CRYPTOCURRENCY RECOVERY OR BULLTRAP?!
Cryptocurrencies in general are experiencing a nice recovery
For now it seems cryptocurrencies have found the bottom, so most of the cryptocurrencies prices are back on their way up. Buy volume is increasing, but will it last?
There are questions...
Is this recovery strong enough to break the downward trend?
Is the panic-selling and bear-market finally over?
Time will tell.
Personally I'm not sure there will be enough volume for cryptocurrencies to make a full recovery yet. I feel there is a chance prices will go down one more time... In this case the recent growth of cryptocurrencies would appear to be a bull trap.
What is a bulltrap?
A bull trap is a false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline.
Nevertheless ofcourse I'm hoping the real BULLS are back!
If this is true, I will see you all on the moon where we prove to the world again that HODL is key! Never panic sell.
What do you think?
IS THIS A RECOVERY OR A BULLTRAP?
CAN WE GO BACK TO THE MOON ALREADY?
Thank you for reading.
Feel free to upvote, comment, resteem and/or follow my blog @maxdigi if you liked this post. I greatly appreciate your support!
Cheers,
MAXIDIGI
Credit to iamoxymoron on reddit /r/cryptomarkets
Yes I agree with what this chart tells us. But the question of my post is whether the recovery is starting now or if this may be a bulltrap to take prices even lower.
Thanks for your comment.
Do you think the Olympics in South Korea are going to cause a bit of a spike for btc or any impact?
I don't know if this will have an impact on the market, I don't think so honestly.
I want it to be real. But I suspect bulltrap. I think I will sit it out!
I'm thinking the same thing. I'm already in HODL-mode for all cryptos :-)
Let's hope we will go bullish again next week and break this downward trend!
Everything is back in the red again. I did a quick juggle with LTC and increased my holding. I hate doing that, it is so nerve racking but I got lucky this time.
I do have a couple of holdings from December that I'm not attached to. I am considering dumping them and taking the loss. Otherwise in hodl for everything else that I am attached to.
Might be a long year of listening to my mother saying 'told you so' despite being way ahead...
I just made a new article about the potential bottom of bitcoin but also cryptocurrency in general, about the whole bubble thing...
Yes I agree it can become a long year but I refuse to let my cryptocurrencies go for these prices, I'm stubborn on this matter. HODL
Agreed, hodl it is!
Been doing this for more than 30 years. Really expecting to see BTC at $6,000 soon enough. That will be signal the bottom and I'll be buying in.
Thanks for the great post.
Love the attitude! Hoping others are on the same wavelength on this matter.
Thanks for your comment.
What we witnessed on February 2nd evening (Aus time) was the second biggest dip ever for Crypto. Last time the dip of this nature happened, it got sluggish for a very long time before it caught everyone's attention in 2017 and it went to the moon.
I don't think it will get sluggish again. Only because of the interest in the crypto space has grown massively. More people have a stake in this space than in 2013. So it's safe to conclude that 2018 will be the best year ever for crypto. This is what we heard in 2017 all along that 2018 is going to be the year to watch out for.
I say this because the real interest in crypto kicked in late 2017 and we have already seen adaption of many currencies rapidly. XRP signing up with Moneygram, Crypto currencies being used in Brisbane Airport, Major online publications adapting Steem etc. Although we are in the infancy of crypto revulition, there's enough and more confidence in the market to bet on the future of Crypto.
If it crashes, it will bounce back. We are seeing the establishment of a new investment model that's different to bricks and mortar and shares. It takes time for people t to embrace it.
For those of us who have embraced it have a bigger role in instilling confidence in the new comers.
I totally agree with you. The interest in cryptocurrency has never been this high, so I'm also convinced we will bounce back and start recovering soon.
Hoping 2018 will turn out to be a great year! HODL tight.
Cheers & thanks for your comment mate!
You were right max! Bull trap so far.
Yep seems we are heading for a lower low again!
I think we will bounce hard when Bitcoin reaches 6000 dollars, hoping for reversal at that point...
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waiting for that cat to bounce, sadly hes on his last life
What do you mean? The end of crypto?
End of crypto, end of me, I guess we will let time decide.
Damn man, those are some dark thoughts, it will be alright! :-)
lol, I had those thoughts long before losing my life savings in crypto. All crypto did was exacerbate those thoughts . Its nice to see that life is going well for you :)
Not smart to put all your lifesavings in crypto bro! But remember as long as you don't sell you don't actually lose money. I have a lot of faith that cryptocurrencies will fully recover, long-term crypto is still a great investment!
I also lost a decent sum in Bitconnect (read your blog), stay strong and don't let these setbacks take you down. Stay positive bro!
Thanks for your comments.
Thank you. I was desperate at the time when I did it. The year before "winter of 2016" I had to make the decision to renovate and live my basement and rent the upstairs, so I didn't lose it or take the $20,000 and buy a bunch of ether at $7.00 each. Sadly I selected to renovate my basement. For some dumb reason I thought it would happen again in 2018, but its been a blood bath instead. I cant stand living in my basement, so I was willing to try anything to get out of here. I lost my business in Winter of 2016 and haven't been able to get a real job since. I have a disease called neurofibromatosis, so I look different and no one will give me a break or real job.
Sad to hear what you have been going through, I can only wish you the best in the future, remember though everyone makes bad decisions, life is not perfect. As long as you want to work for a future and have the right attitude you will succeed in life, I know that.
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