Quote from: Vantix on October 01, 2019, 10:55:11 PM

Quote from: adaseb on October 01, 2019, 03:50:50 PM

Been looking at the order market depth books and seems that people got front run who wanted to buy in the $7500 area. It's very clear on Bitmex that people were either looking to long there or shorts looking to close there. Reason why the $7500 area was important is because it's an important psychological number and it was resistance during the rally and was strong support during the dip afterwards, people were expecting a quadruple type of bottom I guess.

And what happened was price came close, rally happened and now those orders were moved up all of a sudden. This is why when trading crypto you need to be careful of those simple common support and resistance areas since most traders are looking at the same thing. People were expecting $9000 to be support also but look what happened instead.

Isn't a 7500 dollars price range some sort of a Fibonacci level? If you look at recent bitcoin performance then you can see that $9000 wasn't ever gonna hold. When $9500 level was broken then only $7500 was only reasonable support level.

I checked the fibs and couldn't find any setup where $7500 was a fib level. The closest fob level I could draw would've at around $7260 or so using the $3100 low and $13800 high.

The $9000 area was important because it was support of the declining triangle, so eventually it would of broke but we might of gotten a bounce or two off it before that happened.

The $6000 area is probably the next up if $7500 doesn't hold, however I wouldn't be surprised to have it just cut thru that area like butter as we did on the way up.