Post
Topic
Board Speculation
Re: Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains
by
buwaytress
on 25/09/2018, 07:03:18 UTC
there isn't any kind of meaningful resistance at $6800 and just because price is hovering there right now it doesn't mean it is a resistance! the real ones are around $8k price and anything until that point is just day traders playing around with each other in the market trying to make short term profit.

as for the "crypto market" i wouldn't start getting excited about altcoins yet because this is yet again another bitcoin price stability phase which has always translated to day traders paying more attention to altcoin pumps than before because there is not much of a profit to make in bitcoin when price is right where it was yesterday!

Pointed out perfectly. Resistance is a price level where, once hit, price moves in reverse, and this is known or predetermined, not determined by where the price is hovering. Same with the support converse, but traders and TA news are focused on where the numbers have been playing at and calling that the support/resistance.

Well established round numbers are the true resistance, and 8k is indeed the target we are still waiting to breach. Scalpers and day traders are going to have plenty of time to play their games before we get anywhere close. Today's dip is yet the latest example.