Even with the upcoming halving it looks like we won't see a good pump like going for the 5 digit mark once again.
As long as it doesn't go way back to 3 digits then it is in good condition.
My resistance mark is 6.5k going down and 7k at the higher mark.
I don't think there is a way to get out from that unless something really great happens again.
Halving is one. The second maybe the end of the virus.
Topic: Currently Bitcoin has a very strong resistance? - page 2. (Read 302 times)
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.
We are facing the pandemic for more than a month and the market still gains strong resistance that we are able not to drop hard than we experience last year (below $3k). This will simply indicate that people aren't bothered too much for the pandemic effect but most likely it helping people to adopt the system and increase the number of users pushing the market demand to flip high. We don't need to worry about dumps because we even have this since before and totally not new to this scheme. We are already breaking the $7.2k resistance and seeing to move at $8k during halving commencement(hopefully).
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'd put anouther resistance zone at 6800-6900, that looked like a strong zone both psychologically and for bitcoin, it may well bounce of there without going any further and I'd put that as being quite likely if we go down and don't have a dramatic drop.
If the drop is more dramatic I imagine us clearing $6000 pretty fast and pretty easily.
If the drop is more dramatic I imagine us clearing $6000 pretty fast and pretty easily.
Let's look at the Bitcoin's Latest update.
At present, Bitcoin has a very strong resistance.
Whether it's able to break or not, because at Bitcoin Market we can't see such good volumes.
Volume plays a very effective role in breaking out resistance
Accordingly, there is no such volume at Bitcoin.
Without the volume, it would be very difficult for Bitcoin to break this strong resistance.
If it does not break, then Bitcoin may move to its level of support.
On the other hand, if Bitcoin goes up and down on a 4 hour timeframe or a 5 day time frame with a good Strong Bullish Kendall then breaks up and closes there.
Then we can see a good uptrend of fat.
However, currently Bitcoin is down.
Happy Trading
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