$31450 proves too strong for Buyers, but Sellers may only dominate below $29400

[EarnOnVictor]

For those of us who trade the trend of the market, Bitcoin has been so frustrating since the 23rd of June when it hit another year's ATH before the subsequent ones. That was the last time a viable bullish movement occurred, and it's almost a month now, but it continues to channel with no clear direction as many economic data, news and event updates affect it differently.

On a closer look at the market today, this might continue, but two important levels could change the narrative in support of either the buyers or the sellers. These two lines are the $31450 (the year's ATH established in June) and the $29400 (where the correction of June's bullish run ended). By principle, both levels have constituted strong barriers that need to be broken before a trend could be established.

However, more attention is on the $31450 as buyers seem to be gaining more traction compared to the lower level of $29400 which has not been threatened since the last day in June. Regardless, more sellers seem to be piling up around $31450, which could only explain why the market has not had a single close above the level in the last 24 days despite all the attempts of the buyers and some positive news.

For this, I believe a daily close above the level ($31450) will activate a strong bullish trend, while a break and daily close below $29400 might pressure the market.

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[OgNasty]

^ It is meeting resistance at the expected point if you look back at the chart about 13-14 months ago. This somewhat long term resistance point is being eaten away though and once it does, very similarly to how 14 months ago it plummeted from $40K to $30K, we will see the opposite. A quick rise from $30K to $40K.

[Lucius]

A similar situation has been seen many times in the past, and as if it were yesterday I remember 2015 and how the price was stuck between $200 and $250 and everyone was waiting for something to happen since it was also the year that preceded halving. If memory serves me well by the end of the year (2015), the price reached about $1000 and few were optimistic enough to predict what followed.

The feeling tells me that we will have to wait a little longer for the right action, because summer is really hellish in the Northern Hemisphere and I think this year will break all temperature records☀🌡

[Eternad]

31K is really proves too strong for resistance while 30K proves too strong too as a support. A very close price range like this usually ends up resistance being break since buyer will have more confidence to buy since support is near to their buy entry compared when the price is sideways on a huge price ramge with very high volatility.

It’s odd to have a resistance on 31K level while the price on 30K since the price rally from 25K that has a very high tradimg volume during those time.

[NeuroticFish]

The last few positive news (mostly ETF) didn't materialize yet into anything, hence the market is mostly playing a waiting game.
Plus it's summer (and holidays), the things are supposed to go slow.

I see now a fair price compared to how near the next halving is, but this can go up suddenly or can go lower too for a while.
I'd be surprised to see 33k before September, a 28k-32k limbo can still last.

But this is a personal opinion. I may be right or I may be wrong. Time will tell.

[Baofeng]

31K is really proves too strong for resistance while 30K proves too strong too as a support. A very close price range like this usually ends up resistance being break since buyer will have more confidence to buy since support is near to their buy entry compared when the price is sideways on a huge price ramge with very high volatility.

Yes, this seems to be the case, I thought that when we reach $31k, I thought that we are going to maintain it. But I spoke too soon as we goes back to $30k, the support line and the resistance to $31k is to great for us.

It’s odd to have a resistance on 31K level while the price on 30K since the price rally from 25K that has a very high tradimg volume during those time.

And so not to complicated things, we can't do anything about it. Perhaps the selling point is really $31k for speculators and that's why it's obvious by now that it is the biggest barrier that we need to break for this year before we talk about how the price will be at the end of 2023.

[michellee]

But the Bitcoin price is down from $31,450 today and has reached $30k level, even though it is starting to look like there is a bit of strength in the Bitcoin price to rise. Hopefully, the price of Bitcoin can increase again tomorrow or maybe the price will start moving a few hours later. This situation is confusing, but I'm still fine since I don't day trade.

If you pay attention to the market situation, it seems that the increase and decrease in Bitcoin today has strongly influenced several altcoins. Some altcoins are trying to increase again after yesterday's correction. So we will have to wait to see if there will soon be a price spike for Bitcoin or if the price will remain around the current price.

So be careful if you want to trade Bitcoin because this unpredictable situation can confuse you about when to enter the market. Maybe it would be better for you to wait until you see signs of an increase before you can enter the market.

