Does the price always trend towards all 5's

[adaseb]

$55555.55 don't mean anything neither does the meme number 69420 or 42069, etc. The numbers which are important are the $10K, $20K, $30K, $40K,$50K, $60K, etc.

$100K will be very important however we are far away from there. Also keep in mind the EUR currencies, remember when we hit like $62K and went back down. The $62K didn't mean anything but it was 50K Eur and it had significant resistance in that area.

Most likely the next big resistant will be around $80K when its $100,000 in Canadian and Aussie dollars. Then obviously the famous $100,000 BTCUSD which is going to be tough to crack at once.

[philipma1957]

$55555.55 don't mean anything neither does the meme number 69420 or 42069, etc. The numbers which are important are the $10K, $20K, $30K, $40K,$50K, $60K, etc.

$100K will be very important however we are far away from there. Also keep in mind the EUR currencies, remember when we hit like $62K and went back down. The $62K didn't mean anything but it was 50K Eur and it had significant resistance in that area.

Most likely the next big resistant will be around $80K when its $100,000 in Canadian and Aussie dollars. Then obviously the famous $100,000 BTCUSD which is going to be tough to crack at once.

or it just rolls past all those numbers and goes to 111,111 usd in under the next 111 days.

that would be 2x 55555.50

[ethereumhunter]

It seems like we are moving up and down but often trying to get back to $55,555.55

As you can see, the bitcoin price was not just moving up and down on that price but the price is a move to high and low prices. We already saw bitcoin price moves below $55k and above $55k and it is happening many times. The price now is back to $55,900 and it could move to any price and we will not know what will happen later. Maybe $55,555.55 is a backup price or the price that can hold bitcoin price not go down for more or maybe that is just a coincidence that always happens to the market.

[Ridwan Fauzi]

It seems like we are moving up and down but often trying to get back to $55,555.55

Take a look to the 4 hour time frame, if you know the technical analyst strategy then you will know the reason why $55.000 is the key level. There is a chance for bitcoin price movement form the head and shoulders pattern. I see this opportunity at least in the two time frame like 1 day time frame and 4 hours time frame. So as technically bitcoin price movement should meet correction.

[rahmatrf331]

It seems like we are moving up and down but often trying to get back to $55,555.55

I saw the movement of the chart on the rise and fall of the bitcoin price at $ 55,555.55, it looks like some people are trading while others are holding positions between $ 50,000 and $ 67,000. so therefore, the movement often returns to $ 55,555.55.
in such conditions we are playing over $ 55,000 and under $ 60,000.

[STT]

Right now its back to the 2 day average, thats a far better guide then just a fixed number.   We do have alot of traffic around all the 5's but I dont see signifance outside of the 50 day average being nearby and do I think even though we above that during this weekend it still needs to be resolved finally during the week also then prices can move into the next tier.  We could be discussing all the 6's and all the 7's but it'll be a while till all the prices rest in this area.  From here to 60k we have many of the closing weekly bars to contend, its crowded and complicated for now not an easy trade.

[mapsfly]

yep, It keeps trying to get here

[darkangelosme]

It seems like we are moving up and down but often trying to get back to $55,555.55

Every year Bitcoin is increasing that's why you must see Bitcoin as an investment to gain big profit and avoid getting stressed like what daily traders experienced.

[kotajikikox]

It seems like we are moving up and down but often trying to get back to $55,555.55

We have broken that price in May , and now we are in November and the next target is 70,000 .

you can see the struggle to make it there, for couple of times bitcoin took 65,000 and almost 69,000  but failed to reach 70k.

so yes it is a hardest but once taken surely there will another ATH.

[snipie]

It seems like we are moving up and down but often trying to get back to $55,555.55

Every year Bitcoin is increasing that's why you must see Bitcoin as an investment to gain big profit and avoid getting stressed like what daily traders experienced.

Volatility and intense training activity to collect hard cash before December historical rising tho.
I don't like seeing the price go down but we shouldn't worry if we have the enough trust on bitcoin.
Sometimes I ask if we have the same feeling as billionaires seeing like 5% or 10% of their wealth disappear in few hours and say whatever I will get it back or even more by tomorrow

[michellee]

Hopefully, we will not see that price so soon because the next target will be at $70k but we can not do anything if, somehow, the price is slightly down to below $60k and reach a lower price because the bitcoin market is still volatile. We can only prepare ourselves and anticipate the loss that might happen to us, but if we are lost in value, we can make a profit when the price can bounce to the high price. So you do not need to panic if you see the price is down for more but that will be the best time to buy more bitcoin.

[adaseb]

Basically when people set a stop loss they usually use round numbers. There are many new retail people who don’t know what candle stick charts are. If they buy at $63k and want to use a stop loss they will most likely put in $60K or $55K.

This is similar to people who want to sell. Most likely at $100K there are tons of sell orders. People basically don’t use fib extensions or any other TA method so they choose a common number like $100K and will most likely sell it there. Same happened with Tesla. Many put their stop loss at $1000. The stops got run and it went back up.

[palle11]

you can see the struggle to make it there, for couple of times bitcoin took 65,000 and almost 69,000  but failed to reach 70k.

so yes it is a hardest but once taken surely there will another ATH.

I think the struggle is still on and today everybody thought bitcoin won't recover after price dropped down to around $55,200 and 300 and that created fear, but later the price moved back to $57k and trading at $58k this evening. I think is a struggle to continue bull to resistance $70k.

Many put their stop loss at $1000. The stops got run and it went back up.

Yes to understand how to apply stop loss is another trading skill on its own. It is not all trader that understand how to apply it and that is why some avoid it. Sometimes you apply it below or above and get more losses.

[adaseb]

Most retail traders, especially new one have no idea what a stop loss even is. I remember when I started trading a long time ago, I never used limit orders or stop losses. Had no idea what they were.

Later when I learnt it had this feature I basically would set the stop loss to some whole number like if a stock was trading at $72 I would set a stop loss at $70 or if it was trading at $106 I would set it at $100, then I would always  get stopped out and market would reverse after.

Many traders do this and that is why those numbers are very significant.

[mapsfly]

Well, we are back. and still trending towards all 5's!