Why there is so much resistance at $23k price - page 6.

rodskee

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Quote from: Gozie51 on August 18, 2022, 04:49:57 AM

Quote from: FlamingFingers on August 18, 2022, 12:58:28 AM

I think that the resistance at $23k is a weak resistance, its not that strong, as compared to the resistance at $25k. We all can see the sharp rejection after it had reached $25k. It will break those resistance soon its just a matter of time. But I'm having a feeling that bitcoin might test 21k again the upward movement is not yet confirmed totally, but I believe that the bear season will soon be over

I think retesting of $21k isn't a big deal for this season because the price is still playing around the reach as no precise direction has been confirmed for now as to that the price can drop down or up to meet the correction before riding any direction. I think IMO that the market is not ready for a major move, it is going to be within this reach for sometime.

and besides that 21,23,and 25k had already broken and still breaking these days with those crypto market is showing support for bitcoin and with that I am sure that its soon that we will take down that 30k again.
I may not sure how short to come but what I believe is that this will come soon.

dimonstration

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Dimon69

Price in the round number usually give a psychological effect to traders. Most of the trader put order on that location because they knew that price will be rejected at some point around it. You will notice that whenever the price hit a round number price, It always result to a strong rejection or pump because it’s the deciding factor on what’s next movement.

Bitcoin price is already rejected at that price level multiple times which only means that the resistance there is very strong at this moment. We might experience a sell pressure once this wall don’t break for a long time because holders will be impatient to hold there tokens for a slow price action upwards.

dragonvslinux

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Quote from: STT on August 17, 2022, 05:52:17 PM

Sounds good, hope you are correct. If 23k has so much resistance we should not pass through it easily, confirming 23k as a low is definitely better then the alternative. Ideally we would not have come close to 23k like this but I guess if we consider weekly bars, it can still we turn this around and recover to a bullish recovery.

Personally I see the correction to $23K as very healthy as an orderly form of consolidation at the highs as well as expecting nothing less this week since rejection from $24.5K. Much better than eventually rolling over after losing bullish momentum that's for sure. Currently price is finding support at the support trend-line close to the 200 MA on the 4hr, so for now in the mid-term price remains picture perfect bullish, minus a bearish wedge.

Quote from: STT on August 17, 2022, 05:52:17 PM

23k was first found as resistance to the 'dead cat bounce' first attempt upwards on June 14 and its been doing sideways slide ever since. So more of the same isnt too much of a shock, disappointment is the gruel you get dished regular till the day you break free.

$23K is also the 200 Week MA, so re-testing this as support\ for the third consecutive week is only increasing the bullish bias, as confirms longer-term bearish momentum is subsiding, as long as it holds of course.

Gozie51

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Quote from: FlamingFingers on August 18, 2022, 12:58:28 AM

I think that the resistance at $23k is a weak resistance, its not that strong, as compared to the resistance at $25k. We all can see the sharp rejection after it had reached $25k. It will break those resistance soon its just a matter of time. But I'm having a feeling that bitcoin might test 21k again the upward movement is not yet confirmed totally, but I believe that the bear season will soon be over

I think retesting of $21k isn't a big deal for this season because the price is still playing around the reach as no precise direction has been confirmed for now as to that the price can drop down or up to meet the correction before riding any direction. I think IMO that the market is not ready for a major move, it is going to be within this reach for sometime.

Yaunfitda

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Quote from: hugeblack on August 18, 2022, 03:55:21 AM

The previous support level will be a strong resistance at the present time, and 30k levels were support levels for a long time, and therefore approaching these levels will lead to a correction in the price, so we find that the price is slowly moving towards those levels.

