Bitcoin Forum

how can i work out the current resistance support levels for bitcoin ? any advice would be appreciated

We may see some resistance at $1000 but support is building at around $950 right now. Price is moving so fast so hard to analyze the trading chart right now but buy support is building very quickly, so its time to buy back some cheap bitcoins if you have sold when price was on peak.

It's pretty much unpredictable so It's better to buy while there is resistance and simply hope for the best. our all time high was 1300$ and we are currently between 950-1000$ so It wouldn't really hurt If you buy right now as we probably may never see anything below 900$ anymore.

it is nearly impossible to do.
there is the common support resistance lines based on technical analysis on the charts but in my opinion the real support and resistance can be found by only looking at the market and staring at the orderbook and the orders that are placed.
because a lot of these orders are not places beforehand. many will trigger when the price passes a certain level. although you may argue that TA is doing a similar thing!

for example looking at the market you don't see any unusual resistance around $1000 but when price reaches there all the triggers happen and many start selling, hence creating some sell pressure on the market.
the opposite is also true about lower price and the buy support that kicks in.

as i see it most of the time resistance is based on a mental barrier, like $1000 at present, for example, next can be $2k or 1500, i would work out on those clean number

some times the market can have a resistance in that point but for a different currency, example not usd but euro, where you see that they are trying to break $10xx, because in reality they are trying to maintain the 1000 euro wall

resistance and support level is were the price of and assets (bitcoin) is at equilibrium that is supply of bitcoin is equal to demand for it. Currently we have established resistance and support for now is $900, 950,1000, 1075, 1110 1150 1850 1200 1250 1300 etc. Remember, support and resistance is a technical analysis and bird cannot fly with a single wing.

The answers here are laughable. It just shows that almost everyone here talks a lot without knowing a lot about the subject. This is the age of Google people. An easy search will bring you the right answer.

Right now it would be stupid to use range trading as a strategy because BTC is starting to trend lower and lower. It can only be applied if something is trading sideways.

you can use tool pivot point can known resistance and support levels bitcoin price
but not prefect 100% accurate, still use another indicator can known trend

I just assume if the price don't go below a certain price in 3 days, I consider that as support. The same with resistance, if it won't go above a certain price in 3 days, it's my resistance. I am not very technical, it just works that way for me.

Its really unpredictable and seeing on the chart and plotting some Resistance and Support level i could really say that bitcoin does have a good support but one thing i do really worried about when theres news and price would breakout on support level thats why its still risky to think of on the exact movement price of bitcoin.

You cant rely on these tools and expect to be a profitable trader. Thats because its not only you who can use these tools to gain an advantage, everyone can. If thats the situation then some wise traders can take advantage of you because they know what you know and nullifying your strategy.

the laughable part is that you either don't know what the words "trend lower and lower" means or you were too lazy to check the price before making this comment. or it is possible that you though if you say this, your comment can have an effect on the trend and reverse it so you can get in since you missed the train since price was already about $86 higher than the bottom!

https://i.imgur.com/Ag5dPhh.jpg

It moves around sentimental numbers more or less we had the 420 range for a long while in the past cough then 666 and maybe 777 lol.

Right now its around the 1K mark with the peak around 1250 but support wise in my opinion it can drop to around 700-800 area but upside is about the same so its near the mid-range.

More of a speculation than economic analysis though sentiment and all being what it is and not presuming any sudden surprises popping up.

When in doubt and lazy above line predict down below line predict up.

I think this post must be moved in the trading discussion section. Well where do we start, Resistance and Support levels are kinda the basics of Technical Analysis (This is where they based their Buy Low Sell High Technique) However a lot of us fail to identify both of them. Support and Resistance maybe identified as the invisible barriers both protecting and restricting the price action, respectively. Right now if you search "Bitcoin Chart" you will see that Bitcoin is on a major uptrend if you draw an invisible line below the price levels that will be your support line in which you can base your buy points on.

agree to your post btc is going into slow downtrend,this pump action is only to sell off rest at higher prices,since see kids like to post charts without realizing they look at 15min or 1 minute charts and its climbing for them when in reality it topped out before 1300,and with fork coming smart investors will let it go back up before dumping again.Since only way to make profit is buying low not close to all time high that makes one profit.

To reduce the risks I keep my savings in different currencies. The cheaper one currency is more expensive another. Earn is possible only when there is a sharp jump in the cost. For me it's not a bad strategy.

