Topic: BTC Breaking historic resistance (Read 780 times)

When there is a lower than usual volume or more correctly when we have low liquidity, that means its easier to manipulate bitcoin. The reason is, there is less money in the market, which means if you are super rich and can sell 500 million dollars worth of bitcoin (or buy) you could change the market a lot more, however when there is a lot of volume or liquidity your 500 million just gets lost in all of those.

So, right now the situation is quite scary no matter what because price could go up or down very very quickly without anyone having to do anything at all, you could just see bitcoin dropping 40% in a day and it wouldn't be impossible since it looks like it is quite possible if you are an early bird investor with tens of thousands of bitcoins at your wallet that you can sell right away.

resistance at $ 10000 has not passed with certainty, Bitcoin must be above $ 10,000 to be truly bullish,
it is really terrible to see bitcoin if suddenly a hard dump

BTC resistance level, is the price at which the the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price. Investors sometimes observe where resistance seems to be taking place to decide whether it's worth buying the stock at a lower price or selling near the resistance point.

The thing, is that we are seeing lower volume than normal, not an good indication. And that's why we have been seeing this kind of fluctuations specially if we are about to touch $10,000. Stochastic and RSI are almost in the overbought zone.

It's really hard to see where we are right now, I will just stay at the background and see how it goes in the next 48 hours, but yes, there's a lot of opportunities here, but you really need to be very careful and learn to mitigate risk.

It didn't really turn out to mean anything, looking at bitcoin right now it was like a phyrric victory where it took so much from bitcoin to break over it that there is no more resistance there and its not really that bad to go back up now and easier but the price still went down anyway since we couldn't stay there and go back down. That breaking of resistance weakened bitcoin too much and that is why it wasn't going any further up, so it dropped back down with just one sell pressure.

Also there was waaaaay too many long futures and the short ones just wanted to get the easy money and worked hard to sell as many bitcoin as they can all together, we are talking about tens of millions of dollars worth of long futures, liquidating them means a lot of money made by the short future investors.

Users will move out of coinbase as this is the second time the site went offline when the price of bitcoin crossed $10k and anyone who were planning to book their profits missed the opportunity.

The usual situation we used to see in the past, the market will troll us a bit trying to break the resistance and then give us a false sense of confidence to book our profits and buy back after the small correction after failing the resistance and once you book the profit it will soar higher  .

Well, after how many hours from the small correction at least the price of bitcoin now was in a steady range of $9,500+ price in the market.
As I expected anything can happen of a sudden and that is why I am not so complacent for the bull that I am seeing because it can not give any assurance that it will really last for long. I am afraid that anytime it may go down again to $9,000 below which I also hope not.

---

I am already thankful because in just a couple of weeks after the halving bitcoins' price was able to recover but the one that I can see how it may not still be a bull run because the price still fluctuates. Indeed, --it wouldn't be stable nor maintain the value of $10000 to $11000 for a long time. And because of this, I will still wait to hold my BTC for a little longer and watch to know when will be the best time for me to start trading.

precisely. historically the market stops rising or falling right after the halving as the hype fades away and everyone starts accumulating or go to shitcoin market to do some pump and dump with their bitcoins to try and increase them. i don't expect much apart from small sideways for the time being.

It felt so good watching the bitcoin price go above the $10k mark after so long but as always it was short lived and the bears were dominant and took the price below $10k and is now trading at $9600 but still the price of $10k and above is achievable but the resistance above this price makes the price go down again. So now we can think that we are about to enter the bull market or we would still have to wait for the confirmation?? I guess in a couple of weeks the picture will be clear and we could also make our decision whether to short or long our bitcoins.

Not sure what to make of this persistent Bitcoin market trolling huh? Not only did it break through psych resistance, it then punched through the healthy support barrier also -- all within hours of each other.

Then back to parity as if the weekend and yesterday never happened.

Simple profit-taking?

Whenever there is a change in price, either up or down, various analysts and experts try to justify it with some news or event. I think some whales use it very skillfully to manipulate the market, so then we witness this crazy pumps&dumps. When I say crazy, I mean first of all on the perception of those people who find it incredible that something is worth $9500 today and $10500 tomorrow morning, and then it is back to the same value after 24 hours.

So we can say that Grayscale was positive news, and riots in the USA is negative news, the second nullified the first and again we are back to the starting point.

For experienced traders and for those who have significant quantities of the same for trading, such opportunities are perfect for quick profits. Personally, I do not hope that something more significant can happen in Q3 and that there will be many more such price changes in the coming months. If we look back and the first two halving, the best we can expect is to have a small bull run in Q4 which would end the year in maybe even 100% price increase.

In my opinion, 10,000 US Dollars is still a relatively high value. When bitcoin reaches this level, this doesn't mean that a big bull run is on the corner. When bitcoin is as cheap as $5000, you can expect a profitable run because when it hits $10,000, your investment will be twice as much! From what I have seen in 2019 and 2020 so far, the min and max values for bitcoin are $5,000 and $10,000. So, $7500 is the average price for bitcoin.

