Why there is so much resistance at $23k price

ginsan

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Quote from: dunfida on November 11, 2022, 12:31:39 PM

Quote from: Woodie on November 09, 2022, 10:51:08 AM

Resistance might sound like a bad thing but it can be a good thing because when price gets the momentum and breaks this price barrier, resistance can easily turn from what it is into support which will help keep price up there without allowing it to drop.

And some reasons why price is facing resistance at 23k could be open sell orders which are been filled, but when all these are done there will be nothing to stop price from taking the leap and it's all systems go for the bull run.

Breaking up resistance is what we do really hope for it to happen as this would really be resulting on seeing new all time highs that we do have neither on bitcoin or other altcoins.
Speaking about 23k price resistance then we did really hover that point but due to fuds and events or simply with fundamentals around then then the market did really get even more worst.
We did really end up on on dumping way below goes on $15k+ which we could really say that it was a good point on buying back out some cheaper coins.
Hence there are still some words around that saying up that the market would might even go lower and this is the main reason on why buying confidence is highly been affected.

we need to enter gradually and maybe this is a good strategy after the market falls. maybe yes, the latest resistance point that I think should be taken is $20k and that becomes a crucial point to advance to $25k. I believe after the FTX bankruptcy incident will be history in the world of Cryptocurrency and will always be remembered by millions of traders. according to my analysis btc in this month will stay at $20k because we are facing a sizeable fud circulating on social media which can trigger a panic selling reaction by traders so I think we can take advantage of this moment to buy at a price low.

dunfida

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Quote from: Woodie on November 09, 2022, 10:51:08 AM

Resistance might sound like a bad thing but it can be a good thing because when price gets the momentum and breaks this price barrier, resistance can easily turn from what it is into support which will help keep price up there without allowing it to drop.

And some reasons why price is facing resistance at 23k could be open sell orders which are been filled, but when all these are done there will be nothing to stop price from taking the leap and it's all systems go for the bull run.

Breaking up resistance is what we do really hope for it to happen as this would really be resulting on seeing new all time highs that we do have neither on bitcoin or other altcoins.
Speaking about 23k price resistance then we did really hover that point but due to fuds and events or simply with fundamentals around then then the market did really get even more worst.
We did really end up on on dumping way below goes on $15k+ which we could really say that it was a good point on buying back out some cheaper coins.
Hence there are still some words around that saying up that the market would might even go lower and this is the main reason on why buying confidence is highly been affected.

lizarder

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Quote from: G_Besar on November 10, 2022, 11:19:32 AM

I think the case between Binance and FTX has indeed started to grow and affect the crypto market at the moment especially with the decline in Bitcoin in the last few days. And according to a story I read just now on cointelegraph.com, Sam Bankman-Fried apologized for FTX's liquidity crisis and In a November 10 Twitter thread, SBF admitted to investors that he "should have done better" in providing transparency about the situation with FTX. The CEO reported that the exchange was experiencing a “liquidity crunch” caused by user withdrawals and seeking financial assistance from Binance a potential deal that later fell apart. https://cointelegraph.com/news/sam-bankman-fried-apologizes-over-ftx-liquidity-crisis-i-fucked-up-twice

The biggest culprit was probably because binance started selling BTT assets, thereby causing panic on the exchange as traders started withdrawing their funds from FTX. Liquidation difficulties made FTX unable to refund users, even the cancellation of the deal with Binance left FTX without investors, all the media I tried to find covered this issue.

But in detail I do not know exactly why Bitcoin is involved in this problem, although there is no other more pressing and systematic cause that occurs. Binance's acquisition is not to be taken lightly, it has raised the threshold of bankruptcy for FTX, if it doesn't find another investor in the next few days.

G_Besar

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Quote from: lizarder on November 10, 2022, 10:49:48 AM

We have no reference to Altcoins and don't really care about breaking through at any price, recently Binance acquired FTX against their user case, and started to link to Bitcoin correction resistance.
Various speculations appeared on social media, although this effect was not necessarily influenced by the incident, but the reality was that bitcoin was severely corrected after the Binance and FTX cases emerged.
What do you think?

I think the case between Binance and FTX has indeed started to grow and affect the crypto market at the moment especially with the decline in Bitcoin in the last few days. And according to a story I read just now on cointelegraph.com, Sam Bankman-Fried apologized for FTX's liquidity crisis and In a November 10 Twitter thread, SBF admitted to investors that he "should have done better" in providing transparency about the situation with FTX. The CEO reported that the exchange was experiencing a “liquidity crunch” caused by user withdrawals and seeking financial assistance from Binance a potential deal that later fell apart. https://cointelegraph.com/news/sam-bankman-fried-apologizes-over-ftx-liquidity-crisis-i-fucked-up-twice

lizarder

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Quote from: Vinaa77 on November 09, 2022, 01:29:52 PM

The waterfall chart has not stopped, and will continue to occur in a few days, even until the end of the year. We do not need to rush into the market to buy. Because this condition will continue. If the price of Bitcoin drops no one can control all this, because the decline happens so fast. Unlike the pump with a more stable movement. My estimate is that Bitcoin price will be under $15k within this month.

