Quote from: cellard on August 12, 2018, 02:39:11 PM

Quote from: pooya87 on August 12, 2018, 04:15:31 AM

Quote from: cellard on August 11, 2018, 05:32:55 PM

As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.

the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.

market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.

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The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.

maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.

But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.

So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.

sometimes it is more than enough reason to keep a price up above some arbitrary level. it doesn't even have to be true it just needs to be accepted by majority of investors which seems to be the case here.
on top of that each time we test $6k and it stands strong it increases the confidence in that number so next time the target of everyone else would be there.

i usually don't use TA because i am not good at it and also i believe it doesn't work for bitcoin. but yeah if you see it as a descending triangle then it should have dropped below and went lower.