Topic: $31450 proves too strong for Buyers, but Sellers may only dominate below $29400 (Read 528 times)

^^ We will see, there's a lot of movement right now, and we might hit $28k or already hit that price. If we did and there is a strong volume, then we should be maintaining that price this October.

And so with this kind of pump, October is really good for us, I mean in the last six months all we have seen is sideways so we need more action, more volume and hopefully that $30k can be broken again or at least we will be in that price range once we hit December. Short term, it looks like we might be on some sort of short rally before the halving.

Now we are playing on prices which is really that below these price points on which we are talking now on 27-28k on which this had been known the strong support until the price hits up that 25k support. Good thing that
it didnt really have those breakouts on which it did really that resulted into some small scale recovery but at least the price is really gradually backing up to 30k. We are now focusing on breaking that 28k resistance before we would really be breaking that 30k then next would really be 34-35. For now there are no current positive sentiments or news that would really be pushing through the price.It might be that quite nonrelevant
but we know that news like this could really make neither an impact or not but most likely nowadays, it does!.

Here's the current chart;

That's right, if anyone has any money on the side that they can afford to use for buying bitcoin, they should be doing that right now. There is no scenario where it would make sense to stop and wait, we are getting closer to halving and the longer you wait the higher price will go and you will end up not having any type of return at all.

I guess it is going to be something that we are not careful about and that should be the important part of it. I get that we are going to end up with something that should profit people on the long run and we could make it work somehow. I mean the best thing to do in this case would be helping each other out. I believe that it is going to end up with a good return if we buy right now.

It's good that you have funds put aside in case that the price is going down or there is correction. However, the opportunities has been persistent for months now because we are trading sideways and the current price of $25k-$26k is still very cheap.

So it's a great opportunity for everyone, and hopefully there are investors who are not just waiting for the price to go down hard again as last year because it might not present itself and this kind of opportunity will not arrived. Moral lesson is that we should buy and accumulate so that we will be ready when the bull run arrives mid next year.

Of course, continuing to be corrected is an opportunity to be able to buy and hold it for the much-anticipated time. When it increases according to the expected desires, it is possible to sell it and make a profit.There is a time when Bitcoin will also increase, and I agree with you on being patient because Bitcoin's character is like this, where it will continue to repeat itself. The halving era is just waiting for the time when there will be changes and improvements, and it's time to be able to gain profits if we believe in it.

Now is the time, of course because bitcoin is still hovering around $26k. You can accumulate as much as you can in this area and plan something for the long term. This means buy it now and hold it until you make a profit from it in the next bull run period. The next halving is in 2024, so there's plenty of good hope in the aftermath that you can take advantage of now.

If you doubt that the price of bitcoin can still fall due to negative issues or something like that, then do DCA. It's the best advice that's been said a thousand times, but there's nothing wrong with lump sum.

Being patient is advised because the crypto market is unpredictable and volatile and you can't forecast when its price will rise or fall.
A bitcoin investor must bear in mind that more patience is required when investing in bitcoin because it is a long-term, instead of a short-term, investment. You purchase and hodl bitcoin in your portfolio until you desire to sell it for a profit or another purpose at a high price. Maybe months after the halving season or 2025. It's a choice to sell without no one permission

It's not just right now though, I mean even last year when we are in the lowest low of $15,500 it takes month to bounce back and recover from it. And so the same thing happens again, this August, we might not see a good price movement and I doubt that we are going to recover and reach $30k.

For me the best thing to do is see the price around $26k at this is the biggest support that we can have at this point. And then again, when everything settles down, maybe the last quarter, we might see a good recovery.

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

I made similar projection in this thread where I gave two case scenarios of my expectations for Bitcoin. So far, the first scenario that suggested a downward move to the $26k region seem to be playing out. The zone is actually critical and expected to hold price for more upward moves. However, if that zone is eaten by the bears, then there is a high chances that prize will reach the $22k-$20k region. This will be a lot depressing to a lot of people but not the true believers because Bitcoin will always bounce back stronger and better.