As for the resistance at $25k or $26k, it is nothing but a reflection of the strength of the resistance at the levels of 30k, which makes the price weaker the closer we break a barrier.
It started with $21k, $22k and so on.

you can read more from here ---> https://bitcointalksearch.org/topic/weekly-rsi-leaving-oversold-conditions-5405627

Yes, at some point that $23k became a resistance, but as time goes on, we overcome it, weaken and now it is the support. So it's also a cycle, resistance and then it will become a full blown support level, then goes up to the next price. So it's just a matter of time, it could be days, weeks and months for a certain price to be overcome like in our present price $25k. I can't remember how many times we get to it and then it went down very fast, maybe twice or thrice. So we will see how it will be in the next try, whether we can break it easy and then we will have a momentum run and then it will become the support.

Piesel

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Bitcoin price analysis in incomplete without us bringing in different incidents at different times, if ton take 2017 for example, the present price was the all time high then and so if $25,000 price becomes a strong resistant level then we can be sure to say if that price benchmark is broken, the price could jump to 30,000 or even above that. Bitcoin has performed tremendously well in the past few months, but considering the present market actions, a lot of resistance has been created between the lines as the market keeps increasing and pressures from actors force the market volatility to happen frequently.

hugeblack

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The previous support level will be a strong resistance at the present time, and 30k levels were support levels for a long time, and therefore approaching these levels will lead to a correction in the price, so we find that the price is slowly moving towards those levels.

As for the resistance at $25k or $26k, it is nothing but a reflection of the strength of the resistance at the levels of 30k, which makes the price weaker the closer we break a barrier.
It started with $21k, $22k and so on.

you can read more from here ---> https://bitcointalksearch.org/topic/weekly-rsi-leaving-oversold-conditions-5405627

Davian144

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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.

As you can see now in the market, Bitcoin is a little difficult to rise and break through bigger resistance except for only $25K. But Bitcoin is still very strong in the market and is also in demand by many people so it still has the potential to realize a bigger increase this year even if not for the new ATH. But it can still be at a better price than the current price and everyone should still store Bitcoin better before releasing it into the market at a better price.

Kemarit

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Quote from: FlamingFingers on August 18, 2022, 12:58:28 AM

I think that the resistance at $23k is a weak resistance, its not that strong, as compared to the resistance at $25k. We all can see the sharp rejection after it had reached $25k. It will break those resistance soon its just a matter of time. But I'm having a feeling that bitcoin might test 21k again the upward movement is not yet confirmed totally, but I believe that the bear season will soon be over

Then you can't call it resistance as all if it can withstand that price, but I do agree that $25,000 is the real resistance because we have been rejected many times upon reaching this price. And as we can see in the last month, we moved from $20,000-$25,000 and that has been our price action.

Quickly glancing at the price, we are still in the $23,500 range, so not sure if we will retest $21,000 again. I mean the support at $22,000-is very weak. Unless some negative news again affecting investors mindset and sold short term.

FlamingFingers

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I think that the resistance at $23k is a weak resistance, its not that strong, as compared to the resistance at $25k. We all can see the sharp rejection after it had reached $25k. It will break those resistance soon its just a matter of time. But I'm having a feeling that bitcoin might test 21k again the upward movement is not yet confirmed totally, but I believe that the bear season will soon be over

rodskee

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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.

it is for us to wait mate , Bitcoin will make upward if we will continue supporting because remember that bitcoin is only depending on how we buy and sell , meaning from Demand and supply so if you are looking for increase then best to take part of buying also.
dont expect others to do it for you lol.

Fundamentals Of

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Yes, there is indeed a strong resistance at $25,000. But there is also a strong support at the $22,000 range. Every time the price is rejected at $25,000, the correction would remain to be mild. If it ever falls down below $23,000, there will be a strong rebound that would push the price up to once again challenge the resistance at $25,000.

I think with the overall traditional financial market starting to recover, Bitcoin would also follow. It's a matter of time before this $25,000 resistance would be converted into a strong support.

GreatArkansas

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

(.....)
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.

