How bitcoin price resistance level works?

[Brushless4500KV 4214]

I monitor bitcoin price every day and analyze how it goes up and down. One thing that interests me is that sometimes it seems there is a force against price fall that resists against falling below a certain price level. For example, since yesterday, I have seen that bitcoin price tried to remain about $8700 and withstood against going lower than that. Is there a group of traders who can control bitcoin price and support it to stay at a certain price? How is this possible when so many people buy and sell bitcoin from all over the world? I don't think all people have agreed upon $8700 as a resistance level.

[Brushless4500KV 4214]

49 minutes ago, shayekh said:

The price of the asset stops rising at a resistance level. See the following chart. There was a mistake. The buyers purchase the asset until the price of the asset rises. To explain how it works. But the sellers sell the asset when it reaches US$ 4.250.

So, you want to say this resistance is something that happens automatically without asset holders planning about it in advance? When the price goes lower than a specific amount, people refuse to sell until it crosses that resistance border. It is a safety measure to preserve value.

[BTC Future 3946]

On 1/22/2020 at 4:44 PM, Brushless4500KV said:

 Is there a group of traders who can control bitcoin price and support it to stay at a certain price?

There is a group of traders that manipulate price either way. They want you to sell to them at levels they think are low and they want to dump on you when price can't go higher. It is a game for them and they've done so for 10 years now. They don't just hold price bellow a certain level. They create the terms for price to explode and they'd profit a lot if it goes parabolic.

[nasipadang 399]

On 1/22/2020 at 9:44 PM, Brushless4500KV said:

I monitor bitcoin price every day and analyze how it goes up and down. One thing that interests me is that sometimes it seems there is a force against price fall that resists against falling below a certain price level. For example, since yesterday, I have seen that bitcoin price tried to remain about $8700 and withstood against going lower than that. Is there a group of traders who can control bitcoin price and support it to stay at a certain price? How is this possible when so many people buy and sell bitcoin from all over the world? I don't think all people have agreed upon $8700 as a resistance level.

like that? if my wild view that every crypto market has the largest holder and there is a community that maintains the value of bitcoin at a certain price so that it still gets the trust of crypto users. Moreover, crypto value is determined by demand and therefore the largest holder has an important role to manipulate prices.

[Rahul21 626]

The level of resistance to the price of bitcoin is actually that we can see that now Bitcoin has gone up to $ 9400 and that price level will reach $ 10,000 tomorrow.  So we expect all Bitcoin users to expect that the level of Bitcoin will go up.

[Popedee 377]

On 1/22/2020 at 3:44 PM, Brushless4500KV said:

I monitor bitcoin price every day and analyze how it goes up and down. One thing that interests me is that sometimes it seems there is a force against price fall that resists against falling below a certain price level. For example, since yesterday, I have seen that bitcoin price tried to remain about $8700 and withstood against going lower than that. Is there a group of traders who can control bitcoin price and support it to stay at a certain price? How is this possible when so many people buy and sell bitcoin from all over the world? I don't think all people have agreed upon $8700 as a resistance level.

In Bitcoin trading, there are market makers and market takers; the people that create the but and sell order you see in exchanges. This people determine resistance points of Bitcoin by creating more supply at a particular price beyond demand.

[Shaza Ahmad 1682]

I agree with you, bitcoin and cryptocurrencies in general depend on supply and demand and here comes the financial power to dominate the market, whales who have billions of dollars and thousands of bitcoins can control the market by placing support and resistance points that suit them in buying and selling.

[MysteriousIdentity 150]

On 1/22/2020 at 10:44 PM, Brushless4500KV said:

I monitor bitcoin price every day and analyze how it goes up and down. One thing that interests me is that sometimes it seems there is a force against price fall that resists against falling below a certain price level. For example, since yesterday, I have seen that bitcoin price tried to remain about $8700 and withstood against going lower than that. Is there a group of traders who can control bitcoin price and support it to stay at a certain price? How is this possible when so many people buy and sell bitcoin from all over the world? I don't think all people have agreed upon $8700 as a resistance level.

I am also curious how it work but what I certainly believed is that all the trades that happened in a registered exchange will be summed up and the resistance level will occur.

 

But if I am correct this is how the market prices work especially how the market decreases and increases at some poit. Big investors or traders can only control the bitcoin price as they have the power to buy more and sell more if they like. 

[Razan alikac 1899]

I think that there are many things that play a role in  crypto market, including supply and demand, including whales and bull, and they push the market up and the bears that seek to bring the market down.

[Upright 2688]

As from group whovj I seen from, whenever I see this term resistance, its more of a point which the bitcoin value will not go below it at that certain moment.as basically the resistance will always prove if its actually goon to to make the coin rise in value

[pablomarwan 3082]

The resistance area is points that reach the price of bitcoin, and traders are trying their best to maintain this point. I mean doing analyzes, and this is difficult to understand a little in relation to the bitcoin currency because it is possible in some cases to breach the resistance line without knowing the source of that or the support area

[bentayebsalah 2280]

Bitcoin price resistance level works depending on the size and strength of bears and bulls in the market and whoever has the largest number is the winner of the resistance and support

[Ayush Singh 1175]

Its very difficult to monitor the price of bitcoin because there are so much fluctuations which makes it very hard and the main thing in which the price of bitcoin depends is its investments if there will be a slight decrease in investment then the price will get efeected instantly. 

