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Author Topic: Reaching $7000 so can we confirm the bull run?  (Read 606 times)
Findingnemo
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May 11, 2019, 05:31:53 PM
 #1

There is huge price trend change on the crypto market and the prices almost doubled now from the prices of beginning this year,we almost had $1000 price increase in the last 24 hours alone so can we confirm now that no more bears for now even the corrections?

Any TA experts confirm it. Cheesy

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May 11, 2019, 05:46:38 PM
 #2

This morning I checked the BTC price with my coffee and I said: "what's going on!" $500 during the night. And I was thinking about @mikeywith Grin
Yet, I prefer to wait a little longer. maybe once we hit $7,500 or $8,000. Which could be tomorrow lol. Since April Bitcoin is doing great during weekends.

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May 11, 2019, 06:17:33 PM
 #3

I think even if the price grow so much we can't be 100% sure if is the start a bull run, i think is more better to wait and get more bitcoins, but even if the price will drop maybe after time a bull run will grow.
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May 11, 2019, 07:15:05 PM
 #4

Likely we are on bull run if btc stay above $7K. Seems btc don't want to come down and still continue up trend. Perhaps there would be little pull back but we might see another bull run after pull back. Expecting btc should above $8K within couple of day. Then obviously we can say exactly we are in bull run. Although I am not technical analyser but I follow the trend of bitcoin.
$7000 looks another pshychological barrier if it possible to break then it might a feel of bull run among the investors but it will be able or there will be a correction?

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May 11, 2019, 07:40:44 PM
 #5

I've read so many comments over the past few months, people saying that once we go past the 6k mark, it would be a solid confirmation of a bull market...Now it's 7k?  Roll Eyes  I don't think you need an exact price to finally say "we're in a bull run", what we need is constant upward movement in the market. If prices keep going up for several weeks or months (like now), then it's safe to say that we're already in a bull market.

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May 11, 2019, 07:41:02 PM
 #6

There is huge price trend change on the crypto market and the prices almost doubled now from the prices of beginning this year,we almost had $1000 price increase in the last 24 hours alone so can we confirm now that no more bears for now even the corrections?

Any TA experts confirm it. Cheesy

breaking the 2018 resistance is a great sign. ideally though, to confirm the bull market, i want to see the $6k zone hold as support once price corrects. we'll probably hit a brick wall somewhere between $7k-$8k and correct downwards.

if bulls absorb all selling pressure in the $6000s and then push back upwards, that will confirm there's no more supply at these levels. we'll also form a higher low on the weekly and monthly charts---another confirmation of a bull market.

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May 11, 2019, 07:44:14 PM
 #7

Likely we are on bull run if btc stay above $7K. Seems btc don't want to come down and still continue up trend. Perhaps there would be little pull back but we might see another bull run after pull back. Expecting btc should above $8K within couple of day. Then obviously we can say exactly we are in bull run. Although I am not technical analyser but I follow the trend of bitcoin.

This one. If we can go above $7k today and sustain it and then we have a slow approach to $8k then possible that we are out of the bearish cycle and entering the bull run. But I'm expecting some pull back in the next coming days and the make another push to $7k and then $8k.

And once we became sort of stable again or not spiking like we have witnessed in the last 48 hours, then we can say that the bull has taken over the market so let's see how it pans out.

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May 11, 2019, 07:54:49 PM
 #8

Yet, I prefer to wait a little longer. maybe once we hit $7,500 or $8,000. Which could be tomorrow lol. Since April Bitcoin is doing great during weekends.
It's funny though. I remember on the way down to $3000 people said that we would go back up soon, while right now on the way up people try to talk the current rally down as if it's not a good development at all.  Cheesy

Same with a lot of youtubers. Price down they show all kinds of scenarios why they think the price will go up again, and now they shifted to being bearish and show why they believe the price will go down again.

People really need to calm down and just enjoy whatever it is that the market subjects them to. It was awesome seeing the price tank for me, and now it's awesome seeing the price go up.