That means we can take the smallest part slowly for the current buy, if at any time it continues to correct up to $15K, we won't miss the bottom of this chart, even if we buy in the $20K to $15K range. This is a great time to enter the bitcoin market, and I don't think it will bottom out on the $15K chart for the next few weeks.

Quote

If the Bitcoin price dumps, then don't expect any altcoins to break through the moon. So this condition needs to be careful if there are altcoins with charts that are in the opposite direction to Bitcoin. Be patient, until the bearish really ends.

We have no reference to Altcoins and don't really care about breaking through at any price, recently Binance acquired FTX against their user case, and started to link to Bitcoin correction resistance.
Various speculations appeared on social media, although this effect was not necessarily influenced by the incident, but the reality was that bitcoin was severely corrected after the Binance and FTX cases emerged.
What do you think?

Vinaa77

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Quote from: lizarder on November 09, 2022, 12:56:25 PM

Let's say this will sound worse, that resistance has forced the price down even more, then wait for the momentum to break out at a much higher price, but if we haven't used buying yet, this will just sound like the case for Binance and FTX. This momentum is actually good for making purchases, considering the impact of resistance will make it easier for us to collect bitcoins. Buy and hold, then wait for the incredible achievements for bitcoin.

The waterfall chart has not stopped, and will continue to occur in a few days, even until the end of the year. We do not need to rush into the market to buy. Because this condition will continue. If the price of Bitcoin drops no one can control all this, because the decline happens so fast. Unlike the pump with a more stable movement. My estimate is that Bitcoin price will be under $15k within this month.

If the Bitcoin price dumps, then don't expect any altcoins to break through the moon. So this condition needs to be careful if there are altcoins with charts that are in the opposite direction to Bitcoin. Be patient, until the bearish really ends.

lizarder

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Quote from: Woodie on November 09, 2022, 10:51:08 AM

Resistance might sound like a bad thing but it can be a good thing because when price gets the momentum and breaks this price barrier, resistance can easily turn from what it is into support which will help keep price up there without allowing it to drop.

Let's say this will sound worse, that resistance has forced the price down even more, then wait for the momentum to break out at a much higher price, but if we haven't used buying yet, this will just sound like the case for Binance and FTX. This momentum is actually good for making purchases, considering the impact of resistance will make it easier for us to collect bitcoins. Buy and hold, then wait for the incredible achievements for bitcoin.

Quote

And some reasons why price is facing resistance at 23k could be open sell orders which are been filled, but when all these are done there will be nothing to stop price from taking the leap and it's all systems go for the bull run.

Recently the case of Binance and FTX was linked to price resistance, even if we review the current market, the price of bitcoin has experienced a sharp decline. Social media is full of Binance and FTX news, although I'm not so sure, even Bitcoin is really affected by such occurrences.
But interestingly, this is a great time to enter the market and buy some bitcoins to hold on to.

Woodie

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Resistance might sound like a bad thing but it can be a good thing because when price gets the momentum and breaks this price barrier, resistance can easily turn from what it is into support which will help keep price up there without allowing it to drop.

And some reasons why price is facing resistance at 23k could be open sell orders which are been filled, but when all these are done there will be nothing to stop price from taking the leap and it's all systems go for the bull run.

iamsange

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Quote from: ?? on ??

The typo error problem is not from me but my phone, i dont know why it keep changing characters, but i have become more careful and also i have updated my decice software to see if that error could be fixed.
On the other hand, Bitcoin will possibly break the 20k resistance level pretty soon as market today have shown some recovery sign and am sure before the end of the weekend we may see a 22k Bitcoin price.

Typing errors usually occur when the settings on the keyboard used on the smartphone are not in the standard position and maybe yours is the same. I think in the last two days you have seen how the market conditions continue to move downwards, especially for Bitcoin and other cryptocurrencies. So do you know what caused it and who made Bitcoin start falling again to the price of $17K in just a matter of days?

I don't plan on blaming anyone or any company that might be involved in this, but I just don't know why the sharp decline has started again this month in Bitcoin and I think it will surely make some people panic again which in the end also sell their holdings on the market.

Falconer

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I also think that way everyone will end the year with a bitcoin price of $20k-$21k, but in this month and next month I also have a little faith that Bitcoin can go above $21K if there is a better price increase in Bitcoins from now on. And hopefully at the beginning of next year Bitcoin will be at a much better price level because considering this year Bitcoin is so difficult to increase in the market, even though there are so many people who like Bitcoin.

