Why there is so much resistance at $23k price

[Oshosondy]

Yes, the price is going nowhere, for a time it seemed as if the price was actually going up and that it was a matter of time for the price to surpass the 25k barrier, but it did not happened and now we are seeing the price at the 21k level, so I think this confirms what a great deal of us thought, that the market is just ranging and it is a mistake to think that this is going to change any time soon as there is simply not a lot of strength in the markets right now.

This seem like 2018 for me, the price is really mimicking 2018 price, this makes me also think that the price may not surpass $30000 this year, but it can be up to $35000 to $40000 in 2023 which will still further to decrease back again to around $20000 to $25000 before 2024 halving. It is just a prediction, no one knows what would actually happen, but this year is not favoring bitcoin just as we predicted and likely would be all through this year like that as we predicted too.

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[KingsDen]

Let us say the present resistance is at $25000, this is because bitcoin increased to $25000 two time recently, first on the 14th of August, while also in the follow day which was 15th of August. Bitcoin could not reach more than $25200 and the daily down trend began again, but just two days now.

This is just a short time speculation, the resistance could be strong around $25000, but it was noticed that the support was also strong around $20000, people are not really selling more around that price, people are holding.

I do not know about short time speculation, but if you can just hold your bitcoin for a long time, $25000 will have no option for bitcoin than to be a support level, leading to a time bitcoin will never fall below $25000 again, just like $2500 of the past, when bitcoin was around that low price if compared to today's price.

You made a very nice analysis here and that is how the market is playing out. People are no longer selling more as compared to the panic that was last month. Bitcoin is roaming about and within 20 and I think it will remain there till it will make a major break through.
What I don't understand is people analysing that bitcoin will go to 17 and likely to 13 again before moving. I am finding it difficult to believe. Not that it is not possible that it will happen, but I haven't seen a strong indication to base the speculation.

My advise is that, anyone that is not a day trader should try and buy bitcoin for long term and forget about this price dramas and have peace of mind.

[tippytoes]

Yes, the price is going nowhere, for a time it seemed as if the price was actually going up and that it was a matter of time for the price to surpass the 25k barrier, but it did not happened and now we are seeing the price at the 21k level, so I think this confirms what a great deal of us thought, that the market is just ranging and it is a mistake to think that this is going to change any time soon as there is simply not a lot of strength in the markets right now.

This seem like 2018 for me, the price is really mimicking 2018 price, this makes me also think that the price may not surpass $30000 this year, but it can be up to $35000 to $40000 in 2023 which will still further to decrease back again to around $20000 to $25000 before 2024 halving. It is just a prediction, no one knows what would actually happen, but this year is not favoring bitcoin just as we predicted and likely would be all through this year like that as we predicted too.

This is the mystery of this market, no one knows which way we are heading next. Even long timers or so they say the crypto experts don't know where exactly bitcoin will be in the next coming months. We are all equal when it comes to speculation and all. So it depends on your gut feel how we will end up in the next coming months, and prepare for it.

[STT]

Generally its a game of patience and the reason it has to be that way is due to the immense pressure of borrowed money, it forces constant cycles from people who cannot hold BTC for more then a certain duration or scenario playing out.   Buyers who must sell are trading a range naturally so thats alot of what we see explored.
  Even past that recent negative action its still possible we see a recovery, without doubt it will be slower then if we had held to the trend of higher lows since the June low.  The low in August failed to hold above the (late) July low but only by 500 which is a margin of error in BTC.  Its no where near to the negative situation BTC could be in so I tend to agree its a game back and forth.

Some could argue purely judging the lows we remain intact, I think its certainly slowed but I refuse to call this month as negative action.   50 day MA is flattening, take that as your stall speed perhaps.

[Silberman]

Yes, the price is going nowhere, for a time it seemed as if the price was actually going up and that it was a matter of time for the price to surpass the 25k barrier, but it did not happened and now we are seeing the price at the 21k level, so I think this confirms what a great deal of us thought, that the market is just ranging and it is a mistake to think that this is going to change any time soon as there is simply not a lot of strength in the markets right now.

This seem like 2018 for me, the price is really mimicking 2018 price, this makes me also think that the price may not surpass $30000 this year, but it can be up to $35000 to $40000 in 2023 which will still further to decrease back again to around $20000 to $25000 before 2024 halving. It is just a prediction, no one knows what would actually happen, but this year is not favoring bitcoin just as we predicted and likely would be all through this year like that as we predicted too.

