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

[Mr.suevie]

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.

This sudden dip is no surprise to me because thats exactly what I have observed from whenever the price wants to particularly shoot up from its stagnant holding point. And yes like you said bitcoin has reached 31k and back to 30k for some time now and the price going back to 29k is just like a step backward to run and break out from the 31k mark although I think its going to be like this for the whole of this month (29-30-31k).

[ShowOff]

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.

Price has crashed many times into the $29k support area, but I haven't seen it fall further to $26k in the last 30 days. There is potential for a correction like the one in mid-June, but as long as the market is getting more support than FUD, then a $29k to $31k sideway is always possible.

We may have a longer sideway or until July ends. If $32k always fails, then the possibility of a deeper correction is always to be expected. Some doubts have been raised as $32k is still a strong resistance to be broken, but given the halving is still a long way off then a major correction to the bitcoin price can always be expected. I'm optimism about bullish, but maybe not during July to September.

[EarnOnVictor]

#Concluded sumup#

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?

Well, my own proofreading matters much to me for my work to be more correct, constructive and accurate as possible. That's why I do it many times before I post. However, your last reply made me realize that you don't seem to fully understand what I was talking about, perhaps twisting it, no wonder you are the only one complaining about this while others share their views. I see no error in my view and explanation.

For the first part, it was irrelevant whether the ATH was broken or not since I defined it well that it was when the ATH was still that of the 23rd of June, which was also the peak of the month, and I made it known that it wasn't the year's ATH because I don't have business with the ATH after June in my upper barrier consideration. It's the scope of my analysis, what else could a writer do in this regard? Anyone could define their writeup as they like, it's the reader that should try to understand, not try to force the writer to write it in their own way.

And for the second part, haven't you heard about fake and false breakouts? That's what happened, and it's even evident by the market not having a single daily close above June's ATH, they are just fake. The phenomenon is simple and common in the market, I wonder why it's a big deal for you. While the reason is that more selling interests are at that level ($31450) than the will of the buyers. Therefore, it doesn't matter if a market breaks a level, what matters is whether or not it sustains it. Did it sustain it? No.

Lastly, I don't see any problem with my prediction, Bitcoin has a long-term bullish trend but was channelling with no particular short-term trend when I made this post. The buyers and sellers will continue to play their games in their minor ways within the larger scope of the overall bullish trend. However, a successful breach of $31450 by the buyers will activate the continuation of the overall bullish trend, while a breach of $29400 activates a continued bearish correction that might lead to a major bearish reversal if it persists.

[Husires]

We can consider it a strong last resistance level near $40,000, as after reaching $32,000, it is unlikely that the resistance at $34,000 will be as strong, meaning that breaking $31,450 is the key that will take the price to levels close to $40,000.

The more you touch a support or resistance level, the weaker you make that level. even if the price did not succeed at the present time, the $31,450 level is much weaker than before, and any strong upward trend again will certainly break that barrier, provided that the price remains in the range of 28K to 32K.

[uchegod-21]

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.

There is alot of consolidation from 16th June till now and when the consolidation became too obvious, it was certain that it was time for the price to move. Many people predicted that it will move upwards, others predicted downwards but the market decided to move upwards and almost reversed immediately.

It is now very certain that a strong resistance is formed at$31k and this resistance is trying to be more powerful than the support at 30k.

[Doan9269]

Since we've attained the recent peak of $31,800 and there have more resistance over the move to take it to the next level, we can be more expectant over the later end of this month mabe we could experience more pump in price to see the market getting close to $35,000 or more, the current price will be more in favour of the buyers since they are buying at $30,120 or less from what the market offers and things can change anytime henceforth since we are approaching the period of market bull for bitcoin.

[Heisenberg_Hunter]

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.

There has been a mix of both positive and negative news lately in the market and this is likely the reason why there has been a minor pause in the moment of Bitcoin in any particular direction. After the XRP case results, we have seen a major hike suddenly and there hasn't been any more news to push the prices even further. With SEC's negative stance on crypto as a whole, we can never guarantee a price movement in either ways and this will continue until August's results on the ETF filings.

As other pointed out in a few posts above, we are in the consolidation phase for a while and since Bitcoin is becoming more of a matured asset over the years, we have been seeing reduced volatility percentage as well. IMO reduction in volatility can help us to bring in more seasonal investors instead of get rich quick bozos who isn't really fruitful for the market as a whole. These people who aren't interested in the technology have moved onto shitcoins and this is the reason every now and then a shitcoin like $PEPE gets pumped and the fortune favors the one who withdraws the money from the market earlier than the rest.

Well, if FTX didn't fail last year we could have seen another possible failure by this year and the bull would have been postponed to a later date than what we are anticipating right now. FTX failure has created a major slump in the market and many institutional investors along with VC funding towards various projects have gone down on a much larger scale. Now, after half an year of FTX failure and with the XRP case winnings we are seeing resumed interest which may pick up to a higher level if SEC favors the market by approving the ETF filings.

