Topic: $31450 proves too strong for Buyers, but Sellers may only dominate below $29400 - page 2. (Read 534 times)

#Concluded sumup#

Well, my own proofreading matters much to me for my work to be more correct, constructive and accurate as possible. That's why I do it many times before I post. However, your last reply made me realize that you don't seem to fully understand what I was talking about, perhaps twisting it, no wonder you are the only one complaining about this while others share their views. I see no error in my view and explanation.

For the first part, it was irrelevant whether the ATH was broken or not since I defined it well that it was when the ATH was still that of the 23rd of June, which was also the peak of the month, and I made it known that it wasn't the year's ATH because I don't have business with the ATH after June in my upper barrier consideration. It's the scope of my analysis, what else could a writer do in this regard? Anyone could define their writeup as they like, it's the reader that should try to understand, not try to force the writer to write it in their own way.

And for the second part, haven't you heard about fake and false breakouts? That's what happened, and it's even evident by the market not having a single daily close above June's ATH, they are just fake. The phenomenon is simple and common in the market, I wonder why it's a big deal for you. While the reason is that more selling interests are at that level ($31450) than the will of the buyers. Therefore, it doesn't matter if a market breaks a level, what matters is whether or not it sustains it. Did it sustain it? No.

Lastly, I don't see any problem with my prediction, Bitcoin has a long-term bullish trend but was channelling with no particular short-term trend when I made this post. The buyers and sellers will continue to play their games in their minor ways within the larger scope of the overall bullish trend. However, a successful breach of $31450 by the buyers will activate the continuation of the overall bullish trend, while a breach of $29400 activates a continued bearish correction that might lead to a major bearish reversal if it persists.

Price has crashed many times into the $29k support area, but I haven't seen it fall further to $26k in the last 30 days. There is potential for a correction like the one in mid-June, but as long as the market is getting more support than FUD, then a $29k to $31k sideway is always possible.

We may have a longer sideway or until July ends. If $32k always fails, then the possibility of a deeper correction is always to be expected. Some doubts have been raised as $32k is still a strong resistance to be broken, but given the halving is still a long way off then a major correction to the bitcoin price can always be expected. I'm optimism about bullish, but maybe not during July to September.

This sudden dip is no surprise to me because thats exactly what I have observed from whenever the price wants to particularly shoot up from its stagnant holding point. And yes like you said bitcoin has reached 31k and back to 30k for some time now and the price going back to 29k is just like a step backward to run and break out from the 31k mark although I think its going to be like this for the whole of this month (29-30-31k).

The chart looks more like forming a bull flag which has a high chance of breaking towards the upside.
Regardless of the long consolidation experienced for some weeks now since the price broke above $30k and kissed the $31k level current price resistance, The monthly candle closure remains my utmost focus as the previous monthly close was bullish, we have more chance of another monthly bullish candle irrespective of the current price.

Its never been sustainable and it could neither break or stay on a particular point basing up on the buying or selling pressure in between those buyers or sellers on which it doesnt really always correlate nor depend

about those news around but we cant really deny the fact that it could really make out some effect or influence somehow in speaking about potential price movement and  this is what makes even more harder
for us to tell on where it would be going. If you are really making up some short trades then you would really be finding this to be that mind boggling or would really be giving impression that it is really that
truly random and non predictable on which it is always should be since from the start. This is why decisions and positioning would really be entirely depending on a certain trader or investor
whether they would really be waiting up for entries or would be selling out.

The price gaps arent really that huge i should say but if you are really that capable or having the confidence for you to play up with this minimal price movements then you coudl
actually be able to make or snip up some profits if you could take up the risks on playing with it.

The price of Bitcoin is rising but the key point is that the price is not sustainable. When Bitcoin crossed 31k it was thought that maybe the price could touch 35k but it didn't happen. Few days ago when Bitcoin first over 25K price but after crossing 25K it started going down again. No buyers were found to buy Bitcoin at 25k. Later the market recovered from that position and settled in between 30k. This situation is also happening at the moment so we can see the price outperforming 35k anytime.

It doesn't matter how many times you proofread them, if the idea is faulty it is what it is.
The ATH was already broken, even if you mentioned it so why would the previous ATH still matter in this whole thing, if you take it as an example of how the price reacts after it then simply go one further ATH back and see that is doesn't resemble this cycle at all, so what's the point fixating on it when it's no longer the ATH, there is no resemblance to the previous situation where we had two consecutive ATH broken, sooo ...they are just random lines that currently don't mean a thing as you can see from the price!

Your words:


So if it goes up or down from those lines the price might go up or down and in case it doesn't cross the lines the price will keep between those levels, right, unless it will go above or below one! Now you see the problem with your "prediction?
 

I guess you read the post in a hurry, I proofread my posts many times before posting them.

Regardless, your query has been addressed earlier above the place you picked it, that's for those who read it from the beginning since there are ATHs of the same year before and after the one I referred to, which was why I used "before the subsequent ones" as seen in my quote below.


Meaning that the "(the year's ATH established in June)" I stated was the reference to the 23rd of June's ATH. It's not the ATH of the year as you believed, there is one before and others after.

As for this part, I'd read it twice and saw no single fault in what I wrote. It explains what exactly I see and still see on the subject. Meanwhile, buyers and sellers could still be dragging the trend within the wider scope of the trend depending on the term you are looking at (short/long).

For details' sake, "as buyers seem to be gaining more traction" and "more sellers seem to be piling up" denote the general psychology of the market even though the price is hooked at some place as captured in the picture attached. Even at that, nothing is contradictory here because the market has the right to sell on reaching $31450 when it encounters more sellers there even if it was bullish. And again, the sellers might regroup at the level for subsequent selling if the market recovers back to that level upon the initial selloff caused by their (sellers) activity. This could continue unless higher buying interest is indicated at the level, and this is just a normal thing happening in all markets.