Price action of Bitcoin for me right now since last month is really superb for me, very natural and looks healthy.
Less huge candlewicks on daily candles which for me a healthy market right now. After the dump from it's all-time-high, I can feel the correction is already done and we are now creating a very long horizontal support around $20,000 - $30,000 level.

Dave1

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Quote from: Wexnident on August 17, 2022, 07:18:47 PM

Shouldn't it be $25k? We're presently at $23k and we even moved up to $24k afaik. If you're saying that it's because we went back to $23k, then it's just that, it failed the check at $25k so it dropped down. Wouldn't really consider it to be that big imo, its something that often happens anyway. Not to mention that we've only been around a month in ever since Bitcoin dipped to the $20k levels from above $30k. Wouldn't really expect (nor want) a big pump all of a sudden.

Maybe the OP didn't see the latest price movement and just check the current price as we have now on the $23k'ish. But recently we have a lot of movement, even getting as high as $25k, but it just dropped down.

$25-$30k is the big resistance for us. We've seen that if the price reaches $25k-$28k then we might see another sort of mini bull run in the last week of this month or enter the 'ber months.

Wexnident

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Shouldn't it be $25k? We're presently at $23k and we even moved up to $24k afaik. If you're saying that it's because we went back to $23k, then it's just that, it failed the check at $25k so it dropped down. Wouldn't really consider it to be that big imo, its something that often happens anyway. Not to mention that we've only been around a month in ever since Bitcoin dipped to the $20k levels from above $30k. Wouldn't really expect (nor want) a big pump all of a sudden.

dunfida

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Quote from: jackg on August 17, 2022, 03:51:58 PM

Imo the ath in 2017 was between $19k
and $22k (it was different for different exchanges from what I remember).

It looks to have also made the first resistance after breaking the power end of the ath as bitcoin consolidated around $22-24k. Aside from that, the main issue I can see is the $25k region as the bitstamp chart says we've already bounced away from there after being close to it.

Yeah, and its been a long time before breaking that tough resistance of 19k and as far as i remember which it had been broken when the market sentiment tends out to be positive which did really drive the price to break

that ceiling and even reaching out prices which we didnt even expect that it could really hit up into those levels.When we do based up on technicals then it couldnt really be ignored that there are things which we can

presume and tell that it would be the reason but we do know overall that market sentiment and possible upcoming events and fundamentals could really drive out possible price movement.

Baofeng

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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.

What do you mean? we have broken it already, maintain that price for almost a month if I'm not mistaken, so there is no resistance. If you are talking about resistance then it's the $25k that is the biggest barrier we have right now. And we might as well call $23k the support line for now.

Although we have touch $25k or at least broke it, we didn't sustain that run. Just like in the past 2 days, we goes down again after around $24k-$25 levels.

STT

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Sounds good, hope you are correct. If 23k has so much resistance we should not pass through it easily, confirming 23k as a low is definitely better then the alternative. Ideally we would not have come close to 23k like this but I guess if we consider weekly bars, it can still we turn this around and recover to a bullish recovery.

23k was first found as resistance to the 'dead cat bounce' first attempt upwards on June 14 and its been doing sideways slide ever since. So more of the same isnt too much of a shock, disappointment is the gruel you get dished regular till the day you break free.

goaldigger

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Quote from: BitcoinBarrel on August 17, 2022, 03:53:01 PM

Are you buying right now? If $23k was such a good deal, people would be buying it up cheap.

Waiting for some Signal before buying again, if Bitcoin can beat the resistance most probably it will go back to its support level which can be a good signal to buy again. The market is getting better it’s just that many are still not confident about the Bitcoin trend and that’s why there’s still a huge resistance, eventually buyers will dominate the seller and that’s a good confirmation of a bull market again, just have more patience for now.

BitcoinBarrel

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Are you buying right now? If $23k was such a good deal, people would be buying it up cheap.

Topic: Why there is so much resistance at $23k price - page 6. (Read 1241 times)