BTC Breaking historic resistance

[STT]

10k isnt proper resistance, its a round number thats easy to type but in any other country of the world it will vary.    I dont think BTC is determined by just one currency, that is the old way thinking that we live around a centralised view of the world but BTC trades everywhere non stop and its not a normal market so I think every point casts 4 shadows and the price is not a universal simple number.   Not that I'm saying Dollar isnt important but its not the backbone I will refer to BTC by as reliable.

Right this moment I see the 10k area as coincidence and its probably the levels just above it that count as more important to note.   Even then its difficult as Dollar has a trillion new notes issued and is not the same dollar it was last year or the year before, it degrades constantly where BTC is quite fixed ironically.   In monetary base terms BTC has lower inflation.

Lows were 9200 and I'm more interested in the reaction to them rather then highs for the moment.   Also I want to know better why the volume might appear in these 2 bars, really it needs to build for a proper move I think hence retrace is a common occurance now or previously.

[pooya87]

what do we think about relationship between this rise and the past couple of days of riots in US?

Except for those few protesters who carried signs "Bitcoin will save us", I personally don’t see any connection between price growth and protests in the US. There have been protests before, due to the similar events, but they have not changed anything for the better. The government most likely played the strongest possible card, using gang violence to remove those legitimate peaceful protesters from the streets.

even though it was a little advertisement for bitcoin but yeah, i didn't see any connections between the two either. i saw some people linking the two together and suggesting there is a link which is why i was curious to know what everyone else on bitcointalk thought about it.
in any case the bears succeeded in pushing the price down below $10k again so i guess it doesn't matter now

[adaseb]

The "Bitcoin will save us" was actually real? When I saw it at first I assumed it was photoshopped. I mean who would advertise to a bunch of rioters and looters that they possess bitcoin. Seems like a easy way to get targetted and robbed and forced at gunpoint to give out your private keys.

Even though it broke $10K later that day I don't think it has anything to do with it. BTC was poised to break $10K due to the price action it had in the past week. Now hopefully $9K can hold because the $10.4K area it hit was major resistance and we might head downwards again.

[Darooghe]

In my opinion, 10,000 US Dollars is still a relatively high value. When bitcoin reaches this level, this doesn't mean that a big bull run is on the corner. When bitcoin is as cheap as $5000, you can expect a profitable run because when it hits $10,000, your investment will be twice as much! From what I have seen in 2019 and 2020 so far, the min and max values for bitcoin are $5,000 and $10,000. So, $7500 is the average price for bitcoin.

[Lucius]

even though it was a little advertisement for bitcoin but yeah, i didn't see any connections between the two either. i saw some people linking the two together and suggesting there is a link which is why i was curious to know what everyone else on bitcointalk thought about it.
in any case the bears succeeded in pushing the price down below $10k again so i guess it doesn't matter now

Whenever there is a change in price, either up or down, various analysts and experts try to justify it with some news or event. I think some whales use it very skillfully to manipulate the market, so then we witness this crazy pumps&dumps. When I say crazy, I mean first of all on the perception of those people who find it incredible that something is worth $9500 today and $10500 tomorrow morning, and then it is back to the same value after 24 hours.

So we can say that Grayscale was positive news, and riots in the USA is negative news, the second nullified the first and again we are back to the starting point.

For experienced traders and for those who have significant quantities of the same for trading, such opportunities are perfect for quick profits. Personally, I do not hope that something more significant can happen in Q3 and that there will be many more such price changes in the coming months. If we look back and the first two halving, the best we can expect is to have a small bull run in Q4 which would end the year in maybe even 100% price increase.

[buwaytress]

Not sure what to make of this persistent Bitcoin market trolling huh? Not only did it break through psych resistance, it then punched through the healthy support barrier also -- all within hours of each other.

Then back to parity as if the weekend and yesterday never happened.

Simple profit-taking?

[Zackgeno96]

BooM: Bitcoin broke past the $10,000 psychological levels.

The price fell from $10,178.75 to $ 10,103.54 after breaking the historical resistance barrier at 10,000, but if the bulls take back control, we may see volatile day and a return to the levels of 11500 dollars.

The bad news:
Health support levels are $ 9,600 (4-hour SMA 10) and $ 9,200 (30-min SMA 50), Fibonacci 24.6% retracement level> Therefore, we are expected to return to these health levels, although I am optimistic about the continuation of the rise.

Source: Click here

It felt so good watching the bitcoin price go above the $10k mark after so long but as always it was short lived and the bears were dominant and took the price below $10k and is now trading at $9600 but still the price of $10k and above is achievable but the resistance above this price makes the price go down again. So now we can think that we are about to enter the bull market or we would still have to wait for the confirmation?? I guess in a couple of weeks the picture will be clear and we could also make our decision whether to short or long our bitcoins.

