Bitcoin Forum

Okay, so ive just uploaded a video, very simple technical analysis for Bitcoin. Am I the only one scared to buy Bitcoin right now?

Overall I am bullish, but until major resistance is broken, Im out.

your thoughts are welcomed! , btw, I am one of the guys waiting on 5.5k to go all in

Let me know what you think of this analysis



https://www.youtube.com/watch?v=37WUTG8jOCg&feature=youtu.be

waiting for 5.5k? it was under 5k a few weeks ago. If you would have "gone all in" at 5k and sold today at $7k that is a gain of %40 profit! Not bad.

around 2 minutes in you're talking about a major resistance that hasn't been broken.

Your resistance line is at 6962 but I'll be generous and say it's at 7000. It's still broken by now!
We got rejected ad 7200 today. So what now? How is your prediction looking? Did it change into buy bitcoin now because that major resistance got broken or will you move the resistance line up by 200 dollars?  :P

I read a lot of analyzes that say you can buy at a cheaper price, but I think the state of apprehension has ended so it is difficult to break several barriers "especially the $ 6000 barrier." So I think it is better to bet that the price of $ 6700 is currently the cheapest and the possibility of the increase is greater than the decrease.
We may see a return to $ 5,000 levels, but we will rebound quickly.

We've been rejected re-entry to $7000 multiple times today, and even though that's the case, I still don't think there's too much selling pressure to bring us down to the price range you're aspiring for. In the mean time, the movement seems to favor $7000 on most exchanges, but if we can't get a stable footing on that level, we will still find ourselves on the high $6k and remain in there as if the markets are taking a break.

We've been returning to $6600 - $6700, and the resistance you're speaking of is @ $6900. Why not try to just average and hold for the best?

True, we've constantly seen $7k and then getting in again and again, looks like BTC has been range-bounded and doesn't seem to be breaking any levels soon, possibilities of sideways are more than any seriously major moves to be seen till BTC clearly goes above $7200 and $8530 respectively. Can you see a flag? I think it is going to be a longer one this time.

There is nobody talking about the resistance because I think that everybody already knows about it and right now it kicks back to $6900 USD at the moment it is really ok if you feel that you are not buying at all that is your decision to make and my decision is just to hold because a major event will happen in the next month hopefully the price may rise suddenly to the roof, and I think that is all the talk right now and not a random resistance because we are already in a tight resistance ever since.

Which level you are referring as major resistance level? Is that $8000 or anything beyond $10k? I believe instead to asking people to watch your video, it would be much good practice if you share all your details within this topic so that people may visit that video only when they feel like to know about more relevant details for discussing on this topic. As of now I simply skip your video as I do passionately hate clickbait links.

I wish your waiting to last forever and you will be more welcome to get back into bitcoins when you will be feeling like that you are not too late to get into board and never think about quitting to buy back later.

Two resistance has been broken already. And obviously, there are not support above $7k as it has been rejected as well, so probably we are going in the range of $6k range prior to the bitcoin block halving and I think this will be good though. No one is buying, but no money is leaving exchanges as well. I think we're going to see a sideways patterns prior to the halving and then have a break out run right after.

You are not suppose to automatically sell or short when it goes to a resistance line. You wait and see what happens at that line. Whether this is bitcoin, altcoins, stocks, commodities, etc.

If you end up entering a bunch of trades at those areas you will end up with tons of loses. Sure your line might hold however you need confirmation first. If it goes there and its rejected and then starts making newer lows and failed highs then you look to short right after. Sure you don't get the best price because you are chasing essentially but neither is entering in an area which might end up being a huge bull trap.

This is why so many people ended up shorting $6K back in early 2019 and they all ended up losing badly because it had absolutely no effect like $6K did back in 2018.