In my submission, I actually stated that Bitcoin will rise to create new highs just like every other person is saying. The time it will rise and to what extent it will go deeper before rising is what no one know with certainty. The wise thing to do at this point is to try and hold reasonable amount of Bitcoin while preparing for the rise.

Being in this forum already mean you believe in Bitcoin and it will not be logical to be here and miss out on securing your future through Bitcoin because Bitcoin is indeed the future.

Unexpectedly, the lover level of $29,400 has been breached by the market. Let's see what would further unfold as this has turned to a bearish outlook.

I don't see the market moving above $32,000 for now, maybe later. Even if it did move above the level, I posted on $35,000-$37,000 in a topic months ago that they would be a problem for the continuation of the bullish trend this year. Frankly, I don't see Bitcoin hitting $40,000 in 2023.

Your suggestion is a very good one in that market condition, the market could be so frustrating in such a situation and trends traders will always take a break to avoid being played by the market. But for the short-terms traders that could probably scalp their way out, they could increase their leverage and be very active with the trading chart to either use tight stop loss or close their trades upon a slight change against their view.

Best way to trade this is basically high leverage with tight stops. You know that even if the highs or lows are run, they won’t close above those levels. Will be a nasty wick and reverse. If you get some volume and a break with conviction then you can just take a loss.

However I am betting with how everything is trading these days we won’t see much action. Will just chop away going from resistance to support and vice versa. The day traders are making a killing on all this action.

Even though we are already on great momentum on the market we might still not be ready for the price to go skyrocket yet, I mean its already great momentum since we have been through 15k$ in the past months and then back up to 30k$ again last bull run I mean compared in the past year or past all-time high where it's only around 18k$-20k$ it's already a great leap reaching the price around 30k$, But in order for the Bitcoin market price to trigger the price increase and skyrocket we gonna need institutions, government, organizations, etc as a catalyst that is going to boost the price of bitcoin in the market. Like in the last Bullrun, it is going to be a huge amount of money is needed to be put into Bitcoin in order to for the Bitcoin market price to skyrocket. The title is just a correction in the market in my opinion we are still on great momentum, it is just normal for investors to sell at this point since there are a lot of investors who holds for a long time and there are going to sell for profit at some point so we can't expect a price increase every time, price correction is necessary.

We did stabilize on 29300-29800 for the entire weekdays and make out some touch up on 30200+ in the weekend and now as of this writing we are on 29900+ which we could actually say that 30k price ceiling is really that something that hard to breakout. The market for this week is silent and there's no much of news or fundamentals which it would really be making out some significant impact on the market.Im wondering if we would really be
dumping again on month of August which we know that even on traditional markets which this month is a "Ghost month" not only on those typical sayings but also on markets as well.
Im preparing myself or my funds on DCA'ing on the time that we might be hitting up 28k or lower in 25k which i would be saying its a sweet spot to buy more.

Yes, For the past couple of days and weeks, Bitcoin has remained in a range between $29k -$30 after the upward movement which drove the market to kiss $31k current resistance and has failed to break any of the two support @29k and resistance @$31k.

Having spent several days and weeks without breaking, either way, is a strong indication that

1. The zone is a strong resistance point and Bitcoin needs to gather a lot of momentum to knock out the level.
2. Bitcoin is gearing up for a retracement toward the $26k point of breakout.

It is obvious that we are going to end up with some sort of trouble that would make it a bit harder, it is not going to be something that is easy to make money from, but something that is a bit more cliché, because price keeps rising is the norm in bitcoin. So, what we should be doing right now is to make sure that we are not dealing with any of the trouble and just focus on how it will go up in the future.

Sure there could be moments of drops in the price, but those are just some moments, normally on the long term we know that it's not going to be all that different and that's not going to be that easy. Hopefully we could end up with a good situation where it rises soon, that way people would see that it is good to bet on bitcoin.

