Bitcoin resistance and support price

[freedomgo]

I don't think we are in a bearish market, because we are constantly reaching close to the ATH every few days, that also matches the resistance level. If it were a bearish market we would have seen a deep crash in bitcoin price with a much lower resistance level than the currently one. Days ago I saw resistance was around 59,000$, then 57,000$ and now 55,000$. That looks good for me and it is a possible signal bitcoin can surprise everyone positively at any moment rising to an inedit ATH. December is a good month for bitcoin, so I'm hopeful bitcoin can make it before the end of the year.

I think that's the reason why we opt to be hopeful and optimistic because of this december trend. If we traced back its history, december is mostly the peak season of the year, so as much as possible even if we are seeing price dumping for bitcoin, we still chose to be more positive when it comes to bitcoin. Although the market is now starting to look bearish, but if we try to zoom it out, $55k or even $54k is still a huge value compared to other coins' prices. Instead, we should be thankful and grateful for this as bitcoin is giving us high value which simply means high profits too.

[RILWAN]

With the way the market is going $60k resistance level may be far from us as Bitcoin has decreased to below $55.000 which indicates that the bear market is going to have its way during this holiday period.

[el kaka22]

If we consider the opinions of others, bitcoin has more chances to stay in deep rather than seeing it surpassing the previous ATH. But the month is not yet over so considering bitcoin price can change so quickly, then we might be able to see a new ATH before we knew it. The market may look bearish this time because most of the coins are in low prices but that does not mean that we are already entering the bear season since we are still in a deep correction phase. Things will only be certain once the year has ended and bitcoin price has not being seen in progress.

Markets outlook to what bitcoin will do changes overnight, so I am not worried about it at all. Sure they may not like to see it doing too much right now, after all we are not really doing too much but the reality is that just because it is not doing so much doesn't mean that it will not change and suddenly go up neither. We could be 70k+ in 1 week and I would not be shocked at all because bitcoin has done this before.

Remember just 2 months ago we were very low and had a very huge increase and nobody knew how or why, and yet we still had it. I believe that it will be the same situation again in December as well. Even if that doesn't happen, I will not lose hope for the future, I also believe that we may not have great months back to back, I just believe that it may happen time to time. This is why I am quite confident that buying bitcoin at this price will profit everyone either today or in the future.

[traderethereum]

Hopefully, the bearish trend will change into a bullish trend sooner or later but we do not know how long this will be over.

What is clear is that either the trend changes soon and the price starts to go through the roof, or we will be able to say with certainty that the many predictions we saw this year that gave a minimum of $100K for this year were wrong. In some cases there is already talk that we have reached the top that we are not going to pass.

In 2022 we enter uncharted territory. If the price path were similar to previous cycles, we can't expect much, but with Bitcoin you never know, maybe next year it will give us a considerable increase.

Hopefully, everything will change in the new year so crypto can have a bullish trend and makes the altcoin increase first and then bitcoin will be back to increase and hit the new ATH.
Even if the crypto market is not bullish in the new year, I am sure we can use the trend for our benefit but maybe that looks difficult as we need to search for other coins besides bitcoin.
After what we have in the last ATH, it seems to reach $100k is hard to reach this year but we know that bitcoin can surprise us and who knows, it will start to increase after the middle of this month.
Waiting and preparing ourselves will be necessary for the coming so we are ready to sell our bitcoin once the price reaches our target price.

[Oshosondy]

When facing a bearish market condition, it's a good idea not to panic too much. The condition of the bitcoin price correction that has occurred recently is only temporary.

Yes, I know it is temporary, there is nothing permanent about bitcoin price because its price always fluctuates. What even happened few hours ago is not new that the price of bitcoin decreased all the way from $57000 to $40000 and now at $47000. I can not imagine many traders fund that would have been liquidated but holders will still never lose later.

The key is to stay calm in the face of price swings. With a calm mind, it is not impossible that you will benefit at that time.

That is true, but if someone is too calm, the person will not know when the bearish market will be over and the price would have increased already.

[GeorgeJohn]

The support is strong at $50000 and bitcoin has not falled to the level at all but is this not the begining of the bearish market?

