maybe at the time this thread was made, the price of bitcoin was down. but, because the signal is quite good, now we see the price of bitcoin has again reached the price of $ 7700. however, this is getting closer to the price of $ 8,000. if there is a very good increase from bitcoin this month, it could be the beginning of the month may the price of bitcoin starts from $ 8000.
Strong resistance can be broken but Im more skeptical that whales are behind the sudden jump from below $7k to continue going up. I was wondering why the price become stable at $7.6k to $7.7k, though we can see how much it dragged the last time dump. It is because people believing that bitcoin halving will be worth it or be the reason of price pump? I am really confuse with the trading charts if youll ask me cause the movement is very same and almost all the possible direction on which the price head where been constant. 
Topic: Currently Bitcoin has a very strong resistance? (Read 312 times)
Seems that things are getting more and more bullish for bitcoin at the moment.
For one, there is a premium on the CME futures but not on the Bitmex futures. Very strange to see this. But it might imply that the smart money is longing BTC at the moment. I think this will refrect in the Bitmex futures sometime in the next few days.
Another is the constant amount of Tether prints we are getting, I think we got $240,000,000 in the last 24 hours alone and in the last 30 days or so we got over a billion or so of printed Tether. Hence money is pouring into the crypto markets.
For one, there is a premium on the CME futures but not on the Bitmex futures. Very strange to see this. But it might imply that the smart money is longing BTC at the moment. I think this will refrect in the Bitmex futures sometime in the next few days.
Another is the constant amount of Tether prints we are getting, I think we got $240,000,000 in the last 24 hours alone and in the last 30 days or so we got over a billion or so of printed Tether. Hence money is pouring into the crypto markets.
We're almost on $8k price, at this moment the price is $7, 762 and it showed slow resistance but at least it is continuously growing up.
I agree that psychology or behavior has a huge effect on the resistance though it can also be easily affected by the crisis that every country is experiencing right now. If you will look back when the value of bitcoins went bad drastically that was during the first few weeks of the pandemic but right now it continuously kicking up as people now are no longer in a panic state.
Everyone may think that bitcoin has a strong resistance but in reality, it is just bitcoin and cryptocurrency has a good image as a safer haven for assets. That means bitcoin can be easily affected by the crisis but can easily gain back it's a market value because of it's characteristic as a decentralized currency.
I agree that psychology or behavior has a huge effect on the resistance though it can also be easily affected by the crisis that every country is experiencing right now. If you will look back when the value of bitcoins went bad drastically that was during the first few weeks of the pandemic but right now it continuously kicking up as people now are no longer in a panic state.
Everyone may think that bitcoin has a strong resistance but in reality, it is just bitcoin and cryptocurrency has a good image as a safer haven for assets. That means bitcoin can be easily affected by the crisis but can easily gain back it's a market value because of it's characteristic as a decentralized currency.
maybe at the time this thread was made, the price of bitcoin was down. but, because the signal is quite good, now we see the price of bitcoin has again reached the price of $ 7700. however, this is getting closer to the price of $ 8,000. if there is a very good increase from bitcoin this month, it could be the beginning of the month may the price of bitcoin starts from $ 8000.
The panic may never come up again with the state of pandemic but the economic will continue to hunt the market for some times. we expect a quick recovery of the market as it gradually opens. We may not go beyond $5000 but I see altseason start quick after halving.
I believe that whatever speculation that we have, halving is what will determine the movement. The time we are at this moment can't just give us a good guess. The price has been shaking and not stable from 7,000 area.
The reason bitcoin stays stable for a while due to its strong resistance, with this, we can expect that bitcoin has a better chance of rising, and the rise that we are seeing now maybe will continue as halving schedule is already approaching. We have witnessed the biggest dump (hopefully) this year already, I think we are set for some good recovery now, hopefully investors will put their confidence in crypto now that fiat struggles.