That seems like a prediction that may actually happen, I remember as well what happened during the 2018 crash and I think as well the way the market is behaving has a lot of similarities to what happened back then, and while it is impossible for us to know exactly what is going to happen at least we have a frame of reference, which means that the next year is going to be slightly better and we will see the first signs of a recovery happening, only for the bull run to finally come in 2024.

[Aliem Nur]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

[Silberman]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

Quite honestly at this moment is almost impossible to know what bitcoin is going to do because its price is simply too unstable, we were fortunate that there was enough demand to push the price above the 20,000 level almost immediately, but the price is still very close to it and it could once again go below that level at any moment, so I think we need to prepare ourselves for the possibility that the next time the price goes below that level it could take weeks to recover.

[ethereumhunter]

The price has continued to fluctuate over the past week and we have already seen that the price of bitcoin has dropped to $19k. But there is still a possibility that the price will drop back to that while the current bitcoin price has returned to $20k. We hope the price won't drop below $19k so it won't worry us too much. And hopefully, people out there aren't panicking or worried about the price movement either.

[TheGreatPython]

The price has continued to fluctuate over the past week and we have already seen that the price of bitcoin has dropped to $19k. But there is still a possibility that the price will drop back to that while the current bitcoin price has returned to $20k. We hope the price won't drop below $19k so it won't worry us too much. And hopefully, people out there aren't panicking or worried about the price movement either.

You are a hero member already. You are a big boy now so seeing you worry seems weird. If you are a newbie then I think that was still normal but for an experienced person like you, you should be happy once the price is dropping and some are panicking because you can fill your bag with more bitcoins. Like it or not, there is always a chance for the bitcoin price to drop again below the 20k and 19k levels especially now that mt gox are going to released the bitcoins from their old customers.

Pretty sure that many of them are going to sell their bitcoins because they haven't be able to do that long time ago due to that unfortunate event.

[GeorgeJohn]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

that is why i do emphasis on the price of Bitcoin, because bitcoin price always not stick on a particular point and i believe that Bitcoin itself the price is dependable through the market circulation and mostly through the demands.

[Ngemmeng]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

and is currently back under $20k. I think the strongest point of support right now is at $19k and if the price can drop below $19k it will most likely lead to a much deeper decline. I think at this time any news can have an impact to determine where the bitcoin price will move after this.

[STT]

The closing weekly bars for end June and start July and the boundary to weeks surrounding was about 19.5k so here about.    I wont bother to post the chart, its purely just observing the closing prices every week; we havent gone lower then this and stayed that low to end the week simple as that.
  If it doesnt get some kind of pickup around here because of that prior action and its not strong just historic resistance then we are thrown to the lows for this year.   Either could fail and it goes lower but its just speculation, we dont know any trigger for that weakness beyond the continuing sell in markets.   Theres no good trend trend down as much as we lack any trend up, Im not too fearful just from a lack of positive action just yet.

[ethereumhunter]

The price has continued to fluctuate over the past week and we have already seen that the price of bitcoin has dropped to $19k. But there is still a possibility that the price will drop back to that while the current bitcoin price has returned to $20k. We hope the price won't drop below $19k so it won't worry us too much. And hopefully, people out there aren't panicking or worried about the price movement either.

You are a hero member already. You are a big boy now so seeing you worry seems weird. If you are a newbie then I think that was still normal but for an experienced person like you, you should be happy once the price is dropping and some are panicking because you can fill your bag with more bitcoins. Like it or not, there is always a chance for the bitcoin price to drop again below the 20k and 19k levels especially now that mt gox are going to released the bitcoins from their old customers.

Pretty sure that many of them are going to sell their bitcoins because they haven't be able to do that long time ago due to that unfortunate event.

Hahaha, does that look like worry? Of course not, mate. I just hope the price doesn't drop drastically first because I want to sell some satoshi after that, if the price really has to go down, that's okay because I'm also happy because I can buy more satoshi

Many people will sell their bitcoins if the price drops drastically because they panic to see it. But some people will wait for that moment to arrive.

[kotajikikox]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

and is currently back under $20k. I think the strongest point of support right now is at $19k and if the price can drop below $19k it will most likely lead to a much deeper decline. I think at this time any news can have an impact to determine where the bitcoin price will move after this.

Hours after , price return back to above 20k and yeah it stays here now though there are some shows that it is temporary and there are bigger dump that will come sooner but i am not affected as I have decided to keep my coins on hold and never to sell any single satoshi because this year is seems to be a bearish and making wrong decision will end my investing to losses .
so yeah will not be taking any from it.

[ultrloa]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

and is currently back under $20k. I think the strongest point of support right now is at $19k and if the price can drop below $19k it will most likely lead to a much deeper decline. I think at this time any news can have an impact to determine where the bitcoin price will move after this.

