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The price has been bouncing off the 6k magic "resistence" for ages now. Each bounce reaching lower and lower highs. It was only a matter of time before the that

The price has been bouncing off the 6k magic "resistence" for ages now. Each bounce reaching lower and lower highs. It was only a matter of time before the that energy disapated. Technical analysis of stocks and efficient markets is a fool's tool, but BTC is fool's money so TA is an efficient tool. Yes, I did explain this prediction half a year back to my BTC holding friends. As you can imagine; they ignored the advice. It has taken 10 months for the trail off in public interest to feed into the pricing model. In those 10 months a great many tricks and scams have been played to prop up the price, we'll see more news about those tricks unwinding soon.

dragontamer 8y ago
> The price has been bouncing off the 6k magic "resistence" for ages now "Resistance" is from above, "support" is from below. Last week, the 6k USD / BTC price looked solid. Every time 6k was tested, the community would buy up BTC and the price would go back up. Today, we have blown through the 6k USD / BTC "Support" and selling has continued down, beyond the 5k mark. Its hard to say what the next support mark is. If you asked me yesterday, I would have thought that 5k was the next support. But now that's been pushed out now. So 4.5k is my assumed support area for now. There's no "resistance" on the upper-end of the BTC market depth charts until ~7k USD/BTC. Someone really wants to sell at 7k USD/BTC, where there is ~300,000 BTC waiting to be sold (if the price ever got back to that height). The community as a whole would have to spend over $2.1 Billion to grow from $6.9k to $7.1k (wiping out the 300k BTC available at 7k). Such a huge-sum of money is why that point is called a "resistance", because it will "resist" efforts to bring the price above 7k Just an FYI.
- jeletonskelly 8y ago
  Don't let the order book fool you. Big players spoof the market all the time with these massive orders.
wickoff 8y ago
TA works well in traditional markets too. Good crypto traders who have never owned a stock in their entire life have no issues transitioning. https://twitter.com/CryptoDonAlt/status/1064585203237167106 https://twitter.com/CryptoDonAlt/status/1064585203237167106

dragontamer 8y ago

> The price has been bouncing off the 6k magic "resistence" for ages now "Resistance" is from above, "support" is from below. Last week, the 6k USD / BTC price looked solid. Every time 6k was tested, the community would buy up BTC and the price would go back up. Today, we have blown through the 6k USD / BTC "Support" and selling has continued down, beyond the 5k mark. Its hard to say what the next support mark is. If you asked me yesterday, I would have thought that 5k was the next support. But now that's been pushed out now. So 4.5k is my assumed support area for now. There's no "resistance" on the upper-end of the BTC market depth charts until ~7k USD/BTC. Someone really wants to sell at 7k USD/BTC, where there is ~300,000 BTC waiting to be sold (if the price ever got back to that height). The community as a whole would have to spend over $2.1 Billion to grow from $6.9k to $7.1k (wiping out the 300k BTC available at 7k). Such a huge-sum of money is why that point is called a "resistance", because it will "resist" efforts to bring the price above 7k Just an FYI.

jeletonskelly 8y ago
Don't let the order book fool you. Big players spoof the market all the time with these massive orders.

wickoff 8y ago

TA works well in traditional markets too. Good crypto traders who have never owned a stock in their entire life have no issues transitioning. https://twitter.com/CryptoDonAlt/status/1064585203237167106 https://twitter.com/CryptoDonAlt/status/1064585203237167106