What do the following financial terms mean and how do they affect the market direction?
Bid and Ask: the way I understand this means the amount of BTC being bought and sold in a given market, a question thought, if a given market has many asks and very few bids, does that mean the price is going up or down?
When someone mentions there is market resistence at a certain price, what does that mean and how can I interpret it in its respective financial graph?
bid is how much someone is prepared to PAY
ask is how much someone is prepared to SELL for
resistance is like ok i could sell bitcoin for 300 now but at 310 i may start to get people saying no i.e. resistance.
same on the way down, I want to buy for 295 but i'm really not that keen at 310 i.e. i resist that.
resistance is basically the point at which people say no. i.e. I'll sell at 310,309, 308 but I won't sell at 307 therefore 307 is where the resistance is