This is the hard part when you do deal on cryptocurrency market where supports and resistances can be break out in a blink of an eye even how good your technical analysis is.
Basing on the video this is somehow helpful and informative yet i have missed out that common support/resistance area that he had drawn in 5mins duration.
Actually this can really be applied out and a considerable analysis on waiting up but only applicable for short/active traders but we cant really ignore the fact
that we should be prepare always for breakouts yet this is just a common thing into this place.

Yep, it took a couple years of trading before that lesson sunk in for me. Back in my early days, I did a lot of fading and counter trend trading, which led to lots of headaches.

When I learned to stop trying to predict the market, and start reacting to it instead, I became a lot more profitable. It's a lot easier to react to a breakout or a spring than it is to predict what's going to happen next. The rest is all risk management.

You should do a search term on that and you'll find you're not the only one talking about it. There and thereabouts, at every 1k level, people see something to break. For me, it's all more or less white noise from 5k to 9k. 10,500 is the real resistance for me (not 10k, though it's psychological, I've been seeing how there's almost negligible relative volume from 9k to 10k), and we'd need to stay well above it for months for me to really say we're ok from there.

I expect halving will propel prices but it's the consolidation after the traceback from that that will give us an idea of long term.

I'm always afraid when I keep BTC (I don't buy, I earn so I save). But it's tempered by knowing that even if I lose it all, I'm prepared for it.

A second confirmation which though fearful ends up forming a second higher low then the first selloff would be bullish I agree and 5.5k would seem to fit that area.     I dont think we got major resistance exactly just more like some icebergs we got to sail through carefully so progress is slower, we go around till its clear.   Price is challenged for now, so quite normal.   
  Measures that fit action now are 50 day MA capping highs and old fib lines, we're in the scheme of 2019 December action.   Not really that negative all things considered.

https://talkimg.com/images/2023/06/12/A73bf.png

We're below a near term positive phase on days or the week, possibly 6400 is a fair downside target till we correct that and by the time we get there that'll be the month average roughly speaking.

[I almost fell out of my chair, vid is ok have merit.]

You may be waiting for nothing or not.
Who knows?
The resistance for me is now. 6.5k - 7k is where it mostly moves so yeah a bullish trend might really happen after people get their mind off the virus that had is happening.
For now that is the trend and that is why we don't see much movement anymore.

Give it 2 more months and we will see if it is a negative effect or a positive one.
Mostly says it will drop after but the halving is also near. So that may equal the fight against the price.

I would have watched the video if the poster actually came back here and supported his decision making somehow to people who have said otherwise but unfortunately dude literally just shared a video and left, never looked back, so it shows that dude does not care about what we think about his video, he doesn't really care about our feedbacks at all, he only wanted to share the video so he could get some clicks and he managed to get over 300 by sharing all over I suppose, yet nobody even replied to him in the comments section neither so we can clearly say that this is not someone who should really be considered as important figure to listen to.

Plus, I think bitcoin is still trying to figure out a way to break over 7k, which is why I do not wait until 5.5k to go all in, I am going in periodically no matter what the price is.

Soon you will have far more important problems than bitcoin's price (if not already).

The fundamentals is all that matters and right now fundamentals for everything and every asset is going to shit. (Except gold)

That major resistance can disappear very fast if the fundamentals look good again but it is not likely in the near future. I don't have high hopes for the next year neither. Maybe we do well in 2022.

During the last 2 weeks,the forum was full with the "stimulus plans will pump the bitcoin price" type of bullshit posts and threads.That didn't happen and now there's no BS for the simple minded people to preach. ;D
If there's resistance for a few days and the price is around 6,6K to 6,8K USD,I assume that soon more people will start selling and we are going to see prices under 6K USD again.The halving might help a little bit for keeping the resistance,but we don't know what will happen with the pandemic and the lockdowns during May and June.The previous 7,2K price level might have been a "dead cat bounce".Nobody knows.