[adaseb]

It looks like its getting tough to break thru the barrier however keep in mind that when it comes to crypto price action. When we are consolidating on resistance, its usually bullish. And same if it consolidates on support, its usually bearish.

Remember 2017, we kept touching the $6K area and basically went nowhere for many months. Many people assumed that it was the bottom when the markets havent moved in weeks, and then in November we finally broke thru and it was a nasty crash. I think its the same setup here only opposite.

[hatshepsut93]

I don't like this pattern, my pessimism tells me that it's another one of those "Bart Simpson" patterns when the price instantly crashes after a long period of failing to break the same level of resistance. And there would be nothing strange in falling to $26k and trading sideways for weeks or months again, because there's still a lot of time before the halvening, and even after the halvening the bull run kicks in after some time.

[Sim_card]

The movement isn't something new,and I believe that bitcoin will finally break the barrier price which is 31k but the problem is that I don't know when this will happen. The price is back to 30k which is the support price,if you take note bitcoin has hit 31k thrice within 40 days and back to 30k. This is a sign that after sometimes the price will pump high above 37k or so because this year has shown that it is a good year for bitcoin due to the fact that the halving is getting close. Let's relax and hope for a price pump.

[Minor Miner]

The movement isn't something new,and I believe that bitcoin will finally break the barrier price which is 31k but the problem is that I don't know when this will happen. The price is back to 30k which is the support price,if you take note bitcoin has hit 31k thrice within 40 days and back to 30k. This is a sign that after sometimes the price will pump high above 37k or so because this year has shown that it is a good year for bitcoin due to the fact that the halving is getting close. Let's relax and hope for a price pump.

Bitcoin surpassing $31k is a certainty, and everyone knows it, but the problem is that no one knows when that will happen, that's the point. Bitcoin has crossed $30k after months of waiting, but it has yet to go further. It could also drop below $30k anytime, so saying this is a sign that bitcoin could hit $37k this year is incorrect. Moreover, the bull season usually comes 1 year after the halving occurs, so it cannot be said that the halving will have a positive impact on bitcoin at this point. Bitcoin price is unpredictable, and all we can do is hope and pray that it turns out as we expect.

[justdimin]

It looks like its getting tough to break thru the barrier however keep in mind that when it comes to crypto price action. When we are consolidating on resistance, its usually bullish. And same if it consolidates on support, its usually bearish.

Remember 2017, we kept touching the $6K area and basically went nowhere for many months. Many people assumed that it was the bottom when the markets havent moved in weeks, and then in November we finally broke thru and it was a nasty crash. I think its the same setup here only opposite.

That is the point of reaching the peak, it doesn't matter if you crashed too hard or went up too high, when you reach to a price where it just go anymore, it starts to go other way around. Like when we reached 20k in 2017, that was the highest we can reach at that point, not reached, we could reach, there is a difference, we can reach higher normally, which we have seen with 68k recently, it's that we could not do that at that time because we didn't had more money in the market, after that we had more and went more.

Same with crashes, it can go down a lot but then it will go up a lot after it fails to go down even more. So we need to be careful about checking where is the biggest and where is the highest levels that we can reach.

[stompix]

On a closer look at the market today, this might continue, but two important levels could change the narrative in support of either the buyers or the sellers. These two lines are the $31450 (the year's ATH established in June) and the $29400 (where the correction of June's bullish run ended). By principle, both levels have constituted strong barriers that need to be broken before a trend could be established.

Even your graph clearly shows that's not the annual ATH, the current one happened on the 15th at 31665 (average) and 31656 right there on the image you used! So the trend is already broken!

However, more attention is on the $31450 as buyers seem to be gaining more traction compared to the lower level of $29400 which has not been threatened since the last day in June. Regardless, more sellers seem to be piling up around $31450, which could only explain why the market has not had a single close above the level in the last 24 days despite all the attempts of the buyers and some positive news.

Those two things contradict themselves, you can't have both of them increasing their presence compared to the other one.

A similar situation has been seen many times in the past, and as if it were yesterday I remember 2015 and how the price was stuck between $200 and $250 and everyone was waiting for something to happen since it was also the year that preceded halving. If memory serves me well by the end of the year (2015), the price reached about $1000 and few were optimistic enough to predict what followed.

