What will happen next if the resistance breaks?

[philipma1957]

Hello to all friends
Rsi has a negative divergence in 4H timeframe, and considering that it could not break the resistance of 10620, I think we will have a correction to the range of 10300, but if 10620 is broken, the next position is 10750, which is a strong resistance range.
This is my analysis.

And the next analysis:

Due to the negative conditions and news these days, Bitcoin has maintained itself and has not fallen seriously and has even grown a bit.

This does not mean that bitcoin is stable, the whales are patient and vigilant, now is the time when bitcoin will make a relatively good ascent to 11500 and after this ascent we will have a drop to channel 9 ka and after that I will serve you What is the situation, do not forget that when the news of the Corona virus came, bitcoin did not fall at once and behaved like now, but in the end, March became an exemplary fall.

So this looks like you got it wrong we broke 11k we broke 12k and we are over 13k

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak.

[KTChampions]

So this looks like you got it wrong we broke 11k we broke 12k and we are over 13k

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak.

This is highly unlikely. These elections are unique in that if earlier the disagreements between the candidates were insignificant, now they are principled and we can say that in these elections it is decided which of the two different paths to go. Since bitcoin directly depends on the real economy, the election results will directly affect its price.

[buwaytress]

If it will continue to break another resistance then it can be a good sign for another ATH, but its still to early to be excited there is still need more news that can influence the price to reach more heights, we will know after election whether it will continue. Is PayPal news and upcoming Presidential elections will make more breakthrough in BTC and can push to another resistance. Or whales will take this time to buy more or sale when another resistance reach, we should keep monitoring.

Good signs don't mean anything in the big picture. That ATH's coming down, just a matter of this year, the next, or the one after, and the one after that if not, and so on. What's more interesting for me in this coming 12 months is really just how badly the global recession will eventually end up becoming, and then just how badly fiat will fare. Have a feeling there's where all practical attention will turn to.

[deisik]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

[bitgolden]

Once again bitcoin has increased and put itself over $13k and right now at $13050 that is really a good sign because bitcoin shows the world that the bull run never ended. Sure we dropped to levels of $12700 or so and that wasn't good but it wasn't a big drop, on contrary to popular belief I never thought that was a bear run, a bear run would have seen us go under $11k and even possible under 10k as well, we never had anything like that, we had just $12k+ and that was a good place to stay and wait.

After that much wait we finally managed to go back up and just as we moved beyond 13k everyone got a hope about where it was directed and now we are heading to $15k slowly . I do not want to give any investment advice but I feel like there is going to be something like a $18k before 2021 hits (do not make trade based on my assumptions).

[Lanatsa]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

Don't forget with that paypal thing where we can really presume out that it did really make out some significant effect on price increase that we had seen recently. Jumping from 11k to 13k
in a short span of time.

Not really a fan of fundamentals but these kind of adoption news or even positive ones might or might not really affect the crypto market but its not really bad to presume out
that these events did really affect on the movements of this market.

What will happen next if resistance breaks? of course we would see new heights (not on ATH though) yet this might still takes time.

[deisik]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

Don't forget with that paypal thing where we can really presume out that it did really make out some significant effect on price increase that we had seen recently. Jumping from 11k to 13k
in a short span of time

My theory of volatility death spiral still holds

And the only way to unwind it is through massive cryptocurrency adoption as a means of payment. But it is highly unlikely that Bitcoin is going to be used for this exact purpose, so things are in fact even more complicated. In a nutshell, Litecoin and Bitcoin Cash seem to be the best candidates for this role but their use as a means of payment will be hindered by the use of Bitcoin as a store of value which remains in the hands, or rather circles, of that spiral (fewer available bitcoins necessarily leads to higher volatility)

[coolcoinz]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

Firstly, this is a rally, and I'm not even focusing on what happened last week. We are in a steady uptrend with corrections after each step (very healthy because the price confirms every support by going down, touching it and rallying again). In April we were at 6k, 9k in June, 1.5k in September, 13k in October (which I believe will end with a healthy correction to 11k).
Secondly, I don't agree that the cause of this is the election. US presidents haven't done anything good for Bitcoin and it doesn't look like whoever wins will change it. It's a combination of  some big purchases by institutions, the recent PayPal news and the pandemic that makes people scared of a possible economic shutdown.

[philipma1957]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

no we did not surge to nearly 15k

we surged to nearly 14k.

but a crash and burn can always happen. For lots of reasons.

[pooya87]

~
My theory of volatility death spiral still holds

And the only way to unwind it is through massive cryptocurrency adoption as a means of payment. But it is highly unlikely that Bitcoin is going to be used for this exact purpose, so things are in fact even more complicated.

this theory is not new. basically each time we have been about to start a big rise people make the same claims about needing mass adoption to rise above $1, $10, $20, $200, $1000, $5000, $10000 and now again with $20000 and yet bitcoin keeps setting new records every couple of years.
it is because the adoption is already happening and it doesn't need to be some crazy scale adoption to set a new ATH. what we are getting is more than enough for it. the mass adoption is needed to reach $10 million per coin.

