Quote from: gentlemand on November 24, 2018, 12:42:10 AM

Quote from: dunfida on November 23, 2018, 06:12:23 PM

As far as I remembered back into previous months were most people do speculate that 5400 would already be the strongest support yet we are tanking on the price of 6k+
up and possible decrease wont really go below on the support range but look at we now.We did break the lowest support of 4400 and dropping even more lower. Next would be 3300
if dumping would continue then trust and confidence will surely be affected.

I've always been fascinated by the concept of 'support'. Where does it come from? Who decides? Why is it even a thing?

I've never believed in it. If there's gains to be made by pissing all over commonly accepted barriers then you can bet your bippy someone's going to do it.

It used to be taken as stone cold fact that Bitcoin never went below its previous all time high. Post late 2013 no one mentioned the possibility it would go below $266 yet it did by over $100. This is why I don't think there's any point in making strong assumptions about possible bottoms, especially months in advance which is what these support levels are.

Or we can even conclude that at this point in time, TA is not really applicable because the market is driven by market sentiments. I agree, we never thought that "X" and "Y" price could not be broken but look at where we are right now. All TA's are out of the window, except for those who are claiming that they have predicted this downtrend as early as 2018. So moral lesson here, TA might not work in the long run including support or resistance levels.