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“If negative momentum continues, she said, she sees the next support at $13,900, based on her analysis.” Why is this a support level?
by melling 4y ago
“If negative momentum continues, she said, she sees the next support at $13,900, based on her analysis.”
Why is this a support level?
- malshe 4y agoPretty sure this is based on technical analysis. No fundamentals are involved here so there’s no economic reason for the support level.
- mekster 4y agoThose TA is nothing but bullshit. Everytime it hits that "support level", they talk about the next one, like, ever since breaching $50k and they don't account for anything but Bitcoin's activity and not the bigger picture that is the global economy. People who believe in those crappy local analysis were made to hodl thinking that line may hold, till they realize they're way under and forced to sell.
- lamp987 4y agoTA works because enough people believe it works. Its a self-fullfilling prophecy. It doesnt matter that there is no technical or mathematical reasons for it to be true.