In a nutshell, Litecoin and Bitcoin Cash seem to be the best candidates for this role but their use as a means of payment will be hindered by the use of Bitcoin as a store of value which remains in the hands, or rather circles, of that spiral (fewer available bitcoins necessarily leads to higher volatility)

LTC has been around for nearly as long as bitcoin has been and so far it doesn't really have any usages since at the end of the day it is still a copy of a better currency.
bcash is also the same (being a copy) but it also has 2 more disadvantages the render it useless. it is both centralized and mutable.

[ultrloa]

So the new question is 13k the next resistance zone?

I for one would like to see price float at 12800-13400 for a month or more basically ignore the USA election and be on its own thing. Independent so to speak

In the summer of 2019 we surged to nearly 15k

And then went down below 10k again. Reason? Chinese have pulled a mighty scam that accepted Bitcoin. The point is, we should clearly understand the reasons for the current rally – if it can be called rally in the first place. I think the present uptrend is thanks to the upcoming US presidential elections. After we are past them, it may be time for a strong and powerful correction. But there can be other factors at play here, of course

no we did not surge to nearly 15k

we surged to nearly 14k.

but a crash and burn can always happen. For lots of reasons.

Hopefully those crash will not come since it's good to see bitcoins is pumping even if theirs pandemic happening , for sure it will gain popularity to those who newly know bitcoins and it will be highlight on blogs/vlogs as well in news articles.

But I will still see the next move and want to earn with this current movement.

[deisik]

~
My theory of volatility death spiral still holds

And the only way to unwind it is through massive cryptocurrency adoption as a means of payment. But it is highly unlikely that Bitcoin is going to be used for this exact purpose, so things are in fact even more complicated.

this theory is not new. basically each time we have been about to start a big rise people make the same claims about needing mass adoption to rise above $1, $10, $20, $200, $1000, $5000, $10000 and now again with $20000 and yet bitcoin keeps setting new records every couple of years

Well, I make a somewhat different claim

I don't say that we can't reach 100k or 1M, but how sustainable will those prices be? How long did we stay at 20k? A couple hours? How long did we stay above 15k? A couple weeks or so, all in all? That's the point. For sustainable prices we need mass adoption. Without it, we will get locked in the volatility death spiral. And the higher the price goes (without adoption), the deeper we will get sucked in it

In a nutshell, Litecoin and Bitcoin Cash seem to be the best candidates for this role but their use as a means of payment will be hindered by the use of Bitcoin as a store of value which remains in the hands, or rather circles, of that spiral (fewer available bitcoins necessarily leads to higher volatility)

LTC has been around for nearly as long as bitcoin has been and so far it doesn't really have any usages since at the end of the day it is still a copy of a better currency

But you are not going to say that Bitcoin will be used for payments, are you? If not, then what will be?

[ibuddy122505]

Hopefully those crash will not come since it's good to see bitcoins is pumping even if theirs pandemic happening , for sure it will gain popularity to those who newly know bitcoins and it will be highlight on blogs/vlogs as well in news articles.

But I will still see the next move and want to earn with this current movement.

I doubt if there any exist who want to see crash, however, it's inevitable though after every surging up normally go down. According to the statistics, bitcoin should test the $12,500 it would be a healthy correction and it will give more confidence then it would be a bull trap.

[STT]

Yep thats always best, quite ironic that a price thats tested while rising is stronger for it like forging steel perhaps.   If it just rises or drifts as BTC sometimes does then its liable to do so on less volume and be weaker for it, prone to corrections often sharp.

disagreements between the candidates were insignificant,

I dont care about politics especially and I dont see either side alters much certainly not immediately but the peaceful transition of power is quite important in terms of calm markets.   Unfortunately part of the Rep rhetoric is to stir up people, confrontation is something of a motivation it seems like and maybe that ends in the election or drags on for a month as I remember in the 2000 election nobody was sure who had won for over 30 days.    Doubts are a wider problem and I think it will play into BTC price action

[barbara44]

I expect the dump to happen in form of market correction and since have surpass the resistance level i honestly dont know when the correction will happen because the Paypal cryptocurrency integration hype have totally change the market trend and the uptrend may happen more than expected. However, the correction will still happen during December till January next year.

Yeah correction doesn't seem to be a thing for now, people assume that just because whenever bitcoin price goes up a lot the correction will happen each time after that, but the reality is we didn't went up that much this time so it doesn't require a correction at all, that is at least what I believe, we went up like 10% and even not that much for now that is why I think correction is not required but also at the same time not every increase has a correction following that, even if there is a 20-30% increase doesn't mean it will be followed by a correction right away, it could go up even more for a long time before it could ever fall.