You don't have to go that far, the same thing happened at the end of last year, we were stuck in the same pattern only for something completely unpredictable to happen, nothing to do with price levels or barrier or ATH, one solid pump in 3 continuous days and we were  up 25%, the only thing I learned about Bitcoin price prediction is that the more lines and arrows you try to put on a chart more effort the ghost of Satoshi will put into making sure the price avoids all your lines and fancy drawings.

[NotATether]

You know, Reddit is very funny.

r/cryptocurrency was proclaiming a bullrun that turned out to last for all of two hours. This happened the day before yesterday. I mean I get that everyone is fixated on staying about $30K, as if it's the surface level of the ocean, but come on guys, there's not enough interest from people who'd possibly buy more BTC. So why get so fixated on this "bullrun"? :/

(Counter-trading Jim Cramer would've been better for you this week. He also called a bullrun.)

[Latviand]

I don't like this pattern, my pessimism tells me that it's another one of those "Bart Simpson" patterns when the price instantly crashes after a long period of failing to break the same level of resistance. And there would be nothing strange in falling to $26k and trading sideways for weeks or months again, because there's still a lot of time before the halvening, and even after the halvening the bull run kicks in after some time.

Dude, I hope your pessimism wins because I haven't accumulated enough bitcoin and I don't like the idea that I'm only half in my hoard goal and the price starts going up to the point it's not worth my money to put in more because the sudden fall might be disastrous and will definitely make feel depressed due to regrets. Plus, iirc isn't this price points back before the last halvings were the hardest points to break for bitcoin too?

[EarnOnVictor]

Even your graph clearly shows that's not the annual ATH, the current one happened on the 15th at 31665 (average) and 31656 right there on the image you used! So the trend is already broken!

I guess you read the post in a hurry, I proofread my posts many times before posting them.

Regardless, your query has been addressed earlier above the place you picked it, that's for those who read it from the beginning since there are ATHs of the same year before and after the one I referred to, which was why I used "before the subsequent ones" as seen in my quote below.

For those of us who trade the trend of the market, Bitcoin has been so frustrating since the 23rd of June when it hit another year's ATH before the subsequent ones.

Meaning that the "(the year's ATH established in June)" I stated was the reference to the 23rd of June's ATH. It's not the ATH of the year as you believed, there is one before and others after.

Those two things contradict themselves, you can't have both of them increasing their presence compared to the other one.

As for this part, I'd read it twice and saw no single fault in what I wrote. It explains what exactly I see and still see on the subject. Meanwhile, buyers and sellers could still be dragging the trend within the wider scope of the trend depending on the term you are looking at (short/long).

However, more attention is on the $31450 as buyers seem to be gaining more traction compared to the lower level of $29400 which has not been threatened since the last day in June. Regardless, more sellers seem to be piling up around $31450, which could only explain why the market has not had a single close above the level in the last 24 days despite all the attempts of the buyers and some positive news.

For details' sake, "as buyers seem to be gaining more traction" and "more sellers seem to be piling up" denote the general psychology of the market even though the price is hooked at some place as captured in the picture attached. Even at that, nothing is contradictory here because the market has the right to sell on reaching $31450 when it encounters more sellers there even if it was bullish. And again, the sellers might regroup at the level for subsequent selling if the market recovers back to that level upon the initial selloff caused by their (sellers) activity. This could continue unless higher buying interest is indicated at the level, and this is just a normal thing happening in all markets.

You know, Reddit is very funny.

r/cryptocurrency was proclaiming a bullrun that turned out to last for all of two hours. This happened the day before yesterday. I mean I get that everyone is fixated on staying about $30K, as if it's the surface level of the ocean, but come on guys, there's not enough interest from people who'd possibly buy more BTC. So why get so fixated on this "bullrun"? :/

(Counter-trading Jim Cramer would've been better for you this week. He also called a bullrun.)

I'm a dynamic trader, any position the true sentiment reveals is where I follow.

[stompix]

I guess you read the post in a hurry, I proofread my posts many times before posting them.
Regardless, your query has been addressed earlier above the place you picked it, that's for those who read it from the beginning since there are ATHs of the same year before and after the one I referred to, which was why I used "before the subsequent ones" as seen in my quote below.

