

[bitbunnny]

I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

Yes, there is a good chance for price to reach 6000$ in the upcoming period. However, it seems that is still kind of struggling and fluctuating back and fiorth so at the end it might happen that crossing 6000$ might be harder than expected. At this moment I'm not expecting too much and the option for price to get under 5000$ is still open.

[Kelvinid]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

[wuvdoll]

We really don't know which one is it do we. How can we really know which one we are in without actually it happening, price of bitcoin is something like that, you can't predict it before hand, you can only look back and make a comment on what it was after the fact. That is why when asked about what we are in right now it is futile because nobody even the most experienced person can know about it only after it really happened. If we are in either of those things a month from now we can look back and say we were in this or that.

Bitcoin seems to be doing alright though, even if this is a bull trap I welcome it because the price went up much more than what we assume it would and even if it goes down I doubt it will go down too much so I am happy with whatever has happened.

[lupinvn]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

Yeah, I'm still worry about what cryptos have done recently. TBH, I'm not very well in analyse the Price's Chart or news, but after 2 recent days, the price is crazy and changes very fast (I mean Bitcoin has increased and down in about 2-3% in just few hours). Thats why I have to ask everyone ideas because I'm really want to "all in" this time. Lol

[FanEagle]

Noticed from Binance, bitcoin touched $5.9K which was very near of $6K. It's not look like bull trape because just few days ago there was another breakout. Trend is good sign for another bull run. Don't know when it will break $6K and we will be on bull. Expecting bounce from $6K zone, if in case that zone and need to be stable for few days. Then we might see repeat of last bull run. So wating for breakout $6K zone.

They like attaching market increase to BULL TRAP a lot, I cannot even really seems to figure out what we want from Bitcoin and how we want bitcoin achieve the value we have been speculating, if at this little increase that is nothing for the Bitcoin community to push the price to with their constant investment, we still call it BULL TRAP.

Market is just simply growing fine and we already know that the movement will not be like that of 2017, the BULLS we need are already in the market, but they will not pump money at once like in 2017, so it is gradually they will keep investor more in the market and as they use the crypto system too for other things, we should expect to be seeing these type of increase from time to time.

[1Referee]

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

It all depends on whether or not there is enough momentum to keep pumping. Back in 2017 every $500-$1000 increase people were calling tops, pointing at how overly bullish everyone is, and the market didn't give a shit. If this is somewhat similar, we could end up going well over that $6000 level and start correcting at a level most people here don't have a clue about.

I am still short at the moment, but I'm feeling less confident about it now. I can however leave it open because the leverage is so low that I don't worry about it being liquidated.

[Oceat]

I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.

[StarofBTC]

The rise in the price of BTC could be attributed to a lot of factors, but we don’t know exactly what yet contributed to this increase same as what happened last month, everything has just been speculation, just like I read yours now, it was totally another reason giving by another analyst, I learnt it was as a result of some transactions that could not go successfully on bifinex, which they had to buy BTC first to be able to carry out the transaction successfully.

Anyway, whatever the cause may be, there will be lots of factors over the year that will lead to increase in value of BTC, we had one already last month, one has already done the present one and I expect more factors soon to take the price to next level of $6500.

[BitHodler]

I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.

It's easy to discard the possibility of a bull trap when the price has consistently made higher highs for over a month. The euphoria that comes with it makes people feel overly confident, and that in a bear market is dangerous.

The positive side to this rally is that the real fiat to BTC volumes have actually increased, and that's something we haven't seen in a very long time. All we saw before was fake volumes increase rapidly, but that changed now.

I find it a good move from Coinmarketcap to remove exchanges reporting fake volumes. Currently they're going after the most obvious volume faking exchanges, but for now that's a decent enough first step in the right direction.

[upsidedown75]

Now price is reached $5800 so what do you think about this is still bull trap? i don't think so bevause we are now in the bull run we need to believe again to the bitcoin and always be positive and think about bitcoin how to increase more. People still undecided until now if they are now in the bull run or still bull trap. But better to believe now in bitcoin and spread it to other who leave before so they come back again to increase more the market.

Bull trap or not, bitcoin has already formed the path of increasing lowly and gradually, and I think this price is too immature for it to be a bull trap, we already know what led to the increase in price, I mean the tether and bitfinex case, so I think we are still in safe haven, although we might see a retrace, but won’t be because of manipulation of whales.

For the next few months, we will still have more of these factors that will continue to help us gradually grow the value of bitcoin that will keep the market completely out of the red zone in preparation for the bulls to really come in, because it is when the market becomes fully green that we will earn the confidence of the healthy bulls.

[Bagaji]

Well, in my opinion I see the current market trend as an upward trend which I believe will continue to grow from in the coming weeks and months except if there is any negative information about the crypto currency market strong enough to pull the market on a downward trend.

[JeffBrad12]

Its wind of change which we are all been waiting for. For a long time now people have started giving up on bitcoin but let us hope this price will consistently bring about a uniform rise in other strong altcoins as well. I will like to see ETH breaking that $170 resistance and move to the next level hopefully.

The people who gave up on BTC already left. The ones who believe in the king of the crypto market continue to trade it over the long term. This is no bull trap since I see this as perfectly organic growth spurred by positive news from every direction.

ETH will cross $170 soon and it will target $180 next.

Those people have sold their portfolios when bitcoin reached the bottom price and i have seen so many weak hands have told me if they have sold their crypto portfolios. I can confirm your answer if this is not a bulltrap consider some bad news have already published by some media but the price of bitcoin keeps bullish right now. The bulltrap has already passed in the last month and we are in the right way to go to the moon again. I have prepared my seat belt in my rocket with bitcoin. anyone with me? 

[leowonderful]

Looks pretty good so far considering the several attempts bears have made to dump back down have been bought right back up, and we haven’t fallen far from where we pumped on our first attempt to 5900. RSI on the 1 day seems overbought and selling pressure is still everywhere given this is a major resistance zone, but this does have a chance of breaking through 6K, although I am personally considering putting in a medium leverage short at the moment.

[BeGoods]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

Yeah, I'm still worry about what cryptos have done recently. TBH, I'm not very well in analyse the Price's Chart or news, but after 2 recent days, the price is crazy and changes very fast (I mean Bitcoin has increased and down in about 2-3% in just few hours). Thats why I have to ask everyone ideas because I'm really want to "all in" this time. Lol

in my opinion, bitcoin hasn't reached a bullish level, because if that happens. we know how much the price should have been at this time, of course it's already quite high. and I also don't think it's a bull trap, many people make a profit from the price changes that exist, and several times the price falls but goes back up, its uptrend for me

[El duderino_]

Its always a trap as BULL-as-BEAR-trap 

But the long term trend is just one big BEAR-trap for all us BULLs to  feast on ...

[perla]

If me i will look it is stable or not, because bulltrap will move market price very fast and then in short time it will dumped again. That is my personal opinion, actually i don't know how people call bull trap or maybe bear trap.

[lupinvn]

[Update]
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8. I see the pattern is really similar to its chart in 2016 and 2017. In my opinion, I have a strong belief that, in the end of 2020, the price of Bitcoin may be reach the peak at 30.000$ for sure. So, to the question I ask in this topic, I think this is a start of Uptrend time. lol   

[Slow death]

Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours

for a few moments we managed to reach the $6000



Bitcoin Inches to $6,000 While US Stocks Drop

the price is increasing gradually, and this is very good

Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.