Obviously it will fall one day, but maybe it will go up to $20k once again until it starts to go down? We do not know when it will happen.

[deisik]

Yeah correction doesn't seem to be a thing for now, people assume that just because whenever bitcoin price goes up a lot the correction will happen each time after that, but the reality is we didn't went up that much this time so it doesn't require a correction at all, that is at least what I believe, we went up like 10% and even not that much for now

We rose way beyond 30%

The current rally started from around $9.5k and now we are at $13.2k, which produces a rise of about 40%. In general, it is not about whether a correction is going to happen but rather at what price levels and how deep it will be. We may still have some momentum to climb higher, but it just brings its onset closer and likely making it stronger at the same time

Obviously it will fall one day, but maybe it will go up to $20k once again until it starts to go down? We do not know when it will happen

Right, every bull run eventually ends with a bull trap, but some folks always forget this immutable truth and harsh reality of trading, and crypto trading in particular

[KTChampions]

~
My theory of volatility death spiral still holds

And the only way to unwind it is through massive cryptocurrency adoption as a means of payment. But it is highly unlikely that Bitcoin is going to be used for this exact purpose, so things are in fact even more complicated.

this theory is not new. basically each time we have been about to start a big rise people make the same claims about needing mass adoption to rise above $1, $10, $20, $200, $1000, $5000, $10000 and now again with $20000 and yet bitcoin keeps setting new records every couple of years.
it is because the adoption is already happening and it doesn't need to be some crazy scale adoption to set a new ATH. what we are getting is more than enough for it. the mass adoption is needed to reach $10 million per coin.

I disagree with you. Previous bull markets have often been driven by bitcoin's rise to new levels of popularity and utility. There was a direct relationship between the demand for bitcoin and its price, I think this dependence will continue to dominate in the future.

[exstasie]

basically each time we have been about to start a big rise people make the same claims about needing mass adoption to rise above $1, $10, $20, $200, $1000, $5000, $10000 and now again with $20000 and yet bitcoin keeps setting new records every couple of years.
it is because the adoption is already happening and it doesn't need to be some crazy scale adoption to set a new ATH. what we are getting is more than enough for it. the mass adoption is needed to reach $10 million per coin.

I disagree with you. Previous bull markets have often been driven by bitcoin's rise to new levels of popularity and utility. There was a direct relationship between the demand for bitcoin and its price, I think this dependence will continue to dominate in the future.

There is always a direct relationship between demand and price, since price is determined by supply and demand. And adoption is always contributing to demand.

I actually think Bitcoin's bull runs tend to precede improved utility. The market accumulates BTC speculatively, pricing in future utility and expectations of adoption. This accumulation (increased demand, even if only by a relatively small number of large buyers) causes the price to increase. When the price increases enough (particularly once a new ATH is in place) that's when retail hype explodes and we see rapid exponential adoption.

[KTChampions]

I disagree with you. Previous bull markets have often been driven by bitcoin's rise to new levels of popularity and utility. There was a direct relationship between the demand for bitcoin and its price, I think this dependence will continue to dominate in the future.

There is always a direct relationship between demand and price, since price is determined by supply and demand. And adoption is always contributing to demand.

I actually think Bitcoin's bull runs tend to precede improved utility. The market accumulates BTC speculatively, pricing in future utility and expectations of adoption. This accumulation (increased demand, even if only by a relatively small number of large buyers) causes the price to increase. When the price increases enough (particularly once a new ATH is in place) that's when retail hype explodes and we see rapid exponential adoption.

In terms of economics, you described a good option. But what kind of mass adoption can there be without technical improvements in bitcoin? Now the network bandwidth is close to its maximum. No hype with new users can happen purely for technical reasons.
This means that you need to add a couple of stages of development to your scheme.

[exstasie]

There is always a direct relationship between demand and price, since price is determined by supply and demand. And adoption is always contributing to demand.

I actually think Bitcoin's bull runs tend to precede improved utility. The market accumulates BTC speculatively, pricing in future utility and expectations of adoption. This accumulation (increased demand, even if only by a relatively small number of large buyers) causes the price to increase. When the price increases enough (particularly once a new ATH is in place) that's when retail hype explodes and we see rapid exponential adoption.

In terms of economics, you described a good option. But what kind of mass adoption can there be without technical improvements in bitcoin?

There will always be technical improvements. I'm just saying speculators tend to front run them, buying today based on tomorrow's expected utility. That's why BTC price can rise exponentially in a bubble despite the disappointing UX, fees, etc. newcomers face.

Now the network bandwidth is close to its maximum. No hype with new users can happen purely for technical reasons. This means that you need to add a couple of stages of development to your scheme.

I don't think so. Price tells the whole story. It's been rising into this network congestion. Speculators don't care how high fees are, as long as they expect to make much bigger profits by trading or holding.