[darewaller]

Since we've attained the recent peak of $31,800 and there have more resistance over the move to take it to the next level, we can be more expectant over the later end of this month mabe we could experience more pump in price to see the market getting close to $35,000 or more, the current price will be more in favour of the buyers since they are buying at $30,120 or less from what the market offers and things can change anytime henceforth since we are approaching the period of market bull for bitcoin.

It is obvious that we are going to end up with some sort of trouble that would make it a bit harder, it is not going to be something that is easy to make money from, but something that is a bit more cliché, because price keeps rising is the norm in bitcoin. So, what we should be doing right now is to make sure that we are not dealing with any of the trouble and just focus on how it will go up in the future.

Sure there could be moments of drops in the price, but those are just some moments, normally on the long term we know that it's not going to be all that different and that's not going to be that easy. Hopefully we could end up with a good situation where it rises soon, that way people would see that it is good to bet on bitcoin.

[Franctoshi]

Since we've attained the recent peak of $31,800 and there has more resistance over the move to take it to the next level, we can be more expectant over the later end of this month maybe we could experience more pump in price to see the market getting close to $35,000 or more, the current price will be more in favor of the buyers since they are buying at $30,120 or less from what the market offers and things can change anytime henceforth since we are approaching the period of the market bull for bitcoin.

Yes, For the past couple of days and weeks, Bitcoin has remained in a range between $29k -$30 after the upward movement which drove the market to kiss $31k current resistance and has failed to break any of the two support @29k and resistance @$31k.

Having spent several days and weeks without breaking, either way, is a strong indication that

1. The zone is a strong resistance point and Bitcoin needs to gather a lot of momentum to knock out the level.
2. Bitcoin is gearing up for a retracement toward the $26k point of breakout.

[dunfida]

Since we've attained the recent peak of $31,800 and there has more resistance over the move to take it to the next level, we can be more expectant over the later end of this month maybe we could experience more pump in price to see the market getting close to $35,000 or more, the current price will be more in favor of the buyers since they are buying at $30,120 or less from what the market offers and things can change anytime henceforth since we are approaching the period of the market bull for bitcoin.

Yes, For the past couple of days and weeks, Bitcoin has remained in a range between $29k -$30 after the upward movement which drove the market to kiss $31k current resistance and has failed to break any of the two support @29k and resistance @$31k.

Having spent several days and weeks without breaking, either way, is a strong indication that

1. The zone is a strong resistance point and Bitcoin needs to gather a lot of momentum to knock out the level.
2. Bitcoin is gearing up for a retracement toward the $26k point of breakout.

We did stabilize on 29300-29800 for the entire weekdays and make out some touch up on 30200+ in the weekend and now as of this writing we are on 29900+ which we could actually say that 30k price ceiling is really that something that hard to breakout. The market for this week is silent and there's no much of news or fundamentals which it would really be making out some significant impact on the market.Im wondering if we would really be
dumping again on month of August which we know that even on traditional markets which this month is a "Ghost month" not only on those typical sayings but also on markets as well.
Im preparing myself or my funds on DCA'ing on the time that we might be hitting up 28k or lower in 25k which i would be saying its a sweet spot to buy more.

[Asuspawer09]

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.

Even though we are already on great momentum on the market we might still not be ready for the price to go skyrocket yet, I mean its already great momentum since we have been through 15k$ in the past months and then back up to 30k$ again last bull run I mean compared in the past year or past all-time high where it's only around 18k$-20k$ it's already a great leap reaching the price around 30k$, But in order for the Bitcoin market price to trigger the price increase and skyrocket we gonna need institutions, government, organizations, etc as a catalyst that is going to boost the price of bitcoin in the market. Like in the last Bullrun, it is going to be a huge amount of money is needed to be put into Bitcoin in order to for the Bitcoin market price to skyrocket. The title is just a correction in the market in my opinion we are still on great momentum, it is just normal for investors to sell at this point since there are a lot of investors who holds for a long time and there are going to sell for profit at some point so we can't expect a price increase every time, price correction is necessary.

[adaseb]

Best way to trade this is basically high leverage with tight stops. You know that even if the highs or lows are run, they won’t close above those levels. Will be a nasty wick and reverse. If you get some volume and a break with conviction then you can just take a loss.

However I am betting with how everything is trading these days we won’t see much action. Will just chop away going from resistance to support and vice versa. The day traders are making a killing on all this action.

[EarnOnVictor]

Unexpectedly, the lover level of $29,400 has been breached by the market. Let's see what would further unfold as this has turned to a bearish outlook.

We can consider it a strong last resistance level near $40,000, as after reaching $32,000, it is unlikely that the resistance at $34,000 will be as strong, meaning that breaking $31,450 is the key that will take the price to levels close to $40,000.

