Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K - page 2.

el kaka22

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Quote from: slaman29 on July 01, 2021, 03:09:37 AM

we all know how painful it's been to try and get past 36k. The last time before yesterday we did, the pullback from resistance took us back below $30k. Kind of got me slightly worried but it's recovered since, but yet again, yesterday/today is showing further signs of weakness.

On the other hand, easy money for those with limit orders at 29k. Sell at 36k 3/4/5 times already can double their BTC. Not for me though.

What you just described is exactly what trading is all about and that is what traders are trying to do. Some of them are good traders and manage to do it, some of them are bad traders and fail to do it but there are many many periods in bitcoin history when the price went up and down between the same prices and people put buy orders at certain low levels that it reaches and sell orders at the high levels that it reaches and kept trading in between those prices.

This is a common thing when the price is not acting volatile like the past year. However that is also one of the reasons why it doesn't go above 40k very easily, people end up buying at between 28 to 32 and then sell it at around 35 to 38 and even 40 at some times and that is why it fails to go any higher. If those traders kept their money and waited for more, they wouldn't be traders, they would be investors.

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Quote from: Symmetrick on June 30, 2021, 02:45:11 PM

How did you decide that it is gaining momentum at all? Before storming the $40 000 mark, you need to pass at least the $36 000 mark, from which bitcoin has already rebounded several times. While we are in the downtrend and determining the bottom is a lottery. Maybe. having bought at the bottom, you will receive a second bottom as a gift, at the level of $25 000. Until we break through $40 000, there can be no talk of any growth. These local spikes in Bitcoin's growth also quickly turn into drops. Let's recall the recent situation last week, when bitcoin easily flew from $35 000 to $30 000. So today's growth can easily be replaced by tomorrow's deep decline.

Yeah and we all know how painful it's been to try and get past 36k. The last time before yesterday we did, the pullback from resistance took us back below $30k. Kind of got me slightly worried but it's recovered since, but yet again, yesterday/today is showing further signs of weakness.

On the other hand, easy money for those with limit orders at 29k. Sell at 36k 3/4/5 times already can double their BTC. Not for me though.

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Quote from: Symmetrick on June 30, 2021, 02:45:11 PM

Before storming the $40 000 mark, you need to pass at least the $36 000 mark, from which bitcoin has already rebounded several times. While we are in the downtrend and determining the bottom is a lottery. Maybe. having bought at the bottom, you will receive a second bottom as a gift, at the level of $25 000. Until we break through $40 000, there can be no talk of any growth.

Wait confirmation and break out to participate in. Now I hold my stable coin and use 20% of my stable coin to trade bitcoin. It is boring if I am not involved in the market but I know my trading is not good to help me rich.

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These local spikes in Bitcoin's growth also quickly turn into drops. Let's recall the recent situation last week, when bitcoin easily flew from $35 000 to $30 000. So today's growth can easily be replaced by tomorrow's deep decline.

Another failure to break above $36,000 then $40,000, bitcoin will be dumped to $24,000 to $25,000. It can appear in second or third week of July. The price is moving to the end of triangle. I think that will be the bottom of Bitcoin. Someone can wait lower price but I don't believe it will be seen.

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Quote from: BitcoinLegends on June 29, 2021, 01:15:14 PM

As Bitcoin is gaining steam upwards.

There is no momentum yet. There is only small rises and the market trend is still considered "going side-way" while bitcoin remains in a reverse bubble.

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Why didn't i buy the Dip?

Only you can answer that Tongue

I guess a combination of greed and listening to FUD.

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Can anyone define "Faces Resistance Near $40K" to the crypto noobs?

Right now most people are waiting on the sideline with their money in hand looking for a strong signal to start buying bitcoin. This signal for them is breaking $40k so majority won't buy until price goes above $40k. Until then the market is in hands of the day-traders trying to make profit who know $40k is a resistance so they set their sell orders there creating a big wall and a lot of sell pressure there hence increasing the strength of that resistance.

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Quote from: DeathAngel on June 30, 2021, 03:52:28 PM

We’re in a relatively tight trading range at the moment. There is a big fight between bulls & bears to control which way the price moves. I think a break to the upside is not too far away. We have hit low 30k’s numerous times now & there are clearly many willing buyers in that area. I expect a break above 40k in July & a continued upward trajectory, making several ath’s before 2022.

We need to break $40,000 if we want to have a good run this July. Unfortunately the upside that the OP is talking about is short lived, meaning the bears is trying to take control of the market again. I haven't heard any FUD anymore, but the market is relatively quite, volume just so-so. One thing that can go for us is that we are in the start of the month, so hopefully we wanted to see the price moves up. So let's remain optimistic that the whole number $40,000 could be broken this month.

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Quote from: BitcoinLegends on June 29, 2021, 01:15:14 PM

As Bitcoin is gaining steam upwards. Why didn't i buy the Dip? Can anyone define "Faces Resistance Near $40K" to the crypto noobs?

Not enough momentum, resistance is around $38k, $40k. The biggest barrier right now is $40k because that's the price that we have been trying to get at, but unsuccessful. However, the steam you are talking is now out, we have register -2% or something in the last 24 hours.

So as I have said, no push whatsoever, traders still chooses to short bitcoin at this point and no whales are willing to pump unless we really have some positive news. And there is still the China effect short term, so not expecting a $40k price soon.

DeathAngel

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We’re in a relatively tight trading range at the moment. There is a big fight between bulls & bears to control which way the price moves. I think a break to the upside is not too far away. We have hit low 30k’s numerous times now & there are clearly many willing buyers in that area. I expect a break above 40k in July & a continued upward trajectory, making several ath’s before 2022.

Symmetrick

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Quote from: BitcoinLegends on June 29, 2021, 01:15:14 PM

As Bitcoin is gaining steam upwards. Why didn't i buy the Dip? Can anyone define "Faces Resistance Near $40K" to the crypto noobs?

How did you decide that it is gaining momentum at all? Before storming the $40 000 mark, you need to pass at least the $36 000 mark, from which bitcoin has already rebounded several times. While we are in the downtrend and determining the bottom is a lottery. Maybe. having bought at the bottom, you will receive a second bottom as a gift, at the level of $25 000. Until we break through $40 000, there can be no talk of any growth. These local spikes in Bitcoin's growth also quickly turn into drops. Let's recall the recent situation last week, when bitcoin easily flew from $35 000 to $30 000. So today's growth can easily be replaced by tomorrow's deep decline.

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Quote from: BitcoinLegends on June 29, 2021, 01:15:14 PM

...Can anyone define "Faces Resistance Near $40K" to the crypto noobs?

There are people, also known as the bears, placing huge sell orders at those price levels and those sell volume are meant to resist the upside momentum. It would take a higher buy volume to break those sell walls. I want to keep it simple and I hope that's clear enough for you.

BitcoinLegends

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As Bitcoin is gaining steam upwards. Why didn't i buy the Dip? Can anyone define "Faces Resistance Near $40K" to the crypto noobs?

Topic: Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K - page 2. (Read 178 times)