If you want to make a resistance against price deflation then you must ready a large amount of dollars. Let us say you set 1 billion dollars on buy order at 1000$ then there is a good wall that can resist dumps. It will only be removed if somebody sells 1 million bitcoins then the wall is destroyed.

From the look of things I think the current support is $915 and the resistance is $1300. The price has bounced back  from that $915 support and I think this should hold unless their is something negative again in the space

That is a 15 minute chart and hardly very good for the medium term. Check it again using the daily charts. We have seen it try to go up maybe at least 2 times and the sellers always win.

The funny part is you think it is still going up by looking at the 15 minute chart. Everyone else is already seeing it fall except you. Where was the price of Bitcoin at the beginning of the month? Did it go up or down since then?

the daily charts also show a rise in the previous 3 days leading to your comment from the bottom of $888 to the time you posted (~$986).
the dump is a manipulation and a result of FUD, and you can't see that on charts ever. if you follow the news the rise from $1100 to $1250+ was because of the ETF hype and right after the rejection the new FUD about the split started to happen and it is an ongoing thing but the resistance has kept the price from falling under $1000

people see what they want to see, that doesn't make it right. they saw the moon and started FOMO buying up to 1280 and then they saw the end and started selling back down to $888

The previous 3 days? Try too look at how it was moving before that. Since 3/10/17, BTC made lower highs and then hit a new 1 month low everytime it went down. Buying now and trying to time the bottom will be like catching a falling knife. Is that what you want all of us to do?

Resistance levels are only really estimations, but at this point I see resistance levels as where a new wave of volatility can drop to.  We know that Bitcoin's resistance level is somewhere around $900 right now because all the recent dumps and drops in price have not gone under that point despite significant volatility.

The economic situation around the world is unstable, so it is safer to keep savings in different currencies. Bitcoin is a good idea for saving and multiplying funds. It is much better to invest money at a time when the price breaks the bottom and in a panic people sell cheaply the crypto currency. Now is the right time to invest in to make good money.

You had a good study of both the poster and the price chart. That is really nice to have you studying the price trend so closely. I'm guessing that's virtual platform you use to trade?

Bitcoin never was so high breaktrough level was 8000 yuan now is almost 10000 yuan.I can risk and say resistance and support level will be between 1800$-2200$ if btc will pass 1800$.Itis crazy now there is huge demands on all crypto bluechips

the screenshot you see is from bitcoinwisdom.com they have the major bitcoin markets and also some of the altcoins are there too.
as for me, i am mostly trading altcoins and i do that on bittrex for bitcoin trading i have been using bitfinex before they got stuck and sometimes on btc-e but mostly on kraken (a bit all over the place, i know).

I agree there is a possibility that bitcoin will have a correction soon but do we know when it will be?  There are lots of what ifs, and possible scenario after this increase, it might increase more or have a correction.  We maybe have a hint on the next movement but we do not know when it is and the possible correction price. 

At Bitfinex Bitcoin already broke the 1,800 dollars resistance level

But I don't think that this level will be of any significance or importance given how fast and easily the price went through previous levels (like a hot knife through butter), i.e. 1500-1600-1700 dollars. It looks we now have two major support and resistance levels. The base support level is at 1,200 dollars per coin and ultimate resistance level at 2,000 dollars. As I've been telling many times, with prices rising that high, we should expect greater volatility, thus this huge megarange of 800 dollars. You will see plenty of buy and sell pressure at these levels

It has been very hard to gauge bitcoin support and resistance for the past months. It is anybody's guess in volatile times. When the original post was made it was between $900 and $1200. We are now in June, just a bit over two months and it is anywhere between $2500 and $3000. Support and resistance can come in various forms and it is much more difficult to master than it first appears.

I think op you will need to visit http://www.babypip.com and leaned who to spot support and resistance level in any assets charts. If you are a seasonal trade you will see alot of this in bitcoin chart. If you are not a seasonal trader you can spot it by just follow the charts and find were candlestick test a particular spots for more than twice.

In a live market support and resistance will change according to the market strength,earlier it was trading around a range of $900 and $1200 and so we know that we have a good support at those nine hundred levels and a good resistance at thousand two hundred,we now have a range bound of $2400 and $3000 and we now know that we have a major resistance at three thousand,one thing to be noted is that the volatility level also increased.

You seem pretty wrong to assume that there is support at 2500, because if there was it wouldn't have taken its whole existence to reach it. Bitcoin has become adapted so that its bought/sold based on the World's economy and news. I think there is more support for the range of bitcoin to be higher than any other commodity because its lifetime growth cannot be beat by any other electronically traded fund.