He missed it a month ago when it's under $5000. But that doesn't mean that it won't fall there again. I think this is another post that I've read that's also waiting for that resistance and price to buy. I'm getting fearful although I have no choice but to wait as well before acting appropriately. If it gets a little lower, might start buying.

BTC is approaching a key resistance of $7k, BTC bears tried many attempts to push the price down but unfortunately they failed.

The next major resistance is nearing the $7.5k so more likely a strong rally is coming this session hope it may happen before halving too, so it's always better to hold and wait patiently until the price goes up.

I am always laughing my way to bank towards people who have always hoped that bitcoin would go down or calculated that bitcoin would go down and it literally goes up right afterwards. Yesterday there was a lot of bears like OP who got happy for a second and the support level for $5.5k increased x2 overnight because there was a lot of people who wanted to buy at that level and they wanted it to drop that much, it bottomed out at $6.5k and then went above $7k once again and right now peaked.

This shows everyone that right now economy is not as bad as you might imagine and there are people who are still buying bitcoin no matter what. Hell I think there are ton of people who used the $1.2k USA government gave them to buy bitcoin as well and that is something to consider during this increasing numbers.

The problem with resistance lines is that it is rather a statistical phenomenon. They change their levels and ordinary users will know about it when this shift has already occurred. If we recall such phenomena as a false breakdown, then I do not know how knowledge of these levels can help me in trading  :)

It is a statistical phenomenon but you need investors too during that period so that the market will retain the position or go above or see a minor correction, today the market went down and i was expecting a minor correction because of the resistance and considering the global situation i did not expect the market to recover so fast, in short these are base lines for us to anticipate the market to go in either directions while the whales will always have the last laugh.

Whales as an idea as a movement is vastly over rated, a proper market will always have an audience far larger then some individuals.   The idea of whales is to humanise the market moves, there is no secret puppet master its not that controlled as we saw the price will drop when people panic and vice versa it can spike.

Its not done that much interesting, we barely moved past the 50 day average.   See if it can hold above 7000 for 24 hours, a proper daily bar in that area as confirmation.
The bottom pricing was the monthly average, it moved down in some attempt downwards but was quickly rejected.   Any discussion on levels is just possibilities, I find it helps to navigate or recognise the path we have taken better then it just being as random as a plate of spaghetti.    

If the correction did not happen and there would be further growth, then this would be a "breakdown of the resistance line." If growth occurs, but then rolls back then it will be a “false breakdown”. If growth does not happen at all, then this will be the usual action of the resistance line. In any case, we have some kind of explanation, only the meaning in it is quite small. And as you rightly noted, the whales laugh at such reasonings of ordinary traders.

We're getting back to $7k again and hoping this would start for a strong market comeback. We are in less than a month before Halving and the resistance isn't really strong. Having $7k these days isn't to be considered enough and it may be possible there is a dump happen again as what it happens last week. Thinking about the Bullish market is a little bit far to show, not this time until we end up fighting the virus and until the global market turns back to normal operation. It is a long way to hold.

The level of 7200 is broken and this is fixed. What does this give us? Can someone say with full confidence that the price will no longer fall below 7000 and only go up? What resistance is now considered the main? I do not believe in technical analysis, but I will gladly listen to the forecasts of specialists.

I am not an specialist only a long term holder, I believe now that we reached the $7000 level and there are news of vaccine plus the halving is fast approaching, we will have a good support in the $7000 level I don't think it will go down again, there's a big chance that the price will even go further $7500 level before we reach the halving.

Yesterday it didn't break the 7300, so I am expecting a dump until at least 7100 right now, but if it is somehow hold the 7200 for 24hr then, there's a higher chance that we can go after 7600 after it break the 7300. Let's just wait on what's going to happen the halving is also near so expect a huge pump after that.  Based on the past halving it gives bitcoin a huge pump so maybe history will repeat itself after the halving  ;D

Movements of 100-200 and even 500 dollars are minor fluctuations in fact. Bitcoin has always been highly volatile, so I don’t think it’s worth seriously discussing these fluctuations. I would like to hear a more global forecast. As I understand it, you think that halving will significantly increase the price of bitcoin. What levels?