I think all of us know that no one can really predict the future even if it's about tomorrow. Many people hope that in the next 1-2 years we will have a good opportunity to buy bitcoin because the price is still low. I mean it's still around 70% - 75% of ATH is the best price to buy although that doesn't exclude the possibility it could be more expensive in early or mid next year.

My mind is still reeling from this opportunity, so I hope I have plenty of ways to save a lot of money to invest instead of buying something I don't really need.

Odusko

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Quote from: YOSHIE on November 04, 2022, 08:44:10 AM

Quote from: RILWAN on August 17, 2022, 03:39:45 PM

Bitcoin market prices have witnessed a lot of resistance and several attempts to make a head up the price of $25k after several weeks of a downtrend, there have been a lot of speculations surrounding the present market situation. But with the right thought and analysis, I am sure if Bitcoin could break the present resistance price moving upward would be that hard anymore.

Maintain resistance in being defensive at the level of $23k, it is one of the options that must be learned and experienced now and in the past few years, of course, it can't be separated from the predictions and speculations that exist, maybe many are aware that Bitcoin is not going down to the bottom anymore, maybe Bitcoin price is already at its lowest point.

I also have the same understanding that they think, at this time Bitcoin must act and hold back as much as possible, before the unseen happens.

the resistance level has ranged within and around $20,000 and 20k+ 900 which to me is not a significant pull-up direction, and I can also conclude that October -November will continue to be a resistance struggle and there may be a possible breakthrough but which direction I can't tell but some other speculators are predicting that Bitcoin will face a further decline price in the coming days.

YOSHIE

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Quote from: RILWAN on August 17, 2022, 03:39:45 PM

Bitcoin market prices have witnessed a lot of resistance and several attempts to make a head up the price of $25k after several weeks of a downtrend, there have been a lot of speculations surrounding the present market situation. But with the right thought and analysis, I am sure if Bitcoin could break the present resistance price moving upward would be that hard anymore.

Maintain resistance in being defensive at the level of $23k, it is one of the options that must be learned and experienced now and in the past few years, of course it can't be separated from the predictions and speculations that exist, maybe many are aware that Bitcoin is not going down to the bottom anymore, maybe Bitcoin price is already at its lowest point.

I also have the same understanding that they think, at this time Bitcoin must act and hold back as much as possible, before the unseen happens.

btc78

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Quote from: ?? on ??

Quote from: GeorgeJohn on October 31, 2022, 02:27:27 PM

Quote from: ?? on ??

I agree with quite a few of ypu guys speculation , but the fact that Bitcoin is not a speculative or predictable asset makes it hard for traders or analyst tp predict it pruce, ordinarily if you look at the pruce is the few hours of last week yoy would have thought that this week Bitcoin price will surpass 23k already but yet we still relying around 20k.

Kindly cross check your work before posting, because it's very obvious that your words is not in accordance with people opinion. In barley comprehend your analysis or what you are emphasising on, because i noticed that some point if analysis is very contradictory, i don't even understand if it's a bolt that type. Please i did not meant to discourage you, but try to arrange your words and avoid typographical error, i know that no body is above that. But correct yourself.

Thank ypu for the corrections, next time am going to arrange my words in the proper manner and phrases, i guess i was sofadt anf i failed to read through my work and do some corrections before i posted it but hence forth i will pay close attention to my work to avoid errors.

yet ? another error , I don't know if you just lazy to check your post after/before posting or you are too busy in other things so you are not totally paying attention to what will be your post may come.

________________________________________

About the post , I think this can be edited now asking Why there is much resistance in 20k? as we have been sitting in this area for more than a week now.

STT

legendary

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The majority of resistance can be represented roughly by the moving averages, around 50 day and 200 day will represent to me a bulk of volume that has to be cleared. The simple reason is some people who bought at higher prices now want to sell. Thats in large part why we do need momentum to make progress as well as larger factors like a swing back to speculative progression in markets, usually thats represented by a weakening dollar vs other currencies.
Yen and EURO are I think near to 70% of the inverse to dollar index and Bank of Japan has big problems with its QE program, to me this points to QE itself being at fault and will tell similarly in other programs around the world but thats in the future now the YEN is weak. Also the war in east Europe with the possibility for expansion across Europe is putting alot of fear into the Euro worth. Overall we are not in a monetary expansionary period.

Its not very exciting but we are above the 50 day average currently. There is the idea we can develop positively from here though its stalling right this moment and also 200 day average is overhead.