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May 11, 2019, 07:58:15 PM
 #9

I reckon we should wait for Bitfinex and Binance to get their house fully in order before deciding whether this is a decisive direction or not. Both of them carry a big stick around here.

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May 11, 2019, 08:09:20 PM
 #10

I reckon we should wait for Bitfinex and Binance to get their house fully in order before deciding whether this is a decisive direction or not. Both of them carry a big stick around here.

An old mentor of mine once told me: when a bearish market ignores bearish news (like the Bitfinex insolvency revelation and the Binance hack), pay attention.

The fact that the market rallied in the face of these bearish triggers is an indication of strongly bullish sentiment. The spread between Bitfinex and the rest of the market has already disappeared and Binance will be reopening withdrawals in a few days.

Until Bitfinex actually gets their domain taken down by the FBI, I don't think they're going to be stopping a bull market.

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May 11, 2019, 08:26:26 PM
 #11

I am afraid to confirm it really feels like if I say yes then tomorrow i will see the price going down fastly, don't know why? hope it will go higher and we can say more assured we must see +500$ or more every morning, let's hope for that ,keep it up BTC you can do it.

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May 11, 2019, 08:27:05 PM
 #12

An old mentor of mine once told me: when a bearish market ignores bearish news (like the Bitfinex insolvency revelation and the Binance hack), pay attention.

The news has been and gone. I'm talking more about the actual functionality. We've no idea what the money on Binance wants to do once it's unleashed again. We don't know how confident BFX users are until the LEO or IEO or whatever concludes and is successful.

Both places have a lot of potential to make influential moves and neither are in full health.

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May 11, 2019, 08:34:26 PM
 #13

I am afraid to confirm it really feels like if I say yes then tomorrow i will see the price going down fastly, don't know why? hope it will go higher and we can say more assured we must see +500$ or more every morning, let's hope for that ,keep it up BTC you can do it.

Hope your prediction wont come true.
Want to see whole market to grow and not only alts grow in same amout as bitcoin grow.

Last month shows that the market is ready to recover from stagnation. Hope bull are strong enough tovget to 10k.

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May 11, 2019, 08:42:30 PM
 #14

An old mentor of mine once told me: when a bearish market ignores bearish news (like the Bitfinex insolvency revelation and the Binance hack), pay attention.

The news has been and gone. I'm talking more about the actual functionality. We've no idea what the money on Binance wants to do once it's unleashed again. We don't know how confident BFX users are until the LEO or IEO or whatever concludes and is successful.

The point was more about using market reactions to news as a gauge for sentiment. In bear markets, bad news triggers selloffs. That obviously didn't happen here so it begs the question, are we in a bear market anymore? Probably not.

As for your concerns, we know Bitfinex users aren't desperate to leave anymore. It's obvious because the premium to get out is now negative. That source of buying pressure is gone. Also, it looks like they've already lined up commitments for the entire token sale: https://www.coindesk.com/bitfinex-token-sale-has-lined-up-1-billion-in-commitments-shareholder-says

As for Binance, this wasn't a huge hack for their size and users won't lose anything. I don't think their recovery is highly doubted. They're not like Cryptopia or something. Even if there's an exodus from Binance to crypto wallets and other exchanges, I don't see why that would be bearish for the market. Poloniex and Bittrex fading from popularity in mid 2017 didn't stop the bull at the time.

I feel like we've seen this story play out too many times to overly worry. My perpetual mistake in crypto is assuming people will approach fundamentals rationally. In bull markets, fundamentals never matter.

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May 11, 2019, 08:46:50 PM
 #15

There is huge price trend change on the crypto market and the prices almost doubled now from the prices of beginning this year,we almost had $1000 price increase in the last 24 hours alone so can we confirm now that no more bears for now even the corrections?