The "Bitcoin will save us" was actually real? When I saw it at first I assumed it was photoshopped. I mean who would advertise to a bunch of rioters and looters that they possess bitcoin. Seems like a easy way to get targetted and robbed and forced at gunpoint to give out your private keys.

Even though it broke $10K later that day I don't think it has anything to do with it. BTC was poised to break $10K due to the price action it had in the past week. Now hopefully $9K can hold because the $10.4K area it hit was major resistance and we might head downwards again.

even though it was a little advertisement for bitcoin but yeah, i didn't see any connections between the two either. i saw some people linking the two together and suggesting there is a link which is why i was curious to know what everyone else on bitcointalk thought about it.
in any case the bears succeeded in pushing the price down below $10k again so i guess it doesn't matter now

10k isnt proper resistance, its a round number thats easy to type but in any other country of the world it will vary.    I dont think BTC is determined by just one currency, that is the old way thinking that we live around a centralised view of the world but BTC trades everywhere non stop and its not a normal market so I think every point casts 4 shadows and the price is not a universal simple number.   Not that I'm saying Dollar isnt important but its not the backbone I will refer to BTC by as reliable.

Right this moment I see the 10k area as coincidence and its probably the levels just above it that count as more important to note.   Even then its difficult as Dollar has a trillion new notes issued and is not the same dollar it was last year or the year before, it degrades constantly where BTC is quite fixed ironically.   In monetary base terms BTC has lower inflation.

Lows were 9200 and I'm more interested in the reaction to them rather then highs for the moment.   Also I want to know better why the volume might appear in these 2 bars, really it needs to build for a proper move I think hence retrace is a common occurance now or previously.

The bad news happened quickly, and the price returned as if it hadn't gone up above $ 10,000. It looks like it's from trading bots or some potential profit-taking.

The price is now struggling in a 4-hour (SMA). 200 SMA seems to be good support and resistance area.

Depending on trading volumes, I can expect three possible scenarios:

 - Support level around 9260.00: (highlighted in Brown) There were three more occasions on this chart as the 9K level was used retroactively. Therefore, if the increase does not occur to more than $ 9,600, we may witness further declines.

 - Support level around 8450.00: (highlighted in Red) A scenario is unlikely, but if the decline continues, we may return to that level.

 - Support level around 7645.00: (highlighted in Blue) The same level when the price fell last March. Then it became an area to bounce back in price after several days.


 * I still bet on the upside as the trend remains with you until bulls find support zones to enter again.
 * Trading volumes seem high and the market is ideal for a new wave of gains.

Predicting this volatility will be very difficult, but let's say we will get $ 9,700 in the coming hours.

Again Bitcoin could not break this resistance. Suddenly dumped in a very bad way. I don’t know what’s actually going on, how many times this year Bitcoin has tried to break resistance but failed again and again. Now is the time for those who trade leverage to be rekt. Everyone is waiting for this resistance to be broken and their expectations are not always met. I don't think there will be a big bull market for Bitcoin now. This requires time and bitcoin will be ready slowly.

^ This is what comes up in my mind upon checking the price before the dump happens. I know that usually after sudden pump or resistance there will be an opposite side on it and now it looks like dragging down too fast in just a couple of minutes. I did not surprise by this I had already doubted that the price may go down. Nevertheless, from time to time it will pump again and we really don't know what will happen next. All I can say is hold as much as you can. Strong hands will always have the benefit if bull run comes.

How many times Bitcoin broke $10000 in last year?  What happened with historic resistance in those times?

$10K has always been something of a barrier in peoples minds. We are not really out of the gutter just yet, bitcoin reaching above $10k never really meant anything as long as it didn't stayed there. Historically speaking each and every time bitcoin passed over $10k, it also dropped under it as well, we have never stayed above $10k before.

It means we could basically be at an another fall very soon as well. Maybe it will reach $12k before that, maybe it will be $15k, who knows how high we will get but right now we know that it always went under it eventually and I am afraid of that. I have bought bitcoin for a while during this pandemic and have a good base, I am not going to continue buying right now but I am not going to sell neither, I am going to wait and see what happens.

It's also normal that we overreact everytime there's a significant price movement of bitcoin.
Of course I've seen this before already, but we have been waiting for years for bitcoin to be finally bullish, but now, it seems like the hope was already gone especially bitcoin will continue the downtrend. I guess I will just sleep soon and not gonna be affected with what is happening now, it seems the market has been manipulated again. oh my... whales .. whales ... whales.

Are these things do still surprise people ? Arent we get used to these things already? When i do see the price pumping earlier do wait up for that 10500 ceiling but due to some conservative profit taking then i do took to sell on 10400 which is the right spot. Im aint saying that we cant go further but my instincts do tell me that there would always be a correction anytime the price do suddenly moves up.

These things doesnt only happen rarely.So im wondering why people are still get shocked into this kind of scenario?

For hodlers then this wont be a problem and also these kind of circumstances are really good for active ones (just like me).Better to utilize movements than waiting up on what would
be the price on next hours,days or weeks.

What's happening? Where are we heading now?




I am too but shit happens, I wonder what price it will stop.

Currently researching the reason for the dump, there mus be a big reason why we dump this fast.