I don't see the market moving above $32,000 for now, maybe later. Even if it did move above the level, I posted on $35,000-$37,000 in a topic months ago that they would be a problem for the continuation of the bullish trend this year. Frankly, I don't see Bitcoin hitting $40,000 in 2023.

Best way to trade this is basically high leverage with tight stops. You know that even if the highs or lows are run, they won’t close above those levels. Will be a nasty wick and reverse. If you get some volume and a break with conviction then you can just take a loss.

However I am betting with how everything is trading these days we won’t see much action. Will just chop away going from resistance to support and vice versa. The day traders are making a killing on all this action.

Your suggestion is a very good one in that market condition, the market could be so frustrating in such a situation and trends traders will always take a break to avoid being played by the market. But for the short-terms traders that could probably scalp their way out, they could increase their leverage and be very active with the trading chart to either use tight stop loss or close their trades upon a slight change against their view.

[Odohu]

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.

I made similar projection in this thread where I gave two case scenarios of my expectations for Bitcoin. So far, the first scenario that suggested a downward move to the $26k region seem to be playing out. The zone is actually critical and expected to hold price for more upward moves. However, if that zone is eaten by the bears, then there is a high chances that prize will reach the $22k-$20k region. This will be a lot depressing to a lot of people but not the true believers because Bitcoin will always bounce back stronger and better.

In my submission, I actually stated that Bitcoin will rise to create new highs just like every other person is saying. The time it will rise and to what extent it will go deeper before rising is what no one know with certainty. The wise thing to do at this point is to try and hold reasonable amount of Bitcoin while preparing for the rise.

Being in this forum already mean you believe in Bitcoin and it will not be logical to be here and miss out on securing your future through Bitcoin because Bitcoin is indeed the future.

[Joshapat]

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

[TravelMug]

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

It's not just right now though, I mean even last year when we are in the lowest low of $15,500 it takes month to bounce back and recover from it. And so the same thing happens again, this August, we might not see a good price movement and I doubt that we are going to recover and reach $30k.

For me the best thing to do is see the price around $26k at this is the biggest support that we can have at this point. And then again, when everything settles down, maybe the last quarter, we might see a good recovery.

[JoyMarsha]

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

Being patient is advised because the crypto market is unpredictable and volatile and you can't forecast when its price will rise or fall.
A bitcoin investor must bear in mind that more patience is required when investing in bitcoin because it is a long-term, instead of a short-term, investment. You purchase and hodl bitcoin in your portfolio until you desire to sell it for a profit or another purpose at a high price. Maybe months after the halving season or 2025. It's a choice to sell without no one permission

[BITCOIN4X]

We are certainly surprised to see the past Bitcoin history. Because after each halving, the price of Bitcoin increases massively. As I noticed 2016 2020 these two halvings are quite clear in my memory. But now the bitcoin market is down now is the best time for holders to hold. This year the block halving is coming down a lot and the highest bitcoin price is likely to be recorded as the price of bitcoin will be very likely to exceed one hundred thousand dollars. So you must buy Bitcoin at 25.9k.

Now is the time, of course because bitcoin is still hovering around $26k. You can accumulate as much as you can in this area and plan something for the long term. This means buy it now and hold it until you make a profit from it in the next bull run period. The next halving is in 2024, so there's plenty of good hope in the aftermath that you can take advantage of now.

If you doubt that the price of bitcoin can still fall due to negative issues or something like that, then do DCA. It's the best advice that's been said a thousand times, but there's nothing wrong with lump sum.

[yohananaomi]

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

Of course, continuing to be corrected is an opportunity to be able to buy and hold it for the much-anticipated time. When it increases according to the expected desires, it is possible to sell it and make a profit.There is a time when Bitcoin will also increase, and I agree with you on being patient because Bitcoin's character is like this, where it will continue to repeat itself. The halving era is just waiting for the time when there will be changes and improvements, and it's time to be able to gain profits if we believe in it.

[TravelMug]

Investing in bitcoin right now requires extra patience, the price keeps falling and it looks hard to go up, but for me this is a good opportunity to buy more, there's nothing else to do now but keep buying so we can get huge profits on the halving day will happen in 2024.

Of course, continuing to be corrected is an opportunity to be able to buy and hold it for the much-anticipated time. When it increases according to the expected desires, it is possible to sell it and make a profit.There is a time when Bitcoin will also increase, and I agree with you on being patient because Bitcoin's character is like this, where it will continue to repeat itself. The halving era is just waiting for the time when there will be changes and improvements, and it's time to be able to gain profits if we believe in it.

It's good that you have funds put aside in case that the price is going down or there is correction. However, the opportunities has been persistent for months now because we are trading sideways and the current price of $25k-$26k is still very cheap.

So it's a great opportunity for everyone, and hopefully there are investors who are not just waiting for the price to go down hard again as last year because it might not present itself and this kind of opportunity will not arrived. Moral lesson is that we should buy and accumulate so that we will be ready when the bull run arrives mid next year.