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Author Topic: Some serious resistance around $7.20 minor support at $6.00  (Read 2547 times)
tripper22
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January 08, 2012, 04:51:40 AM
 #1

On an hourly chart, $7.20 resistance has held 5 or more times recently. Presently we are back in the recent trading range. Thoughts?

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ineededausername
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January 08, 2012, 05:01:48 AM
 #2

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

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January 08, 2012, 05:26:29 AM
 #3

.2 's     = tipping point ?

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January 08, 2012, 05:29:02 AM
 #4

.2 's     = tipping point ?

We blasted through 7.2 on the initial rally up to 7.50. I dont subscribe to this theory.
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January 08, 2012, 05:43:26 AM
 #5

.2 's     = tipping point ?

We blasted through 7.2 on the initial rally up to 7.50. I dont subscribe to this theory.

Good point, I dont recall last move. hence the question mark...   Smiley

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January 08, 2012, 05:43:48 AM
 #6

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
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January 08, 2012, 05:45:05 AM
 #7

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

I heavily subscribe to this train of thought.. Smiley

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January 08, 2012, 05:48:05 AM
 #8

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

So we should be selling at the x.15 point, just before the aforementioned deviation-resistance constant.
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January 08, 2012, 05:51:27 AM
 #9

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

So we should be selling at the x.15 point, just before the aforementioned deviation-resistance constant.

That's what an increasing number of people seem to be doing, making the $X.20 resistance level a self fulfilling prophecy.  At least it makes for semi predictable trading conditions.


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arepo
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January 08, 2012, 05:55:09 AM
 #10

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

So we should be selling at the x.15 point, just before the aforementioned deviation-resistance constant.

That's what an increasing number of people seem to be doing, making the $X.20 resistance level a self fulfilling prophecy.  At least it makes for semi predictable trading conditions.

haha that makes sense. as the BTCUSD rate increases, the 'deviation-resistance %' naturally collects asks at a higher and higher .xx, but then is undercut at roughly the same rate by traders compensating for the predictability, resulting in a relatively scalar +.xx askwall.

this is all wild speculation of course. i guess im in the right forum Tongue

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StewartJ
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January 08, 2012, 05:57:19 AM
 #11

Strange how it's always the .2's which provide so much resistance/support.  3.2, 4.2, 5.2, 6.2... 7.2

this is an almost completely psychology-driven market. we like dollar multiples and +/- $0.2 is apparently the right amount of deviation to produce the momentum necessary to get us to the next level of resistance. to test my theory, as the BTCUSD rate increases, so should the distance from each dollar multiple to its envelopes of resistance, as it really ought to be a percentage of the rate rather than a scalar.

So we should be selling at the x.15 point, just before the aforementioned deviation-resistance constant.

That's what an increasing number of people seem to be doing, making the $X.20 resistance level a self fulfilling prophecy.  At least it makes for semi predictable trading conditions.


Coincidentally, we recently hit $7.15 twice and shot back down, when trying to get past the latest $7.20 resistance point.

I think I need to watch the movie "Pi" again.      :-)
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January 08, 2012, 06:24:43 AM
 #12

Thoughts?

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tripper22
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January 08, 2012, 06:44:03 AM
 #13

It looks like we are going to take another stab at it here soon.  Tongue
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January 08, 2012, 07:38:19 AM
 #14

As one of the other threads pointed out which im about to post on next it looks like we have another triangle forming. This is like the one before the last jump to 7.20 so i think we are going to break it for sure.
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January 08, 2012, 09:37:03 AM
 #15

dem .2's

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tripper22
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January 08, 2012, 06:15:50 PM
 #16

$7.20 is still holding (resistance). Hopefully not much longer. On the 4 hour chart slow buying pressure is building to the upside.

Can the bears repel the repeated bull attacks at $7.20?

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January 08, 2012, 06:28:51 PM
 #17

I agree with most people here that 7.2 $ is only a minor resistance.

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January 08, 2012, 06:28:57 PM
 #18

$7.20 is still holding (resistance). Hopefully not much longer. On the 4 hour chart slow buying pressure is building to the upside.

Can the bears repel the repeated bull attacks at $7.20?

I see a mini correction down into the $6.90 range for most of the day, backing off the $7.20 resistance.
tripper22
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January 08, 2012, 06:35:31 PM
 #19

I agree with most people here that 7.2 $ is only a minor resistance.

It all depends on the time frame of course. I agree with you. In my first post I showed an hourly chart (serious resistance). Maybe I should have worded it differently.  Undecided
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January 08, 2012, 07:15:43 PM
 #20

No worries :-)

Very short term, you were right that 7.20 was resistance.

Mid term, not.

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