Speaking of bad news, it just happened but not $9200 yet it's close.

It's still healthy to see that it got back to $9400. That was a quick ride and I wasn't expecting that it would be followed by an immediate dump. Now, it's another interesting time to wait for the articles and news to have their say about the reason for that dump.

It got back to $9400 sadly and seems $10k was a bull trap. I was also expecting a positive volatile move tonight but it got in wrong direction. The dump happened within very short time though.

Except for those few protesters who carried signs "Bitcoin will save us", I personally don’t see any connection between price growth and protests in the US. There have been protests before, due to the similar events, but they have not changed anything for the better. The government most likely played the strongest possible card, using gang violence to remove those legitimate peaceful protesters from the streets.

---

I would rather connect this growth with the news that has been circulating in the crypto media for several days now, and now it has very likely reached the mainstream media as well. The key word is Grayscale. If we are looking for a positive reason we definitely have it, of course with the fact that halving happened recently and that most of the world is slowly recovering from the effects of the pandemic.

If the breaking of $10,000 levels would have happened last week or any time before that then we can expect an immediate pull back but it is already June and bitcoin has performed as expected so there cannot be a short term bull back until bulls get tired. I mean from here we can easily expect bulls to ride till $11,800 levels before seeing a short term correction. A short term correction will not sustain toward testing again $10,000 levels. Yes, $10k here after will act like biggest support levels in psychological way among traders.

The closing of May month was above $9500 levels which must be more important for the prices to sustain above $10,000 levels forever. I believe it is time to start experiencing the real consequences of recent halving. We can simply expect to test the new ATH by 2nd of January 2021 .

did not understand that, which news do you expect about this rise? you can read on several portals that BTC reached 10k, and it is now above it
do you expect news in standard media, that could cause inflow of new buyers in the network, or something else?

That will happen if a lot of people will sell at this level. Taking advantage of the opportunity to sell after breaking the resistance level, since there are usually a slight pull back everytime Bitcoin hits another level, thus buying back would never be a problem "IF" the price doesn't continue rising.
Anyway, I haven't heard yet about the news about this current rise.

Hihi, there was a little bear, author of :
A shorting paradise: next target is 5.5k
who posted here briefly but his message is now gone...

But at least I remembered why it's so bad to trust TA, even if you're a bear or bull or neutral, that's why I sincerely don't put any trust in any of those 4-hour SMA 10, 30-min SMA 50, Fibonacci ect. Bitcoin has always acted outside those, it's a different market, with different events than normal commodities or currencies which acts differently under the same conditions as others.

As for the rebound, it's pretty normal, we're still below pre-pandemic times and we're still waiting for some parts of the global economies to open again but it's the attitude of people towards it that has changed, the future is no longer looking like an apocalypse, the human race won't be extinct and as we did after all pandemics, wars, crisis, you name it, we will be back living our daily lives. And the same for the US protests, it happens all the time, eventually, people will get tired of protesting all day and night long, the momentum is gone, something new appears in the news and before you know it the streets are again empty.

Once the situation is back to normal around the world bitcoin will be again on its own, those are going to be interesting times .....or pretty boring years.

Maybe the current coinbase maintenance add up a little holding pressure the the people who store their assets their since they will be hype for seeing the price constantly rising and after their maintenance the users will decide to hold seeking for another rise and will think about the bull run came(I'm just guessing this).


What about the riots? Don't see any contribution for economic growth of bitcoins but maybe this will end up the economy of the great America since after covid this incident happens unto them.

i'm very curious since i can't see any panic buying take place even though this resistance was a major one and breaking it is indeed a big deal. maybe lack of such panic-y moves is due to the fact that big exchanges are having difficulty handling their traffic, for example Coinbase is down right now. so there isn't that many buys taking place.

what do we think about relationship between this rise and the past couple of days of riots in US?

@bitbunny I’ll second that as I too was expecting bitcoin prices to rebound in the long run, but never thought that it would rebound so so soon, and for this we need to thank Trump whose actions initiated this bitcoins bull rally.

Furthermore you’re correct as prices have already taken a hit on preev, and yea it may just rebound back to $9500 levels, but then again with all the chaos going on in USA I wouldn't be surprised, if we saw more bull rallies taking place like the one that we all just witnessed.


Source:

https://cointelegraph.com/news/bitcoin-price-surges-to-10-380-as-trump-threatens-military-crackdown

Finally this has happened. I have to be honest and say that I didn't expect this, I tought price would need some more time.
However, the question is if this is going to last, will price stay over 10000$ and move forward or will it pull back soon? Somehow I think this pump will not be on long term and we might get back to around 9500$.

BooM: Bitcoin broke past the $10,000 psychological levels.

The price fell from $10,178.75 to $ 10,103.54 after breaking the historical resistance barrier at 10,000, but if the bulls take back control, we may see volatile day and a return to the levels of 11500 dollars.

The bad news:
Health support levels are $ 9,600 (4-hour SMA 10) and $ 9,200 (30-min SMA 50), Fibonacci 24.6% retracement level> Therefore, we are expected to return to these health levels, although I am optimistic about the continuation of the rise.