I practically no longer pay attention to more than one forecast regarding the further development of events in the cryptocurrency market, since all these words are only an assumption.  Although I really expect very much the Bitcoin halving in a month.  Perhaps based on the results obtained then it will be possible to determine what to expect by the end of 2020.

No doubt there is some positive effect from halvening but its not the substantial move many hoped, all we are doing for a while is bobbing up and down in the ocean waiting for a bigger wave.   Roughly we could say its positive or can still develop positively but my take is in sum total to say this is not the boost we'd often see around such a large BTC event as this.  
   So I do worry slightly for BTC later on in the year, I read some one elses chart and history and his idea was if not before then after halvening BTC price does benefit but I believe that most of the immediate boost is speculation prior.

So we past 50 DMA, we had it as lows just now confirmed above and in estimate I'd say 7200 to 7500 as range for now same as month start.   Really for me to be more positive I want to see price break above, confirm and continue to rise around 8400.   Thats the trend since the bigger low this year, maybe it was too aggressive.
   If so then its going to take some time, resistance or a road not clear; however we view it we do not yet have a bullish cash so far as I can see.

Here Finally there is a thread that talks about resistance

https://bitcointalk.org/index.php?topic=5242131.0

Maybe people are not ready to stand about this because we know how bad the effect of the virus so resistance is not a Big thing so far.

If fell below $7,000 mate but had come back after a day so we are staying at 7,000-7,1000 now and i think enough to be contented because still world is struggling until this moment.

The price of bitcoin is consolidating inside the darvas box where it is ranging between $6400-$7500. There is a major resistance at $7500 and we can observe that when the price of the bitcoin reached this area, the price is bouncing and the price is declining. If there will be a breakout in this resistance, we should expect that the price may rise because there will be a role reversal that will happen where the major resistance will become a major support.   

There is a disbelief in the larger crypto community towards supports and resistances and they just think that is worthless. You can't blame them for not really caring about your basic Technical Analysis because this is bitcoin we are talking about, you can read the charts as well as you can ever possibly read them and one day some super rich whale could buy tens of thousands of bitcoin and increase the price right away, or sell tens of thousands of bitcoin and crash it, which means TA is valuable on regular days but there are days that makes no sense in TA ways.

So, people are saying there could be a resistance, that is fine, but as long as we get a huge bull run, that resistance will be broken in matter of minutes by buyers and people who remove their orders.

The $ 8000 resistance we have to talk about right now, this is very important for the future price of Bitcoin,
if we pass the price of $ 8,000 and the one day candle stops above $ 8000 we see a new hope, hopefully

Fair point, the resistance or support matters because after it holds we have greater confidence in the move there after.   If I have completely a blank sheet then Iam unaware of the significance to the move that just occured.   People are constantly searching for the bottom price to go long at or the best price where we top out for the week the month or year and knowing that with any greater confidence then the next trader is quite valuable.
Up until the significance is proved, its just a maybe and a possible area of interest.   Its hard to place any faith in maybes so its a process of confirmation, I like the multiple time lines that confirm some strength to a move.

There are no specialist and the market does not move according to what the specialist think, they can only interpret after a particular movement, the resistance and support are real but when the pump from the whales is always a mystery, since the resistance is broken the next major one will be around $8400. No one can say with confidence whether there will be a correction but $7200 will be a good support considering today's market.

It is just a few more steps to go but that not given sure if we could make it. Yeah, it was just a hope for everyone who holds bitcoin but I know that some people are wanting also to see the price drops. This is the ridiculous thing in crypto and that is we often see the ups and downs because not all together are making way to push the market high but some of us also are pulling it down. That makes me think that we can't really expect the market to go along with us all the time and I feel the strong aura of market volatility.