Topic: 16.5K will be the major resistance for BTC ? (Read 341 times)

As you can see, price started a correction immediately after hitting 16.5K later today, do you think BTC will break above such level soon or it will do it later after gaining enough momentum? Feel free to share your comments below.

As usual, analysis from Kuang Ren for today:

BTC:
As mentioned in my previous analysis, the key $16,500 level will be the major resistance, coincidentally, pressure caused by dumping chips emerged after the highest price just hit that level later today.

Volumes on daily chart shrank, which made it less likely for BTC to break above such level. Overall, strength from bears is weakening, meaning that BTC will exchange time for space around $16,500 and continue the oscillating move around those 2 lines as marked.

Altcoins:
XRP started another wave of upward move this morning, a lack of momentum seemed obvious during the rally, meaning that current strength of momentum can’t set all locked positions at the high level free.

Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. For XRP holders, however, reducing your positions at high level is recommended.

NEO Price has moved up to around former major resistance with decreasing volumes after going live on huobi.pro, which makes it unsuitable for speculative operations for now, let’s wait and see.

The oscillating move of BTC price will create chances for altcoins, you should guard yourself from the impulse to chase high.

Altcoins being strong during previous sessions can be our targets for short-term and quick operations once chances for short-term rally emerge.

Also, altcoins remaining in consolidating patterns at low level and showing signals for being under the control of main funds will launch their independent upward moves sooner or later.

Original by Kuang Ren, translated and posted by AICoin Jami.

Well, it appears bitcoin is still suffering from the recent bitcoin market correction. $16.k as a resistance level for bitcoin is not issue, bitcoin to stabilize that is the issue because is currently selling below $13k today.     

Well, it appears bitcoin is still suffering from the recent bitcoin market correction. $16.k as a resistance level for bitcoin is not issue, bitcoin to stabilize that is the issue because is currently selling below $13k today.     

As you can see, price started a correction immediately after hitting 16.5K later today, do you think BTC will break above such level soon or it will do it later after gaining enough momentum? Feel free to share your comments below.

As usual, analysis from Kuang Ren for today:

BTC:
As mentioned in my previous analysis, the key $16,500 level will be the major resistance, coincidentally, pressure caused by dumping chips emerged after the highest price just hit that level later today.

Volumes on daily chart shrank, which made it less likely for BTC to break above such level. Overall, strength from bears is weakening, meaning that BTC will exchange time for space around $16,500 and continue the oscillating move around those 2 lines as marked.

Altcoins:
XRP started another wave of upward move this morning, a lack of momentum seemed obvious during the rally, meaning that current strength of momentum can’t set all locked positions at the high level free.

Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. For XRP holders, however, reducing your positions at high level is recommended.

NEO Price has moved up to around former major resistance with decreasing volumes after going live on huobi.pro, which makes it unsuitable for speculative operations for now, let’s wait and see.

The oscillating move of BTC price will create chances for altcoins, you should guard yourself from the impulse to chase high.

Altcoins being strong during previous sessions can be our targets for short-term and quick operations once chances for short-term rally emerge.

Also, altcoins remaining in consolidating patterns at low level and showing signals for being under the control of main funds will launch their independent upward moves sooner or later.

Original by Kuang Ren, translated and posted by AICoin Jami.

Will you sell part of your BTC chips to lock your profits when price gets to 20K or a little higher?

Well i would first see how do we get to 19-20K , i.e what momentum

Bitcoin has already hit $19.000 previously. Now it's a bit hard to get back to that level, but I think it's still possible. There is enough time for a last recharge in power to take the price back to $19.000 or even $20.000 before 2018.

The interesting is that the price doesn't fall hard, so it has strength, that is a fact, there is resistance to let it under $16.500, but we can break this resistance and bump it, maybe a fast bump, but a unique and fast opportunity to sell for $19.000-$20.000.

Sounds like another player in Mortal Kombat? LOL.


In my view, $16K is another barrier that we need to overcome now, everytime we reach that price, lots of dump followed immediately, I guess investors really do think that its the been time to dump their coins. However, the dumping opens up another perfect opportunity for others to buy bitcoin once more. So its gonna be a tug of war, up until the end of the year. 2018 will usher a big boost on bitcoin, specially that there's a looming fork + Lightning Network.

Let's see, for me getting $10K is already good to close out the year, moving to $13k-$16K will be a added bonus. And I'm excited what 2018 could bring to the table I'm one of those who thinks that this is another crazy year for all of us.

I think btc will increase $30000 in next year

there are currently a couple of things going on.

it is the holidays and there surely is much less activity in the market, making things different than normal times.

there are also a lot of "FUD-residue" which means people see any kind of rise as an exit opportunity not a begining of a rise and that creates virtual resistances.

You should buy bitcoin

With the current price fluctuations the price is clearly between $16k and $16,8k at the moment.
I dont know why it is always between those rates. it is pretty annoying to see that each hour it is on $16 or just $16,8k.

Yes, theres a lot of resistance at this level, but it will keep trying to push up.

And  who is this Kuang Ren with such a wisdom?  

16.5 will be breaking easily at the end of 2017, even a blind can see that every one is waiting for 2018 to make a new jump in price and knowing that will make smarter investors begin to buy just before 2018. Its now sitting at 16300 and its still holiday, wait till live is back to normal and cash flow hit the exchanges again.

Nope I guess that can only happen after this year, if you look at the past years bitcoin is consistent for going down in month like December and January, and the reason for that is because lots of users sells for holidays.
And it cannot go over $19k or $20k in just 4 days, even a $17k is hard to reach as of its current situation right now.