Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K

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Quote from: adaseb on July 04, 2021, 11:07:52 PM

The market is failing to either break $30K or $40K because there is no volume these days. Plot the daily chart and compare. Each week less and less volume. There are people who are trying to trade these ranges and are getting liquidated and leaving the crypto markets all together.

Look at the amount of activity with ETH transactions. I can send a transaction with a 2-3 Gwei and it would confirm right away. Remember how high it was before. You needed to be really lucky to get a transaction to confirm for 100Gwei when most of the time it was >200 Gwei or so. It’s the summer slowdown. We might get some traction in the fall.

I think the same. I suppose that now that we are facing the vacations it will continue like this. It doesn't look like it will significantly increase in volume or price in the near future.

adaseb

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The market is failing to either break $30K or $40K because there is no volume these days. Plot the daily chart and compare. Each week less and less volume. There are people who are trying to trade these ranges and are getting liquidated and leaving the crypto markets all together.

Look at the amount of activity with ETH transactions. I can send a transaction with a 2-3 Gwei and it would confirm right away. Remember how high it was before. You needed to be really lucky to get a transaction to confirm for 100Gwei when most of the time it was >200 Gwei or so. It’s the summer slowdown. We might get some traction in the fall.

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Quote from: LUCKMCFLY on July 04, 2021, 11:52:24 AM

Many of the analyzes are changing for the better, since it is expected that it can reach $ 41k if everything goes well, at this moment the volume has dropped a bit in its negotiations, some are affirming this for a possible accumulation that will explode in a short time in a bullish rally to almost $ 41k- $ 42k.

The market is finding it difficult to break the resistance for a long time and i have no clue when we will be able to breach that, we need huge institutional investors to pump the market to breach that resistance if not we will continue to trade in that support and resistance range for a while until we see a resurgence eventually and i am patient enough to wait for a few months .

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Many of the analyzes are changing for the better, since it is expected that it can reach $ 41k if everything goes well, at this moment the volume has dropped a bit in its negotiations, some are affirming this for a possible accumulation that will explode in a short time in a bullish rally to almost $ 41k- $ 42k.

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In this case, if bulls break the mentioned level, there are high chances to return to the vital level at $40,000 soon.

Bitcoin is trading at $35,322 at press time.

Source: https://u.today/btc-eth-ada-bnb-and-doge-price-analysis-for-july-4

I think that hope and good peace of mind will soon come to BTC traders and investors, for now what is most sought after is that it can have stability at at least the $ 40k levels, which totally surpasses the $30k level.

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As far as I know, it is explained like this in short: If the buy amount is less than the sell amount at that level, then there is a resistance there. And it won't be easy for Bitcoin price to break it unless the conditions change.

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Quote from: DatKing on July 02, 2021, 02:08:55 PM

Bitcoin hasn't still managed to get past $40k resistance. It's very important for it to pass that level because it will help the price go back to a level between 50k and 60k dollars again. Now, we are discussing the probability of another dump also. I hope things don't go that way soon.

Yes, $40k resistance will be the level price that bitcoin should break while the price does not yet touch $37k-$38k and still lower than that price.
But I do not feel too upset with the current situation because it means we can still have more chances to accumulate more bitcoin by buying at a low price.
And even if the price is back $32k, that will be the best time to buy bitcoin.
Bitcoin price will increase higher someday, and we just need to enjoy this time to have more bitcoin by buying bitcoin.

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Quote from: OcTradism on July 02, 2021, 05:11:18 AM

$24,000 or lower to above $20,000 can be a good support for Bitcoin. I think it will be a real bottom for this detrimental time for holders. I can not imagine any price lower than $20,000 at least now.

$20 000 is a very strong support, as this very level has been resistance for 3 years. As a rule, broken resistance becomes support and vice versa, broken support becomes resistance. This is always clearly visible on the chart. Moreover, it was from the key level of $20 000 that the rapid bull run began.

Quote from: hugeblack on July 02, 2021, 06:50:49 AM

The barrier is located at [40 thousand has not been a lot and the price has been remained at those limits for long periods, so if it is broken, we may return to 60 thousand.

I also tend to stick to this very meaning. A breakdown of the $40 000 mark will most likely mean that Bitcoin is again going to conquer newly discovered heights. For many, this will be a continuation of the bull run and the reversal of the downtrend that is currently prevailing in the market. The main question now is when will this happen. I look at the mood of the community. Many are inclined to believe that this will happen in the fall.

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Honestly let bitcoin price do whatever it wants because being too overly excited about the price will not help you in any way. We are talking about something that is going to end up not being moved just because we want to (well it could if we had billions of dollars to spend on it) so there is no need to worry about it. Go on and do whatever you want, you think it will go up? Then buy more and wait for it to go up, surely it does look like it could go up from here if we keep repeating the same thing we did for the past two months.

If you think it will go on and crash? Then just don't buy it and if you have any then sell your coins as well. There is nothing wrong with making a mistake in trading, you learn by making mistakes and the more mistakes you make the more you learn and you become a better trader eventually thanks to all the mistakes you did previously.