JoyMarsha

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The bear market has not been good on the bitcoin price. Bitcoin breaking $20k-$21k resistance seems like a tough journey to pass. The year is close to the end, and no speculated price of $25k has been reached. The last quarter of the year is withholding bitcoin to soar higher than expected. Maybe we gonna end the year with a bitcoin price of $20k-$21k

ShowOff

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Quote from: dunfida on November 02, 2022, 02:40:44 PM

Even breaking 21k price wont really be that easy as it looks yet it had been rejected once again and we cant really get pass through it which does indicate that we do have tougher resistance as of this moment which it would really be that hard to presume out on what would gonna happen on next months or years to come. We would really be having these main questions on mind on when we do able to see those 30-40-50-60k price.

Granted, it won't be easy but $21K isn't far off the mark during this early November.
In the next few days, we may see the price better than today which seems to have a slight correction in a few hours. I expect improvement even if it doesn't mean much, but anyway we always think of something bigger.

Quote from: dunfida on November 02, 2022, 02:40:44 PM

For now its better to consider yourself on buying cheaper coins but we know that there are lots of talks around and speculative approaches that price might go down even more and this is what makes people do wait up and hesitate on buying where confidence isnt really that high which it do results on having no such buying pressure due to this possible common reason.

For sure, I've considered the advice and will probably stick with it as much as I can because it's clearly a good time to increase the portfolio.

dunfida

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Quote from: ShowOff on November 02, 2022, 02:23:54 PM

Quote from: ?? on ??

The market has started to move according to the data released. And it is looking into the mouths of a few manipulators. I think this should not be the case. There will be important news and developments this month. Accordingly, the market will draw a path. It is necessary to follow these news closely and think about what kind of a plot it will be.If it breaks through important resistances, we could see a mini bull. I think the bear market will last for a few more months.

Since the market is still around the bears, I think it will be difficult to break more resistance above it. I don't think $25K is too tough for the rest of the year, but if it fails then I'd believe the drop might be deeper. The current price tends to be sideways, I don't think it's time to encourage more demand as the fundamentals are still weak. But what will be very supportive at this time is, bitcoin still maintains $20K support for a while so there is confidence about a break of resistance.

Even breaking 21k price wont really be that easy as it looks yet it had been rejected once again and we cant really get pass through it which does indicate that we do have tougher resistance as of this moment which it would really be that hard to presume out on what would gonna happen on next months or years to come.We would really be having these main questions on mind on when we do able to see those 30-40-50-60k price.
For now its better to consider yourself on buying cheaper coins but we know that there are lots of talks around and speculative approaches that price might go down even more and this is what
makes people do wait up and hesitate on buying where confidence isnt really that high which it do results on having no such buying pressure due to this possible common reason.

ShowOff

legendary

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Quote from: ?? on ??

The market has started to move according to the data released. And it is looking into the mouths of a few manipulators. I think this should not be the case. There will be important news and developments this month. Accordingly, the market will draw a path. It is necessary to follow these news closely and think about what kind of a plot it will be.If it breaks through important resistances, we could see a mini bull. I think the bear market will last for a few more months.

Since the market is still around the bears, I think it will be difficult to break more resistance above it. I don't think $25K is too tough for the rest of the year, but if it fails then I'd believe the drop might be deeper. The current price tends to be sideways, I don't think it's time to encourage more demand as the fundamentals are still weak. But what will be very supportive at this time is, bitcoin still maintains $20K support for a while so there is confidence about a break of resistance.

G_Besar

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Quote from: ?? on ??

I agree with quite a few of ypu guys speculation , but the fact that Bitcoin is not a speculative or predictable asset makes it hard for traders or analyst tp predict it pruce, ordinarily if you look at the pruce is the few hours of last week yoy would have thought that this week Bitcoin price will surpass 23k already but yet we still relying around 20k.

Between $20K and $23K is not that much of a gap for Bitcoin, but it's not a matter of how far the price is for Bitcoin, but rather the difficulty of rising sharply in the near term. Because the push of supply and demand in the market will make the Bitcoin price volatile better if more big investors enter the market in the near future. If it's not there, then the price increase in Bitcoin always looks hard to increase in a larger percentage size.

Slow death

legendary

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when this thread was created, the price was still trying to break the resistance that was at 23000$, but today the resistance that is at 21000 - 22-000 is very strong but this is due to the fact that with the financial crisis there are few people who are thinking about investments, the price of bitcoin is suffering from this crisis that could last a long time since there is no sign that the war will stop anytime soon and now with the breakup of the cereal agreement it will only increase the tension against the Russia

Quote from: ?? on ??

but the fact that Bitcoin is not a speculative or predictable asset makes it hard for traders or analyst tp predict it pruce

bitcoin is a speculative asset and about price prediction, we have seen in the past some people get their price predictions right

Topic: Why there is so much resistance at $23k price (Read 1241 times)