There’s always a strong resistance for bitcoin and some we are able to break it before but let’s hope that we can do it again. I think we have to break the $8k level and stay beyond this level to confirm a good pump. For now, there’s also a good volume on a support level, hope to stay also beyond that to keep the trend up.
Yes, $8k for me would be the likely resistance, a big psychological barrier to break if we wanted to see a bull run prior to the halving. But we have a long way, $7700 should be the next resistance level so let's see how it goes. We are still in the green candles, but seems to be the volume is getting weaker maybe the buyers are getting exhausted so the $8k price might take a bit longer to achieve.
There’s always a strong resistance for bitcoin and some we are able to break it before but let’s hope that we can do it again. I think we have to break the $8k level and stay beyond this level to confirm a good pump. For now, there’s also a good volume on a support level, hope to stay also beyond that to keep the trend up.
I think we have reached the stage of saturation where prices steal within a certain price range, which is at $ 7200 a maximum and $ 6500 a minimum.
Also, the news seems typical, so we do not find the market interacting with it. Perhaps by the end of this month, we are witnessing new highs, but unless the news changes, I do not think we will break the resistance barrier above $ 7,300 levels.
Note that there is no long historical resistance at $ 8,000, so we may return to $ 10,000 quickly, according to the news.
To be honest, I already stopped sleeping at night due to the fact that I expect good results from the cryptocurrency market and am very afraid to see another fall in prices for all my assets. there wasn’t such a day that I didn’t wake up at night and did not look into the computer. I think that I will have to be treated soon. but on the eve of the next event in May 2020, I still believe in positive changes in the price of Bitcoin and, accordingly, for all related cryptocurrencies. Also, the news seems typical, so we do not find the market interacting with it. Perhaps by the end of this month, we are witnessing new highs, but unless the news changes, I do not think we will break the resistance barrier above $ 7,300 levels.
Note that there is no long historical resistance at $ 8,000, so we may return to $ 10,000 quickly, according to the news.
I think we have reached the stage of saturation where prices steal within a certain price range, which is at $ 7200 a maximum and $ 6500 a minimum.
Also, the news seems typical, so we do not find the market interacting with it. Perhaps by the end of this month, we are witnessing new highs, but unless the news changes, I do not think we will break the resistance barrier above $ 7,300 levels.
Note that there is no long historical resistance at $ 8,000, so we may return to $ 10,000 quickly, according to the news.
Also, the news seems typical, so we do not find the market interacting with it. Perhaps by the end of this month, we are witnessing new highs, but unless the news changes, I do not think we will break the resistance barrier above $ 7,300 levels.
Note that there is no long historical resistance at $ 8,000, so we may return to $ 10,000 quickly, according to the news.
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Finally, we break $7,100 (again) after the bitcoin price is at lower than $7,000. But I wonder until how the higher bitcoin price will increase because the price seems to move fast in the market, and if the conditions still are like this, we can be able to see bitcoin price will break $7,200. But I guess there is a war between buy order and sell order at the market, and soon, we will see if the price will increase or decrease. Meanwhile, we can use this moment to sell some bitcoin if we bought it at $6,800-$6,900.
Psychological ware has never been really helpful to bitcoin at all. We are in a situation where bears are saying things are looking doom outside so why should bitcoin be any different, if the whole world is financially screwed that means bitcoin should be financially screwed as well. Whereas bulls are saying bitcoin is different compared to other financial systems and the reason why it was created was to actually go out against these type of periods and be against inflation and actually help people save their investments.
When these two goats meet at a bridge and lock heads all day and night there is no movement in bitcoin, at least not for a while and that means we can't really profit right now, bitcoin is not doing anything at all which hurts the market immensely.
