Does the price always trend towards all 5's - page 2.

STT

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People allocate significance and that is a real phenomena in pricing, the most obvious being every 10k is a flat number with all the zeros and easy to enter into orders on an exchange and so on as well as registering in the brain as a major mile stone to step over. Same reason we have many prices at $99.99 as if its any cheaper then 1 cent more

Its real but at the same time not important longer term. Right this moment the price is orbiting around the 50 day average which happens to be very close to here, its not at a ceiling exactly as we've gone over but how I would view it is like a magnetized price, we both attract and repel from here until something bigger eclipses this area.

dothebeats

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It might have been a coincidence as we definitely moved past the said price point so fast. Also, price always gravitates towards numbers that are rounded, or that can easily be divided without any decimals or whatnot—though of course we can't really control it. These numerical figures that seem to form a pattern occurs quite a lot, and is being used as psychological signals by some traders even though they are just coincidences with little to no bearing to what's actually happening in the market.

wiss19

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Quote from: pooya87 on May 05, 2021, 11:15:24 PM

I don't see $55,555.55 having any significance here. Price has been going up and down but it passes that price right away, it is mostly hitting $58.5k level and comes down to $53.5k and then goes back up again which both happen to fall on two sides of $55.5k.

OP might have noticed that all 5s twice or more times which might have thought about something unusual is going on bitcoin markets. When bitcoin is trading in range bounds, we may need to see similar prices for more times which definitely not having any of significances on determining further movement of bitcoins hence we do not need to give any importance to it. Just another price levels and we can simply move on to upper resistance levels at any time soon.

Ararbermas

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Quote from: mapsfly on May 05, 2021, 07:35:11 AM

It seems like we are moving up and down but often trying to get back to $55,555.55

bitcoin will always going back to the resistance no matter what are results in the market at this current ATH.. For now maybe there's a low trend reason the growth rate didn't even go far again..but i do believe this will surpass again before this month end in my view and base on its performance since after the highest value whrein it keeps making a high trend despite of the fluctuation.

Wilhelm

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Quote from: mapsfly on May 05, 2021, 07:35:11 AM

It seems like we are moving up and down but often trying to get back to $55,555.55

What I only know is that the Psychological supports and Resistance that we are often seeing are those which are in a divisible of 5,000 such as $40,000, $45,000 and so on and so forth.
$55,555.55?? Sounds a good support or resistance for me but I don't think that there is a time where that price is either the support or resistance.

Well, if this will happen that this number will be a support or a resistance then I will visit this thread again and will tell that maybe we are in a trend of "all 5's". Will that happen?? Maybe but the chances are quite low Cheesy

. Now in terms of support and resistance, I see $60,000 as a strong resistance still and around $50,000 as a good support for short to mid term. Seems that we are in a sideways direction for now.

Yaunfitda

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Quote from: mapsfly on May 05, 2021, 07:35:11 AM

It seems like we are moving up and down but often trying to get back to $55,555.55

No it's just a coincidence if you see a lot of 5's right now. And it's just numbers though, no need to be somewhat glued or think something with that. Obviously, as we are in the $50k'sh and maybe that's where you see the connection.

So what will happen if we hit $60k again? $66,666?

passwordnow

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Not that seems.
Bitcoin always moves like that. You get to see that from day to day monitoring for its price action. What are you plans to keep it up as bitcoin stays on $50kish to $57kish?
And that price of $55,555, you probably have seen that in coincidence because it's volatile and leaves that price quickly.

electronicash

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yezz there is going to be an extra $500 to give room for you to wiggle.
we are going to be in this 54-57k price seesaw but the altcoins are moving up really well we can see now altcoins extremely profitable. got to wear your tinfoil hat to see this coming that BTC may really be overpriced at $64K that is why it's going to be stuck in such a price range. yez! this is time for altcoins!

Poker Player

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What happens to OP is what happens to almost all of us at some point: we tend to see patterns where there are none. Or rather, we tend to build patterns that are often arbitrary, because patterns are not a reflection of reality, but a mental structure that we create to understand it.

It is funny that I use the term "always", as we are around $55,555.55 for the last two weeks or so. Let's wait a year, or five, to see if we are still "always" around $55,555.55.

Wexnident

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Sideways movement, probably why it just plays around that number since it's the middle ground currently. Nothing really odd, there are always middle grounds when it comes to sideways movement of the market, and you can probably use that to the test when to enter or not.

Honestly has nothing to do with the market movement. Hardly doubt that anything similar also has a relationship with how the price trend works.

pooya87

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Round numbers have always been a psychological target for traders. You always see them place orders (buy or sell) at for example $100 not at $100.37 which makes these levels support or resistance depending on the ongoing trend.
But I don't see $55,555.55 having any significance here. Price has been going up and down but it passes that price right away, it is mostly hitting $58.5k level and comes down to $53.5k and then goes back up again which both happen to fall on two sides of $55.5k.
Speaking of round numbers, $60k is the current arbitrary resistance.

Kemarit

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Quote from: mapsfly on May 05, 2021, 07:35:11 AM

It seems like we are moving up and down but often trying to get back to $55,555.55

We are trading sideways as of the moment, and maybe what you are seeing is the support line.

Although the price seems to jump to $57,000++ more today, so obviously, we have broken that support. But we will have to see if we can sustain this price or not to settle back to $55,000. There are a lot of factors that either push or pull the price, so if we have a break out run then $60,000 should be the next target for us.

Gozie51

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And what do you say to that level? Have you checked if there is a strong resistance or support around there so you can know exactly what is happening there. For me I think that is not a big issue but $60,000 is the range that price have not been sustaining.

mapsfly

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It seems like we are moving up and down but often trying to get back to $55,555.55

Topic: Does the price always trend towards all 5's - page 2. (Read 305 times)