DatKing

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Bitcoin hasn't still managed to get past $40k resistance. It's very important for it to pass that level because it will help the price go back to a level between 50k and 60k dollars again. Now, we are discussing the probability of another dump also. I hope things don't go that way soon.

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The definition of the bottom is different according to the market, and several months ago, the price of 30 thousand was very high and no one would buy the price, today many people Yun said the price is very low.
The same as the rest of prices, at some point that the price of 30 thousand is very cheap compared with 300,000 or 3,000 so you're now betting that the price will bore a new future.

The barrier is located at [40 thousand has not been a lot and the price has been remained at those limits for long periods, so if it is broken, we may return to 60 thousand.

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Quote from: BitcoinLegends on June 29, 2021, 12:15:14 PM

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

I hope this will be the simplest explanation Tongue

"Faces Resistance Near $40K" means the market has more sellers than buyers at this zone and when ever buyers try to push price up...all what is happening is sellers getting out of the market by getting those buy orders.

So what needs to happen to break this zone is having more buyers than sellers and market psychology will change as people who were selling will now be buying creating a support zone.

OcTradism

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We now understand this, but only 10 days ago no one knew exactly where the bottom would be and where it would be possible to buy cheap coins for speculation in order to sell them at 36k. People know how to analyze the possible profit after the fact, but in real time it turns out much worse.

It's too easy to look at what happened and say something but it is challenging to say about future. So you are right. If we can say about the future correctly as what we look at the chart, and say about the past, we all get rich. In a market, it is unrealistic that everyone get rich because capital has to change hands, from losers to winners.

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In any case, buying coins for speculation on a possible bottom is a big risk and you can get stuck with such an investment for at least a few months. Moreover, we see that bitcoin does not hold any level at all, it quickly rises to 35-36k and the next day again tends to 30-32k. Looking at these movements, every day I am getting more and more prepared for the fact that we will not hold the key support level of 30k.

$24,000 or lower to above $20,000 can be a good support for Bitcoin. I think it will be a real bottom for this detrimental time for holders. I can not imagine any price lower than $20,000 at least now.

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Quote from: el kaka22 on July 01, 2021, 02:43:37 PM

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.

Yeah and if we look back at the past, 10k was also the favorite stomping ground for all these scalpers and that was an even worse psychological milestone to break. People who bought at 8/9k all selling every time at 10 thinking they can keep compounding profits to easily double. It's a nice tactic until they suddenly get caught out by the real breakout:)

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In any case, buying coins for speculation on a possible bottom is a big risk and you can get stuck with such an investment for at least a few months. Moreover, we see that bitcoin does not hold any level at all, it quickly rises to 35-36k and the next day again tends to 30-32k. Looking at these movements, every day I am getting more and more prepared for the fact that we will not hold the key support level of 30k.

So am I. Still believing in the macro picture but for now and the next few months we should be prepared to take our time and return to the markets again once 30k if broken properly.

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There are some rally on 35k to 36k level and eventually go down to 33k range. There are also multiple attempt to break those high 37k resistance and were always bouncing back at this range. Anyway, there will come a time tat when btc finally break the 40k and thats a signal of continuously breaking out. I think the market is safe like this that plays on particular range and so on. Another big bullish move and were totally gonna hit it. Im feeling bullish that btc will definitely honna give us a new ATH this year surpassing the 64k mark level.

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The resistance is really $40k, if we break and goes to $42k and become somewhat on a stable ground, then definitely there could be momentum.

But currently, the price is on a swing, as low as $29k is achieved and then we have $40k but it was very brief jump on it. The trend might go for months, September might be a good gauge to see if we are going to have a break out run or even reach a new all time high this year. So it's better to just wait it out, see what will be the sentiments of investors in the next two months.

adaseb

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We are still ranging between $41K and $29K. Its been like a month and a half. And there is still no volume. So if we approach $40K sometime in the next week, my money is that its won't break and it'll end up going back to the mid-range ($35K) or even retest the low $29K again.

I think right now its best to just sit it out and see what happens. No point in being overly bearish as we approach $30K again and no point being overly bullish as we approach $40K. This is how many people get chopped to death because they think "This time its diferent and it has to break".

Best right now is just to play the range until it breaks with volume. Most likely not until end of Summer.

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Bitcoin price is just unstable in these days. One day, it starts going up to $40k and people start regretting for not buying from the dip. But on another day, things go on completely the opposite way. Hence, you can buy of course if you are aiming to HODL. But if it's not your aim, then you should be very careful not to be in a big loss.

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Quote from: BitcoinLegends on June 29, 2021, 12:15:14 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?

If you really want to buy bitcoin for less than $40k, you'll have an infinite number of opportunities going into the future. Bitcoin will never be above $40k for any meaningful amount of time ever again.

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Testing sub $33,000 again, this range is getting tiresome. Bears are keen to take us to new lows, I’m confident they won’t succeed though. These are very testing times for HODLERS.

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Quote from: slaman29 on July 01, 2021, 02:09:37 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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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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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, 12:15:14 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, 02:52:28 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, 12:15:14 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.

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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.

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Quote from: BitcoinLegends on June 29, 2021, 12:15:14 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.

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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 (Read 201 times)