Bullish movement from BTC for the last 48h ๐
BTC has sprung back to life with a vengeance, rising from $6000 to $8400 over the last two days. The world of traders & investors are watching right now waiting to see if this is a bull trap or a genuine switch from the downward trend we have been experiencing since Christmas.
A bull trap is where the market is on a downward trend and then it starts to go up (hoodwinking/trapping bulls) into thinking thereโs a reversal... so it pops a couple of greens (the bull trap) but then re-continues itโs downward trend.
The next few days will be crutial in deciding the answer to this question, so let's all think green candles please!
GREEN CANDLES, GREEN CANDLES... and a few more GREEN CANDLES!
Still waiting on my t-shirt to arrive ;)
Why is everyone watching BTC?
Because when BTC returns to its upward trend the whole market will explode. And that my friends is the time to invest your fiat currency. Perhaps that time is now?
Keep watching.
Personally I enjoy watching BTC on Bitfinex. Check link here
The ideal scenario
Whilst we do want the green candles on BTC right now to rebuild confidence in the market, we don't want it to take over. If BTC represents a tasty investment, the rest of the market will continue to suffer a little. The ideal scenario would be some sideways movement for a while once that confidence has been re-established, giving us alts a chance to catch the eye of all those new investors looking at cryptocurrency for the first time.
Steem by the way appears to be high on many investor's lists and am confident about the future of our lifeblood here on Steemit.
Onward & upward we fly!
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I don't think it is a bull trap. I believe the time has finally come for it to rise again. Many Elliott Waves back this up! I'm amazed on it's massive jump the past day and half basically up 40%! But I do agree with you, we need some sideways movements so this correction can come properly.
Great that we are in agreement. Am very new to this game but ever since I joined a trading group, my knowledge and understanding of what's going on has been expanding quickly.
Luckily my job lets me have a lot of free time and I love things that need to be updated on the regular! So I try sharing information with everyone I can. I wish you the best of luck on your new journey with crypto. You gained a new follower :)
I love all of these crypto posts. I thought I was starting to learn, but keep finding new lingo. So with a bull trap it will turn back down, but if not it will go up. How long does it typically take to see the turn either way?
This is my first potential bull trap so I couldn't say for sure but I'm guessing after a day or two we will know for sure.
So much fun eh! And a whole new world...
It sure is! There is alot to learn, and speculate!
I think it will be much higher . but i belive in ETH , ETH have more potanical from BTC.
Day will tell
Sorry that i dont have power to vote. if i vote it will not give u SP :(
Love to read your post
Doron