Quote from: Dave1 on October 22, 2022, 07:10:59 AM

Quote from: RILWAN on October 21, 2022, 10:24:14 PM

Bitcoin has been hovering around 20100 to 20500 since the last week which is bow lower than the speculated price mentioned on this thread, bitcoin market dip has continued but will have weak resistance without any significant price break out for that limit bd if this continues we may have to wait longer before the price reaches $23k or even higher.

And now the price is going down to $19k level, so this is now the new resistance. $20k used to be our biggest support, but it didn't hold up because of the continuous selling, the pressure is still there.

Nevertheless, we didn't go below $17k, or established a new all time low. So I guess we will be hovering around $19k-$20k till the end of 2022. So I don't see the price hitting $23k this year as we are still in the bear market and it's hard to see any recovery or bouncing back to $20k++.

Support and resistance levels usually switch up positions, 20k was a strong support and it seemed as it will resist until the next bull run but now it is a resistance that bitcoin is having a lot of problems to surpass.

And if that resistance level continues to be strong then I would not be surprised if during the next months our current support level breaks and then it becomes a resistance level as well, so we have difficult months ahead of us, but at the same time it is not like this is the first time we have experimented something like this before.