Hours after , price return back to above 20k and yeah it stays here now though there are some shows that it is temporary and there are bigger dump that will come sooner but i am not affected as I have decided to keep my coins on hold and never to sell any single satoshi because this year is seems to be a bearish and making wrong decision will end my investing to losses .
so yeah will not be taking any from it.

Maybe for now your not affected to much since the dump happen recently is not big enough to destroy our focus. But I am now securing 50% of my stash since I'm preparing for possible dump to do buy back since it will be bad if I let it sit sleeping while the market is not doing good since its somehow perfect time to buy for us then recover if we see huge dump happen at certain times.

[Silberman]

Hours after , price return back to above 20k and yeah it stays here now though there are some shows that it is temporary and there are bigger dump that will come sooner but i am not affected as I have decided to keep my coins on hold and never to sell any single satoshi because this year is seems to be a bearish and making wrong decision will end my investing to losses .
so yeah will not be taking any from it.

I think that at this point holding our coins seems like the best move that we can make, if I'm honest I am a little bit sad about the traders that are trying to predict what is going to happen next, because that is basically impossible, there are circumstances in which it is more likely you could accurately predict what the market could do, but when the market is moving in ways that seem to be completely random it is best to just keep your coins and accept whatever is the outcome that we get to see.

[Frengki_cisco]

Bitcoin market prices have witnessed a lot of resistance and several attempts to make a head up the price of $25k after several weeks of a downtrend, there have been a lot of speculations surrounding the present market situation. But with the right thought and analysis, I am sure if Bitcoin could break the present resistance price moving upward would be that hard anymore.

those who have excessive resistance and excessive speculation, they really don't do anything, other than say Bitcoin at that level, that year Bitcoin is so reliable, the truth is buying and investing Bitcoin long term.

Without excessive resistance, that's the best move.

[Wiwo]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

You are right since last two weeks, the rate of Bitcoin bear market have reduced in it momentum as the price of Bitcoin have made several attempts to pull below $20,000 but Bitcoin has maintained that price each time there is a pull-down Bitcoin always recovers back to 20k region without going below 19k to 18k so at that 23k price benchmark may have persisted for a while now but then again with the current weaknesses witnessed from a bear actor we are hopeful that we will see a new price benchmark very soon, maybe that will be around 30k before the full return of bull market in December. I hate speculating on Bitcoin price but am sure a lot of positive energy will be put on the chart soon that will make a lot of difference to the market.

[sayaya17]

a few days ago Bitcoin had reached $25k before dumping to $20k, and is currently at the strongest support,
it is evident that a few hours ago it had dropped below $20k and now bounced back to $20k.

and is currently back under $20k. I think the strongest point of support right now is at $19k and if the price can drop below $19k it will most likely lead to a much deeper decline. I think at this time any news can have an impact to determine where the bitcoin price will move after this.

It looks like the support price at $19k is quite strong and several times this week Bitcoin has dropped to $19k, but has managed to rise again.
I hope Bitcoin doesn't fall below $19k again, if that happens there will probably be a panic, especially for newbies they will do a cutloss and possibly
make the Bitcoin price drop even lower. But because I've experienced bear market worse before, so I'm experienced enough not to repeat
my same mistake. Which one should never panic and sell the Bitcoin that we have at a low price, no matter how deep the Bitcoin price falls,
it will definitely recover again. So we really have to be patient when investing in Bitcoin, we can't expect the price of Bitcoin to always go up,
we also have to learn to deal with situations where the price of Bitcoin drops. The conclusion is just holding Bitcoin that we have until the bull
market comes. It is tiring investing in Bitcoin, because maybe we have to hold in the long term if we want to make a profit from Bitcoin.

[AmoreJaz]

Bitcoin market prices have witnessed a lot of resistance and several attempts to make a head up the price of $25k after several weeks of a downtrend, there have been a lot of speculations surrounding the present market situation. But with the right thought and analysis, I am sure if Bitcoin could break the present resistance price moving upward would be that hard anymore.

those who have excessive resistance and excessive speculation, they really don't do anything, other than say Bitcoin at that level, that year Bitcoin is so reliable, the truth is buying and investing Bitcoin long term.

Without excessive resistance, that's the best move.

now that BTC is below 20k again, what are we doing to take advantage of this market? so we can all have our speculations, but the question is - are we doing something with such speculation? if not, then, just be silent and observe the market. if you do have strong belief with BTC market, more then likely you're doing something now how to increase your BTC portfolio.