[pooya87]

For experienced traders and for those who have significant quantities of the same for trading, such opportunities are perfect for quick profits. Personally, I do not hope that something more significant can happen in Q3 and that there will be many more such price changes in the coming months. If we look back and the first two halving, the best we can expect is to have a small bull run in Q4 which would end the year in maybe even 100% price increase.

precisely. historically the market stops rising or falling right after the halving as the hype fades away and everyone starts accumulating or go to shitcoin market to do some pump and dump with their bitcoins to try and increase them. i don't expect much apart from small sideways for the time being.

[Ryker1]

Well, after how many hours from the small correction at least the price of bitcoin now was in a steady range of $9,500+ price in the market.
As I expected anything can happen of a sudden and that is why I am not so complacent for the bull that I am seeing because it can not give any assurance that it will really last for long. I am afraid that anytime it may go down again to $9,000 below which I also hope not.
I am already thankful because in just a couple of weeks after the halving bitcoins' price was able to recover but the one that I can see how it may not still be a bull run because the price still fluctuates. Indeed, --it wouldn't be stable nor maintain the value of $10000 to $11000 for a long time. And because of this, I will still wait to hold my BTC for a little longer and watch to know when will be the best time for me to start trading.

[ene1980]

~
Maybe the current coinbase maintenance add up a little holding pressure the the people who store their assets their since they will be hype for seeing the price constantly rising and after their maintenance the users will decide to hold seeking for another rise and will think about the bull run came(I'm just guessing this).

Users will move out of coinbase as this is the second time the site went offline when the price of bitcoin crossed $10k and anyone who were planning to book their profits missed the opportunity.

Not sure what to make of this persistent Bitcoin market trolling huh? Not only did it break through psych resistance, it then punched through the healthy support barrier also -- all within hours of each other.

The usual situation we used to see in the past, the market will troll us a bit trying to break the resistance and then give us a false sense of confidence to book our profits and buy back after the small correction after failing the resistance and once you book the profit it will soar higher  .

[beerlover]

It didn't really turn out to mean anything, looking at bitcoin right now it was like a phyrric victory where it took so much from bitcoin to break over it that there is no more resistance there and its not really that bad to go back up now and easier but the price still went down anyway since we couldn't stay there and go back down. That breaking of resistance weakened bitcoin too much and that is why it wasn't going any further up, so it dropped back down with just one sell pressure.

Also there was waaaaay too many long futures and the short ones just wanted to get the easy money and worked hard to sell as many bitcoin as they can all together, we are talking about tens of millions of dollars worth of long futures, liquidating them means a lot of money made by the short future investors.

[Kemarit]

It didn't really turn out to mean anything, looking at bitcoin right now it was like a phyrric victory where it took so much from bitcoin to break over it that there is no more resistance there and its not really that bad to go back up now and easier but the price still went down anyway since we couldn't stay there and go back down. That breaking of resistance weakened bitcoin too much and that is why it wasn't going any further up, so it dropped back down with just one sell pressure.

The thing, is that we are seeing lower volume than normal, not an good indication. And that's why we have been seeing this kind of fluctuations specially if we are about to touch $10,000. Stochastic and RSI are almost in the overbought zone.

It's really hard to see where we are right now, I will just stay at the background and see how it goes in the next 48 hours, but yes, there's a lot of opportunities here, but you really need to be very careful and learn to mitigate risk.

[coiner-88]

BTC resistance level, is the price at which the the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price. Investors sometimes observe where resistance seems to be taking place to decide whether it's worth buying the stock at a lower price or selling near the resistance point.

[judaspriest]

BTC resistance level, is the price at which the the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price. Investors sometimes observe where resistance seems to be taking place to decide whether it's worth buying the stock at a lower price or selling near the resistance point.

resistance at $ 10000 has not passed with certainty, Bitcoin must be above $ 10,000 to be truly bullish,
it is really terrible to see bitcoin if suddenly a hard dump

[tbterryboy]

When there is a lower than usual volume or more correctly when we have low liquidity, that means its easier to manipulate bitcoin. The reason is, there is less money in the market, which means if you are super rich and can sell 500 million dollars worth of bitcoin (or buy) you could change the market a lot more, however when there is a lot of volume or liquidity your 500 million just gets lost in all of those.

So, right now the situation is quite scary no matter what because price could go up or down very very quickly without anyone having to do anything at all, you could just see bitcoin dropping 40% in a day and it wouldn't be impossible since it looks like it is quite possible if you are an early bird investor with tens of thousands of bitcoins at your wallet that you can sell right away.