There’s a possibility that we enter into a bearish market especially if we broke down below the support level but don’t panic you can still hold and be more patience to wait for the next bull trend. There’s no assurance on every trend, always know what to do next and you can either cut loss or stay hold that’s you choice anyway.

From understanding it's clear that holding for long term will be relevant, everyone is emphasising on one point, which is don't hurry up to sell a coin, so on the  aspect of bearish market, the year is already close to an end and is very obvious that we can't adventure into bearish market until the end of this year, as you said earlier before to exercise patient until the bearish market occur, just in the addition endurance is the key to make profit in cryptocurrency investment.

[Rasa nanas]

With the way the market is going $60k resistance level may be far from us as Bitcoin has decreased to below $55.000 which indicates that the bear market is going to have its way during this holiday period.

I don't know what is causing the current bitcoin price to experience a sizeable decline, even if we compare it with the price a week ago, the bitcoin price has actually decreased by almost 13.24 percent, but now it seems that even some other cryptos are also experiencing the same decline in the market, is it possible that the emergence of a new variant of the covid virus will cause bitcoin prices to weaken this week?
But for sure, now we must be able to take advantage of the existing momentum to buy bitcoin at a low price.

In my opinion there is no relationship between the decline in the price of bitcoin and the emergence of a new variant of covid 19. this has become part of the market and it is very natural for this kind of price decline to occur because basically the price of bitcoin is very volatile. for me this price drop is the right time to buy because I believe the price will recover in the next few days.

[ivankoh]

With the way the market is going $60k resistance level may be far from us as Bitcoin has decreased to below $55.000 which indicates that the bear market is going to have its way during this holiday period.

I don't know what is causing the current bitcoin price to experience a sizeable decline, even if we compare it with the price a week ago, the bitcoin price has actually decreased by almost 13.24 percent, but now it seems that even some other cryptos are also experiencing the same decline in the market, is it possible that the emergence of a new variant of the covid virus will cause bitcoin prices to weaken this week?
But for sure, now we must be able to take advantage of the existing momentum to buy bitcoin at a low price.

It was indeed a terrible blow that came from rampant dumping, a deliberate arrangement or a lack of timing.  The 49k2 and 47k resistance levels are bottoming out. I hear,  some bullshit continues to come from China, Lbank and EverGrande, manufacturers trying to disrupt the market structure.  Currently, bitcoin is having a hard time charting the wick.  - 38% from ATH seems to be a coincidence with the next big pump similar to 2017. I will ALL IN at this DIP, it is an opportunity not to be missed!

[sana54210]

With the way the market is going $60k resistance level may be far from us as Bitcoin has decreased to below $55.000 which indicates that the bear market is going to have its way during this holiday period.

I don't know what is causing the current bitcoin price to experience a sizeable decline, even if we compare it with the price a week ago, the bitcoin price has actually decreased by almost 13.24 percent, but now it seems that even some other cryptos are also experiencing the same decline in the market, is it possible that the emergence of a new variant of the covid virus will cause bitcoin prices to weaken this week?
But for sure, now we must be able to take advantage of the existing momentum to buy bitcoin at a low price.

I highly doubt it has anything to do with the new covid variant. I believe that it looks like the most possible reason could be because of market realizing it is not going to go up anytime soon, so finding it easier to make a profit by shorting and profiting that way. Whales could be the main reason, remember when it is retail and there is a good reason for it to drop then it is usually small by small for many days, it takes a week to have this kind of fall, but when it is whales that sell billions of dollars worth of bitcoin, that makes things this much quicker.

This is why I believe that this was not done by tens of thousands of people but probably was done by tens of people at the very most. We do not have the data to back this up of course, but it is probably true even though we can't prove it. The only reason for my belief is that we had a very very sudden fall.

[LUCKMCFLY]

BTC is still repeating itself, revising prices is not especially negative action.



Its recovered to back within earlier November pricing however it still remains to prove itself as having lost its negative pattern of lower highs and declining lows.   We are back above the weekly average but below the 50 day average, I would probably wait for that measure to become the low once again rather then its present ceiling before concluding we are once again positive appreciating in BTC market  (>60k ish till then caution).          