When these two goats meet at a bridge and lock heads all day and night there is no movement in bitcoin, at least not for a while and that means we can't really profit right now, bitcoin is not doing anything at all which hurts the market immensely.
that's true but also it has a very strong support too, if not even stronger than the resistance. which is why price is not going anywhere and is stuck inside what looks like a narrow channel. this is not the first time we are stuck in a similar situation though and these cases always end up with a big rise that breaks the resistance as if it were nothing which would make this current situation a big accumulation phase.
i don't see any other major bad news that could cause any sort of sell off that could cause any major drops, which is why i lean towards expecting a rise. and unless we see the world's economy turn to shit in the following month i don't see any other way.
i don't see any other major bad news that could cause any sort of sell off that could cause any major drops, which is why i lean towards expecting a rise. and unless we see the world's economy turn to shit in the following month i don't see any other way.
Do not be worried bitcoin always tries to go up and down at every possibility it gets, it is not a stock that could stay at the same price for too long which means the price will go above 7k once again very soon, probably in the next 10 days and you know what will happen after that? It will probably go under 7k once again. Bitcoin will literally do this forever until it breaks one of the lines, either resistance or support.
If the support is broken it will go down hard and if the resistance is broken it will go high hard, until that happens the price will bounce back between those lines forever, which means a lot of 6.5k+ prices and 7.2k prices, and moving in between. I know I am not an expert in trading but I have been around long enough to know what bitcoin does and why it does it, just don't know when it will
.
If the support is broken it will go down hard and if the resistance is broken it will go high hard, until that happens the price will bounce back between those lines forever, which means a lot of 6.5k+ prices and 7.2k prices, and moving in between. I know I am not an expert in trading but I have been around long enough to know what bitcoin does and why it does it, just don't know when it will
. 
your speculation is very precise, and it is very helpful, and correction to this support is very reasonable in my opinion, especially with the halving it seems the price will also be manipulated whales, I think this is beartrap, as is done by OIL now !, OIL has decreased below $ 0, and now it goes up to $ 20, it's a huge profit, Bitcoin will most likely do that
However, currently Bitcoin is down.
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Happy Trading
I find that "happy trading" quite sarcastic.
Traders always have an eye on the oil price. The oil price makes history (I mean, ffs!?!). Panic makes them sell... Bitcoin?
I find it a bad moment to sell if this is how it works.
How low can it go until the miners decide to no longer sell?
Is it a manipulation again? Have this feeling for far too long and I start to think that may I am mistaking.
Somebody else wrote today that it can fall to 5k levels. I hope he's wrong and this is only a bear trap, but I simply don't know what to expect next.
The panic may never come up again with the state of pandemic but the economic will continue to hunt the market for some times. we expect a quick recovery of the market as it gradually opens. We may not go beyond $5000 but I see altseason start quick after halving.
I believe that whatever speculation that we have, halving is what will determine the movement. The time we are at this moment can't just give us a good guess. The price has been shaking and not stable from 7,000 area.
As we have seen the bitcoin prices were failing to sustain above $7300 levels, it is highly expected to test again its nearest resistance levels which are around the levels as per you have mentioned. I do not think $7400/$7500 are that much stronger resistance levels but due to the current slow economic conditions world wide, bitcoin might have been struggled to break them. I guess, more traders might have been waiting to catch anything below $7000 which is exactly happening right now, hence we can expect another rally which may be up to $8000 levels.
Welp price currently dropped through below $6.8k just recently. It was around a $400 drop from the highest price it gained in the past week I think? Currently fighting against the resistance of the $6.8 - 6.9 and I'm expecting it to go through quite well. Hopefully price actually breaks the current resistance and return to it's initial fight with the $7.2k. Though it might actually take a few days before a successful break through, and if it fails, i'd expect it to continue dropping till around the $6.5k range. And that's me being optimistic already I think, the worst that could probably happen would be us going back to below 6.
The panic may never come up again with the state of pandemic but the economic will continue to hunt the market for some times. we expect a quick recovery of the market as it gradually opens. We may not go beyond $5000 but I see altseason start quick after halving.
Crypto is unpredictable mate! We can't even imagine what might happen after hours well that much volatility crypto is all about.
Also I agree the market is going on a descent track and I also pray it should continue on the same resistance, let's hope there will not be any shocking news in crypto forum before halving. If this goes well I am sure alts will bounce back too.
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