Why is nobody talking about this major resistance?

[only20gp]

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

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[cafetools]

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.

[pixie85]

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? 

[hugeblack]

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.

[dothebeats]

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?

[Stedsm]

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.

--snip--

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.

[YuginKadoya]

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.

[bearexin]

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 am one of the guys waiting on 5.5k to go all in

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.

[Baofeng]

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.

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.

[adaseb]

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.

[milewilda]

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.

[exstasie]

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.

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.

[buwaytress]

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.

[STT]

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.



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.]

[Reid]

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.

[el kaka22]

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.

[mindrust]

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.

[davis196]

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.
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.

[blockman]

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.

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.

[mahilchii]

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.