There has been a mix of both positive and negative news lately in the market and this is likely the reason why there has been a minor pause in the moment of Bitcoin in any particular direction. After the XRP case results, we have seen a major hike suddenly and there hasn't been any more news to push the prices even further. With SEC's negative stance on crypto as a whole, we can never guarantee a price movement in either ways and this will continue until August's results on the ETF filings.

As other pointed out in a few posts above, we are in the consolidation phase for a while and since Bitcoin is becoming more of a matured asset over the years, we have been seeing reduced volatility percentage as well. IMO reduction in volatility can help us to bring in more seasonal investors instead of get rich quick bozos who isn't really fruitful for the market as a whole. These people who aren't interested in the technology have moved onto shitcoins and this is the reason every now and then a shitcoin like $PEPE gets pumped and the fortune favors the one who withdraws the money from the market earlier than the rest.

Well, if FTX didn't fail last year we could have seen another possible failure by this year and the bull would have been postponed to a later date than what we are anticipating right now. FTX failure has created a major slump in the market and many institutional investors along with VC funding towards various projects have gone down on a much larger scale. Now, after half an year of FTX failure and with the XRP case winnings we are seeing resumed interest which may pick up to a higher level if SEC favors the market by approving the ETF filings.

Since we've attained the recent peak of $31,800 and there have more resistance over the move to take it to the next level, we can be more expectant over the later end of this month mabe we could experience more pump in price to see the market getting close to $35,000 or more, the current price will be more in favour of the buyers since they are buying at $30,120 or less from what the market offers and things can change anytime henceforth since we are approaching the period of market bull for bitcoin.

There is alot of consolidation from 16th June till now and when the consolidation became too obvious, it was certain that it was time for the price to move. Many people predicted that it will move upwards, others predicted downwards but the market decided to move upwards and almost reversed immediately.

It is now very certain that a strong resistance is formed at$31k and this resistance is trying to be more powerful than the support at 30k.

We can consider it a strong last resistance level near $40,000, as after reaching $32,000, it is unlikely that the resistance at $34,000 will be as strong, meaning that breaking $31,450 is the key that will take the price to levels close to $40,000.

The more you touch a support or resistance level, the weaker you make that level. even if the price did not succeed at the present time, the $31,450 level is much weaker than before, and any strong upward trend again will certainly break that barrier, provided that the price remains in the range of 28K to 32K.

#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.

A similar situation has been seen many times in the past, and as if it were yesterday I remember 2015 and how the price was stuck between $200 and $250 and everyone was waiting for something to happen since it was also the year that preceded halving. If memory serves me well by the end of the year (2015), the price reached about $1000 and few were optimistic enough to predict what followed.

The feeling tells me that we will have to wait a little longer for the right action, because summer is really hellish in the Northern Hemisphere and I think this year will break all temperature records☀🌡

^ It is meeting resistance at the expected point if you look back at the chart about 13-14 months ago. This somewhat long term resistance point is being eaten away though and once it does, very similarly to how 14 months ago it plummeted from $40K to $30K, we will see the opposite. A quick rise from $30K to $40K.

For those of us who trade the trend of the market, Bitcoin has been so frustrating since the 23rd of June when it hit another year's ATH before the subsequent ones. That was the last time a viable bullish movement occurred, and it's almost a month now, but it continues to channel with no clear direction as many economic data, news and event updates affect it differently.

On a closer look at the market today, this might continue, but two important levels could change the narrative in support of either the buyers or the sellers. These two lines are the $31450 (the year's ATH established in June) and the $29400 (where the correction of June's bullish run ended). By principle, both levels have constituted strong barriers that need to be broken before a trend could be established.

However, more attention is on the $31450 as buyers seem to be gaining more traction compared to the lower level of $29400 which has not been threatened since the last day in June. Regardless, more sellers seem to be piling up around $31450, which could only explain why the market has not had a single close above the level in the last 24 days despite all the attempts of the buyers and some positive news.

For this, I believe a daily close above the level ($31450) will activate a strong bullish trend, while a break and daily close below $29400 might pressure the market.