It doesn't matter how many times you proofread them, if the idea is faulty it is what it is.
The ATH was already broken, even if you mentioned it so why would the previous ATH still matter in this whole thing, if you take it as an example of how the price reacts after it then simply go one further ATH back and see that is doesn't resemble this cycle at all, so what's the point fixating on it when it's no longer the ATH, there is no resemblance to the previous situation where we had two consecutive ATH broken, sooo ...they are just random lines that currently don't mean a thing as you can see from the price!

Your words:

These two lines are the $31450 (the year's ATH established in June) and the $29400 (where the correction of June's bullish run ended). By principle, both levels have constituted strong barriers that need to be broken before a trend could be established.

Since the lines were broken once, why didn't this "trend" manifest already? Besides, the whole thign is silly, if it goes below or above a few liens it will either go up or down from there, I swear even Nostradamus was more precise with his predictions.

Meanwhile, buyers and sellers could still be dragging the trend within the wider scope of the trend depending on the term you are looking at (short/long).

So if it goes up or down from those lines the price might go up or down and in case it doesn't cross the lines the price will keep between those levels, right, unless it will go above or below one! Now you see the problem with your "prediction?
 

[Dimitri94]

The movement isn't something new,and I believe that bitcoin will finally break the barrier price which is 31k but the problem is that I don't know when this will happen. The price is back to 30k which is the support price,if you take note bitcoin has hit 31k thrice within 40 days and back to 30k. This is a sign that after sometimes the price will pump high above 37k or so because this year has shown that it is a good year for bitcoin due to the fact that the halving is getting close. Let's relax and hope for a price pump.

The price of Bitcoin is rising but the key point is that the price is not sustainable. When Bitcoin crossed 31k it was thought that maybe the price could touch 35k but it didn't happen. Few days ago when Bitcoin first over 25K price but after crossing 25K it started going down again. No buyers were found to buy Bitcoin at 25k. Later the market recovered from that position and settled in between 30k. This situation is also happening at the moment so we can see the price outperforming 35k anytime.

[Lanatsa]

The movement isn't something new,and I believe that bitcoin will finally break the barrier price which is 31k but the problem is that I don't know when this will happen. The price is back to 30k which is the support price,if you take note bitcoin has hit 31k thrice within 40 days and back to 30k. This is a sign that after sometimes the price will pump high above 37k or so because this year has shown that it is a good year for bitcoin due to the fact that the halving is getting close. Let's relax and hope for a price pump.

The price of Bitcoin is rising but the key point is that the price is not sustainable. When Bitcoin crossed 31k it was thought that maybe the price could touch 35k but it didn't happen. Few days ago when Bitcoin first over 25K price but after crossing 25K it started going down again. No buyers were found to buy Bitcoin at 25k. Later the market recovered from that position and settled in between 30k. This situation is also happening at the moment so we can see the price outperforming 35k anytime.

Its never been sustainable and it could neither break or stay on a particular point basing up on the buying or selling pressure in between those buyers or sellers on which it doesnt really always correlate nor depend

about those news around but we cant really deny the fact that it could really make out some effect or influence somehow in speaking about potential price movement and  this is what makes even more harder
for us to tell on where it would be going. If you are really making up some short trades then you would really be finding this to be that mind boggling or would really be giving impression that it is really that
truly random and non predictable on which it is always should be since from the start. This is why decisions and positioning would really be entirely depending on a certain trader or investor
whether they would really be waiting up for entries or would be selling out.

The price gaps arent really that huge i should say but if you are really that capable or having the confidence for you to play up with this minimal price movements then you coudl
actually be able to make or snip up some profits if you could take up the risks on playing with it.

[Franctoshi]

For this, I believe a daily close above the level ($31450) will activate a strong bullish trend, while a break and daily close below $29400 might pressure the market.

The chart looks more like forming a bull flag which has a high chance of breaking towards the upside.
Regardless of the long consolidation experienced for some weeks now since the price broke above $30k and kissed the $31k level current price resistance, The monthly candle closure remains my utmost focus as the previous monthly close was bullish, we have more chance of another monthly bullish candle irrespective of the current price.