What do these financial terms mean?

[JohnnyPierce]

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?

[freethink2013]

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

[Gator-hex]

"The bid–ask spread for securities is the difference between the prices quoted for an immediate sale and an immediate purchase.
The size of the bid-offer spread in a security is one measure of the liquidity of the market and of the size of the transaction cost."

http://en.wikipedia.org/wiki/Bid_and_ask

[JohnnyPierce]

https://i.imgur.com/Pm8WcxO.png

So, a graph such as this tell us that the price is currently on the rise, correct?

If it was reversed, more bids and fewer asks, the price was currently falling?

[Gator-hex]

https://i.imgur.com/Pm8WcxO.png

So, a graph such as this tell us that the price is currently on the rise, correct?

If it was reversed, more bids and fewer asks, the price was currently falling?

It means there are few buyers, and no liquidity, it is Sunday after all.

[nobbynobbynoob]

Resistance is major ask volume making it difficult for the price to rise beyond a given level.
Support is the inverse resistance: major bid volume making it difficult for the price to fall beyond a given level.

[freethink2013]

Remember you are dealing with humans. The charts are of human behaviors and humans are irrational. One of the biggest things noticed is we have sunday slumps quite often. There's no real rational reason for these but they happen because we are dealing with humans and moods.

[JohnnyPierce]

Resistance is major ask volume making it difficult for the price to rise beyond a given level.
Support is the inverse resistance: major bid volume making it difficult for the price to fall beyond a given level.

I get it! Very concise explanation, thanks!