I'm a dynamic trader, any position the true sentiment reveals is where I follow.

Dude, I hope your pessimism wins because I haven't accumulated enough bitcoin and I don't like the idea that I'm only half in my hoard goal and the price starts going up to the point it's not worth my money to put in more because the sudden fall might be disastrous and will definitely make feel depressed due to regrets. Plus, iirc isn't this price points back before the last halvings were the hardest points to break for bitcoin too?

You know, Reddit is very funny.

r/cryptocurrency was proclaiming a bullrun that turned out to last for all of two hours. This happened the day before yesterday. I mean I get that everyone is fixated on staying about $30K, as if it's the surface level of the ocean, but come on guys, there's not enough interest from people who'd possibly buy more BTC. So why get so fixated on this "bullrun"? :/

(Counter-trading Jim Cramer would've been better for you this week. He also called a bullrun.)

Even your graph clearly shows that's not the annual ATH, the current one happened on the 15th at 31665 (average) and 31656 right there on the image you used! So the trend is already broken!


You don't have to go that far, the same thing happened at the end of last year, we were stuck in the same pattern only for something completely unpredictable to happen, nothing to do with price levels or barrier or ATH, one solid pump in 3 continuous days and we were  up 25%, the only thing I learned about Bitcoin price prediction is that the more lines and arrows you try to put on a chart more effort the ghost of Satoshi will put into making sure the price avoids all your lines and fancy drawings.

That is the point of reaching the peak, it doesn't matter if you crashed too hard or went up too high, when you reach to a price where it just go anymore, it starts to go other way around. Like when we reached 20k in 2017, that was the highest we can reach at that point, not reached, we could reach, there is a difference, we can reach higher normally, which we have seen with 68k recently, it's that we could not do that at that time because we didn't had more money in the market, after that we had more and went more.

Same with crashes, it can go down a lot but then it will go up a lot after it fails to go down even more. So we need to be careful about checking where is the biggest and where is the highest levels that we can reach.

Bitcoin surpassing $31k is a certainty, and everyone knows it, but the problem is that no one knows when that will happen, that's the point. Bitcoin has crossed $30k after months of waiting, but it has yet to go further. It could also drop below $30k anytime, so saying this is a sign that bitcoin could hit $37k this year is incorrect. Moreover, the bull season usually comes 1 year after the halving occurs, so it cannot be said that the halving will have a positive impact on bitcoin at this point. Bitcoin price is unpredictable, and all we can do is hope and pray that it turns out as we expect.

The movement isn't something new,and I believe that bitcoin will finally break the barrier price which is 31k but the problem is that I don't know when this will happen. The price is back to 30k which is the support price,if you take note bitcoin has hit 31k thrice within 40 days and back to 30k. This is a sign that after sometimes the price will pump high above 37k or so because this year has shown that it is a good year for bitcoin due to the fact that the halving is getting close. Let's relax and hope for a price pump.

I don't like this pattern, my pessimism tells me that it's another one of those "Bart Simpson" patterns when the price instantly crashes after a long period of failing to break the same level of resistance. And there would be nothing strange in falling to $26k and trading sideways for weeks or months again, because there's still a lot of time before the halvening, and even after the halvening the bull run kicks in after some time.

It looks like its getting tough to break thru the barrier however keep in mind that when it comes to crypto price action. When we are consolidating on resistance, its usually bullish. And same if it consolidates on support, its usually bearish.

Remember 2017, we kept touching the $6K area and basically went nowhere for many months. Many people assumed that it was the bottom when the markets havent moved in weeks, and then in November we finally broke thru and it was a nasty crash. I think its the same setup here only opposite.

But the Bitcoin price is down from $31,450 today and has reached $30k level, even though it is starting to look like there is a bit of strength in the Bitcoin price to rise. Hopefully, the price of Bitcoin can increase again tomorrow or maybe the price will start moving a few hours later. This situation is confusing, but I'm still fine since I don't day trade.

If you pay attention to the market situation, it seems that the increase and decrease in Bitcoin today has strongly influenced several altcoins. Some altcoins are trying to increase again after yesterday's correction. So we will have to wait to see if there will soon be a price spike for Bitcoin or if the price will remain around the current price.

So be careful if you want to trade Bitcoin because this unpredictable situation can confuse you about when to enter the market. Maybe it would be better for you to wait until you see signs of an increase before you can enter the market.

Yes, this seems to be the case, I thought that when we reach $31k, I thought that we are going to maintain it. But I spoke too soon as we goes back to $30k, the support line and the resistance to $31k is to great for us.


And so not to complicated things, we can't do anything about it. Perhaps the selling point is really $31k for speculators and that's why it's obvious by now that it is the biggest barrier that we need to break for this year before we talk about how the price will be at the end of 2023.

The last few positive news (mostly ETF) didn't materialize yet into anything, hence the market is mostly playing a waiting game.
Plus it's summer (and holidays), the things are supposed to go slow.

I see now a fair price compared to how near the next halving is, but this can go up suddenly or can go lower too for a while.
I'd be surprised to see 33k before September, a 28k-32k limbo can still last.

But this is a personal opinion. I may be right or I may be wrong. Time will tell.

31K is really proves too strong for resistance while 30K proves too strong too as a support. A very close price range like this usually ends up resistance being break since buyer will have more confidence to buy since support is near to their buy entry compared when the price is sideways on a huge price ramge with very high volatility.

It’s odd to have a resistance on 31K level while the price on 30K since the price rally from 25K that has a very high tradimg volume during those time.