The price most likely recovered due to the buying action of Microestartegi, although they bought a large amount of BTC, the price has not taken the turn that everyone seeks to have, however the uncertainty I think is the one that is reigning, because it is difficult to take a side under which the market can be directed.

In the short term, there are likely to be many scenarios, but when reviewing and seeing the volume, it tends to confuse me, if Microestrategi had not bought those more than 7 thousand BTC, would we be for $ 52k? is what has me with the doubt.

[Silberman]

With the way the market is going $60k resistance level may be far from us as Bitcoin has decreased to below $55.000 which indicates that the bear market is going to have its way during this holiday period.

I don't know what is causing the current bitcoin price to experience a sizeable decline, even if we compare it with the price a week ago, the bitcoin price has actually decreased by almost 13.24 percent, but now it seems that even some other cryptos are also experiencing the same decline in the market, is it possible that the emergence of a new variant of the covid virus will cause bitcoin prices to weaken this week?
But for sure, now we must be able to take advantage of the existing momentum to buy bitcoin at a low price.

I highly doubt it has anything to do with the new covid variant. I believe that it looks like the most possible reason could be because of market realizing it is not going to go up anytime soon, so finding it easier to make a profit by shorting and profiting that way. Whales could be the main reason, remember when it is retail and there is a good reason for it to drop then it is usually small by small for many days, it takes a week to have this kind of fall, but when it is whales that sell billions of dollars worth of bitcoin, that makes things this much quicker.

This is why I believe that this was not done by tens of thousands of people but probably was done by tens of people at the very most. We do not have the data to back this up of course, but it is probably true even though we can't prove it. The only reason for my belief is that we had a very very sudden fall.

The two scenarios are not necessary mutually exclusive, whales are very smart and they know how to take advantage of every single opportunity they get, it is possible they saw the announcement of the new strain of the virus and they remembered what happened more than a year ago in this market and in the traditional markets and they took advantage of the FUD this was creating, making a lot of profits in the process and multiplying their capital in a significant manner in just a few days.

[uneng]

The most recent news regards the new coronavirus omicron variant are positive for the market, since it was said although the transmission rates are high, it's not being responsible for serious cases among infected people. Specialists and politicians are satisfied with this possibility they have been observing so far and now I just expected the market answers positively to this, including crypto currencies' market.
Actually, I'm happy to see bitcoin almost reaching to 50,000$ again after the bloodbath we had in the previous days. That still makes me believe we aren't in a bearish season and that bitcoin still has potential to hit a new ATH before 2021 finishes.

[Pamadar]

The most recent news regards the new coronavirus omicron variant are positive for the market, since it was said although the transmission rates are high, it's not being responsible for serious cases among infected people. Specialists and politicians are satisfied with this possibility they have been observing so far and now I just expected the market answers positively to this, including crypto currencies' market.
Actually, I'm happy to see bitcoin almost reaching to 50,000$ again after the bloodbath we had in the previous days. That still makes me believe we aren't in a bearish season and that bitcoin still has potential to hit a new ATH before 2021 finishes.

14% down from the previous week, still manageable once buyers start to realize that this sale price will give them good potential to earn

more, we don't know how long this bloodbath will continue and how the condition will change up, the best thing to do now is to observe and plan your investment, don't rush and do all the necessary research before placing your money inside the market.

[fullhdpixel]

The two scenarios are not necessary mutually exclusive, whales are very smart and they know how to take advantage of every single opportunity they get, it is possible they saw the announcement of the new strain of the virus and they remembered what happened more than a year ago in this market and in the traditional markets and they took advantage of the FUD this was creating, making a lot of profits in the process and multiplying their capital in a significant manner in just a few days.

This is most probably what happened. It is quite possible that we are talking about whales manipulating the market in any way they possibly could, after all that is what whales do but we do not have to follow them, we could wait it out and thankfully I have been doing just that.