Any TA experts confirm it. Cheesy
No experts TA here, but the last bottom we have was like $3100-$3200, so at the current price we have doubled it already. So maybe that's a strong indication that we are in a bull run. Plus we are not affected by the Bitfinex and Tether drama, and just a couple of days ago Bitfinex was hacked and then Rep. Sherman bad mouthing bitcoin and proposing a bill to ban all crypto. So despite those negative news, the market is gaining momentum and have no impact whatsoever.

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May 11, 2019, 09:10:46 PM
 #16

This morning I checked the BTC price with my coffee and I said: "what's going on!" $500 during the night. And I was thinking about @mikeywith Grin
Yet, I prefer to wait a little longer. maybe once we hit $7,500 or $8,000. Which could be tomorrow lol. Since April Bitcoin is doing great during weekends.
This is also the thing I do observed that Bitcoins price or generally the market becomes good when its weekends and suddenly goes back to lower points on weekdays.
I don't know if theres some pattern but this is happening frequently but one things for sure that theres no such thing on confirming if this is already the bull run.
Either this would be some trap or totally the reverse of the trend that's why decision making would be crucial when making some orders/entries.
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May 11, 2019, 09:26:34 PM
 #17

There is huge price trend change on the crypto market and the prices almost doubled now from the prices of beginning this year,we almost had $1000 price increase in the last 24 hours alone so can we confirm now that no more bears for now even the corrections?

Any TA experts confirm it. Cheesy


I totally agree with you, any technical analyst can assure you that prediction, but remember that the market usually moves according to the scenarios, that is, if we see that the bitcoin market makes a providential increase, people start to enter because they want to lose the movement, and the price is increasing and with a lot of volume, what can not be ruled out is that they are bullish traps, in Wyckoff's book Valdecantos, he explains this scenario, but what is the problem of the TA? that's just that, because they are based on indicators and a series of tools with a lot of calculation, approximations and statistics, but those indicators are not going to tell you what phase of the market is, which was what happened, if it was the movement of a Whale or institutional money, if the volume is fictitious or if they only made the move because they wanted to try the offer at those levels.

That is why we are very careful to enter the market when the movement of it is taking place, because many can assure that we are bullish, but we are in a phase of accumulation, that is, at any moment it can fall, and those who have entered in LONG your position may be liquidated.

It usually happens a lot, in my personal opinion, we are not yet in the bullish trend phase, we are still in the accumulation stage and these movements tend to occur because the volatility in this phase is high, and it may fall at any moment because the effort what they do to raise the price must be seen in profits for those who decided to do it, and that is usually rewarded when the same whales are sold gradually.

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May 11, 2019, 09:34:46 PM
 #18

It depends to you if you are going to believe if it's on the bull run or not but for me we are on the bull run . Last few hours ago the market reaching $7000 but it down to $6900 whoch is only $100 decreased and the price now are stable and we hope that the next movement for this is up not down. Many expert confirm bull run already hitted bevause they see good movement to the bitcoin.

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May 11, 2019, 09:54:22 PM
 #19

I don’t know if this is a real bull run now but I think the price right now is really good and its very high now compare in the early months of 2019. If we can go beyond $7k level i think that’s already a bull run and its not a trap anymore, i just hope also that ETH will go up and hit the level of $300 again because i’m holding this coin too.

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May 11, 2019, 10:36:12 PM
Last edit: May 11, 2019, 11:22:46 PM by gentlemand
 #20

As for Binance, this wasn't a huge hack for their size and users won't lose anything. I don't think their recovery is highly doubted. They're not like Cryptopia or something. Even if there's an exodus from Binance to crypto wallets and other exchanges, I don't see why that would be bearish for the market. Poloniex and Bittrex fading from popularity in mid 2017 didn't stop the bull at the time.

I'll say again, it's not about news or perception.

No money can get in or out of Binance. That is the world's biggest exchange by real volume. It may be pure coincidence but this bonkersdom has only kicked off after it removed itself from the playing field. That has to be having an effect.

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