[magd 5231]

People who have a large percentage of cryptocurrencies who can influence the price of cryptocurrencies and the processes of buying and selling cannot stop whales control the price quickly. As for the level of resistance, it is better to buy them for a little $ 7000.

[Brushless4500KV 4214]

5 minutes ago, Qazi said:

Its not on price upto 8700 doller its try to remain 7200 doller but its quite difficult and resistance level is now near that, but what is about carona virus, it will finish soon and resistant also finish soon. 

I think you didn't read the date of my post! It was written two months ago in January when price resistance was near $9K. Today, bitcoin is slowly moving towards $7500. It seems that $7K resistance level has always been the hardest to pass in the history of bitcoin because whenever bitcoin reaches this value, it takes a long time to go higher than that. But when it reaches $8K or $9K, it keeps going fast up to $10K. The gap between $7K and $8K is like a steep uphill and in this specific price range, there is a big conflict between buyers and sellers. But finally buyers will win and price will rise.

[Raqeebzy 6456]

On 1/22/2020 at 3:44 PM, Brushless4500KV said:

How is this possible when so many people buy and sell bitcoin from all over the world? I don't think all people have agreed upon $8700 as a resistance level.

Let me explain it to you. There's nothing like some people agreed to a resistance level. You see resistance level and even support levels are created when Bitcoin price is finding it hard to break a price position for long, it is somehow phycological with popular beliefs especially to amateur traders that a price position is the highest or Lowest bitcoin will reach, so when it does happen it reach the price they buy up or sell off and it continues like that over time which makes it impossible to break the price position. So those positions is known as support level for lowest price and resistance level for high price. Most of the times, this level are always rounded, like we are unable to break $10,600 resistance level.

[Saj555 2250]

I don't think there is automated system available for the drops and high value of prices. This cannot be the resistance of stabling the  value of the cryptocurrencies. I guess there are a bunch of people that holds the maximum number of bitcoins and they can choose the time for giving a raise in the prices and also give drops in the prices. Eventually they control the trading percentage. That's how they manupulate the prices. 

[George10 9932]

 

On 6/15/2020 at 11:16 AM, Brand1 said:

Yes, I think that there are many bulls who have large amounts of bitcoin currency who control and support the price for a period of time and the goal of this control and support is to get people to sell their currencies at a cheap price

Whales are the ones who do control the price of bitcoins for a short period of time they can cause a sharp rise or a fall with there large amounts of holdings by carrying out some exchanges and when they are done the price normally returns to normal.

[Zaino34 0]

It depends on the people who have a large amount of this currency, where they can support it and maintain its price when trading because we know that the price of bitcoin depends on the supply and demand for this currency.

[Brushless4500KV 4214]

On 6/16/2020 at 6:18 PM, Raqeebzy said:

Let me explain it to you. There's nothing like some people agreed to a resistance level. You see resistance level and even support levels are created when Bitcoin price is finding it hard to break a price position for long, it is somehow phycological with popular beliefs especially to amateur traders that a price position is the highest or Lowest bitcoin will reach, so when it does happen it reach the price they buy up or sell off and it continues like that over time which makes it impossible to break the price position. So those positions is known as support level for lowest price and resistance level for high price. Most of the times, this level are always rounded, like we are unable to break $10,600 resistance level.

According to what you said, most levels of resistance are predetermined among traders which means they react differently when these levels are reached. If this is the case, then we can say, whales can be traders themselves not a special and limited groups with lots of bitcoins. So, resistance is something inside the brains of traders. They have defined a certain range of prices as min and max. This is bad because it doesn't let the market to do its job. A good market is the one in which traders think freely. 

[BitcryptoHan 2557]

On 6/17/2020 at 5:00 AM, George10 said:

 

Whales are the ones who do control the price of bitcoins for a short period of time they can cause a sharp rise or a fall with there large amounts of holdings by carrying out some exchanges and when they are done the price normally returns to normal.

Nobody controls the price of bitcoin, the right word for you scenario is manipulate, whales do manipulative but can not control. Whales manipulative or not, if you are good in analysing bitcoin, you will gain.

Edited June 20, 2020 by BitcryptoHan

[ben123123 152]

Bitcoin resistance and support levels are really pretty important for any trader of crypto market. Because resistance level means upper hardly for bitcoin and support below level on which price can take off again after touching support level of price. 

[Yomose 3704]

On 6/22/2020 at 3:21 AM, ben123123 said:

Bitcoin resistance and support levels are really pretty important for any trader of crypto market. Because resistance level means upper hardly for bitcoin and support below level on which price can take off again after touching support level of price. 

If we talk a look at bitcoin price very well recently for instance, the support level is around $9200 while the resistance level is around $9800 to $10000. This has really helped me to gain in trading. 

[Moaz 7239]

The crypto market is moving up or down according to supply and demand, and I think that there is a category of whales who have a large amount of bitcoin greatly influence the prices of the cryptocurrencies  by the discharge of a large amount of bitcoin and therefore its price will decrease and vice versa is also true

[Honny143 13612]

Resistance and support levels decides market dump are pump, these are the main points traders follow to take trade, like bitcoin prices opens 9200$ dollars and the resistance points sets 9800$ dollars, so now traders always tries bitcoin not cross this prices sellers doing pressure and bitcoin prices comes down but once break this point, bitcoin hit high prices mark.