The clearest reason why it is obvious whales manipulated the market is the simple fact that variant was found days and days before the fall happened, if it was due to that variant for some reason (which shouldn't even matter) then we wouldn't be able to wait that long before we start to fall. So to me it is clear that we are talking about a manipulation here if it reacted that lately.

[Slow death]

The most recent news regards the new coronavirus omicron variant are positive for the market, since it was said although the transmission rates are high, it's not being responsible for serious cases among infected people. Specialists and politicians are satisfied with this possibility they have been observing so far and now I just expected the market answers positively to this, including crypto currencies' market.
Actually, I'm happy to see bitcoin almost reaching to 50,000$ again after the bloodbath we had in the previous days. That still makes me believe we aren't in a bearish season and that bitcoin still has potential to hit a new ATH before 2021 finishes.

I don't trust governments very much when they are very optimistic, it's too early to say that the omicron variant does not cause serious cases, it doesn't even have two months to get a better view of the consequences of this variant so I think it's premature to stay optimistic as some governments are, at least in my country the number of cases has increased a lot in recent days and hospitalizations, I don't know if this is due to this variant.

[btc_angela]

The most recent news regards the new coronavirus omicron variant are positive for the market, since it was said although the transmission rates are high, it's not being responsible for serious cases among infected people. Specialists and politicians are satisfied with this possibility they have been observing so far and now I just expected the market answers positively to this, including crypto currencies' market.
Actually, I'm happy to see bitcoin almost reaching to 50,000$ again after the bloodbath we had in the previous days. That still makes me believe we aren't in a bearish season and that bitcoin still has potential to hit a new ATH before 2021 finishes.

I don't trust governments very much when they are very optimistic, it's too early to say that the omicron variant does not cause serious cases, it doesn't even have two months to get a better view of the consequences of this variant so I think it's premature to stay optimistic as some governments are, at least in my country the number of cases has increased a lot in recent days and hospitalizations, I don't know if this is due to this variant.

There are reports that the Delta variant is still more predominant that Omicron right now, so maybe that's what infected the majority in your country and not the new one.

Not saying that we should trust the government, but there are studies independently that shows the vaccine is still very effective even in this new strain so I guess we are all good. And hopefully this will translate to bitcoin market having a good recovery before the end of the year.

[STT]

There has to be consensus for a genuine turn around, I dont think BTC is just a victim of the wider market selling its also its own speculative cycle that saw some weakness.
Right now its breaking past the 2 day average which I see as a good bullish break above 49k if it can keep onto the larger weekly average at 54k that would be a good positive sign of recovery.

[South Park]

I don't think we are in a bearish market, because we are constantly reaching close to the ATH every few days, that also matches the resistance level. If it were a bearish market we would have seen a deep crash in bitcoin price with a much lower resistance level than the currently one. Days ago I saw resistance was around 59,000$, then 57,000$ and now 55,000$. That looks good for me and it is a possible signal bitcoin can surprise everyone positively at any moment rising to an inedit ATH. December is a good month for bitcoin, so I'm hopeful bitcoin can make it before the end of the year.

The conditions of the market are too extreme to make any kind of short term prediction about the direction of the price, we suffered a fast correction only to have a rapid recovery, I think that what we are seeing is the result of whales manipulating the price to try to force traders that are using leverage to get margin calls and then they could buy cheap coins when the price corrected itself, and while this is not what we want to see at the same time the fact that those coins are now with stronger hands means that the chances bitcoin goes up during the next months is higher than what it could be otherwise.

[magneto]

I actually think that the support at $50k is quite weak right now.

It is obvious that the bearish sentiment has been piling on for the past few weeks and that is completely expected given the halving cycles of BTC.

Just don't panic and continue to DCA because the bull run will resume sooner or later.

[dezoel]

It is clear that support points do not mean anything. It is clear that we are talking about something that is dangerously fragile whenever we fall, we end up falling all the time and it causes the price to drop under support point without even hesitation. We had a support point recently, we were above 55k and from 55k to 45k we had many support points, what happened with them? Nothing. We broke under them in a few days very easily.

The only silver lining about this situation is that we are talking about resistance points as well, they are just as much fragile and whenever we want to move up, there is nothing that is stopping us there neither and we can increase very easily.