/biz/ - Business & Finance

BTC yet again hit the long-term super resistance. That is, the long-term support that turned into resistance; the support which has its origins in 2013 which the global BTCUSD market began trading as THE support in 2015 which failed in September 2022 and has ever since been traded as resistance. When a support turns into a resistance, the longer the support lasted and stronger it was; the stronger a resistance it becomes. BTC has tested this super resistance multiple times since it was transformed from support into resistance (Sept 2022) and each time BTC has been violently thrown down. Since this resistance is on such a zoomed out scale there's no exact numbers to go by and it's more of a "zone" or "area" of resistance, rather than a strict hard wall. BTC could pump a little bit more and still be *at* the resistance, be within the zone/area of the resistance. Since the resistance is angled upwards the numbers are higher going forwards in time. So if BTC dumps now and retests the resistance yet again later, then it will be doing the retesting at a higher number.

Here's the long-term support-turned-resistance graphically visualized to make it easier to see: >>/biz/thread/56938913 -- That time, shortly after that thread BTC wicked over the resistance with a few k and then dumped to 38k. It's the same situation now but with higher numbers since we're further forward in time now.

If BTC were to pump up above this hyper-resistance and it once again starts being traded as the support, that would be super bullish. So far that hasn't happened though -- each time so far BTC has been violently thrown down.

>>57591910
You were warned so many times at 50k.
You were even warned about the resistance: >>57586700 quote:

>It stopped at 50k because BTC yet again hit the long-term super resistance. That is, the long-term support that turned into resistance; the support which begins in 2013 which the global BTCUSD market in 2015 began trading as THE support, and which failed in September 2022 and has since been traded as resistance. When a support turns into a resistance, the longer the support lasted and stronger it was; the stronger a resistance it becomes. BTC has tested this super resistance multiple times since it was transformed from support into resistance (Sept 2022) and each time BTC has been violently thrown down. Since this resistance is on such a zoomed out scale there's no exact numbers to go by and it's more of a "zone" or "area" of resistance rather than a strict hard line. BTC could pump a few k more and still be *just at* the resistance. Since the resistance is angled upwards the numbers are higher going forwards in time. Right now the center of the resistance is between 49k to 53k or so.

>See this: >>/biz/thread/56938913 <-- That's the same resistance.

>That time, shortly after that thread BTC wicked over the resistance with a few k and then dumped to 38k. It's the same situation now but with slightly higher numbers since we're further forward in time now.

>>57586490
Because BTC yet again hit the long-term super resistance. That is, the long-term support that turned into resistance; the support which begins in 2013 which the global BTCUSD market in 2015 began trading as THE support, and which failed in September 2022 and has since been traded as resistance. When a support turns into a resistance, the longer the support lasted and stronger it was; the stronger a resistance it becomes. BTC has tested this super resistance multiple times since it was transformed from support into resistance (Sept 2022) and each time BTC has been violently thrown down. Since this resistance is on such a zoomed out scale there's no exact numbers to go by and it's more of a "zone" or "area" of resistance rather than a strict hard line. BTC could pump a few k more and still be *just at* the resistance. Since the resistance is angled upwards the numbers are higher going forwards in time. Right now the center of the resistance is between 49k to 53k or so.

>>/biz/?task=search&ghost=true&search_text=44k+resistance
>>/biz/thread/S56895701#p56895725
>>/biz/?task=search&ghost=true&search_text=2013+2022+support+resistance
>>/biz/thread/56901635#p56901680

Picrel. The yellow line visualizes the area the market traded as support for Bitcoin until September 2022. In September 2022 that support failed, and began to be traded as resistance. BTC recently went over 44k (44.72k Dec 8) which is roughly where the resistance is now. And now BTC was thrown the fuck down, after testing the resistance for a few days. Most of the market thought "It's not going to break through..." and sold. Hence the dump.

>>56872588
There's nothing fake about the BTC chart. Stop crying. If you have a problem with the chart, then you have a problem with the market itself as the chart looks the way it does due to how the market has traded BTC; Bitcoin's price action, its candles, how they look, is a direct result of how the market has traded BTC. And the market does NOT care about your opinions or feelings.

Here's the current market situation. BTC is currently traded within this little wedge, which is inside the HUGE Rising Wedge which we recently had an educational thread about: https://archived.moe/biz/thread/56831656

BTC broke out a tiny bit above the Rising Wedge, an inherently bearish structure, and when such a breakout occurs above a Rising Wedge it's almost always a fakeout meaning the price dumps back into the wedge. Proper breakouts above Rising Wedges do occur, it's just exceptionally rare. The crabbing we're seeing now is possibly confirmation of this being a fakeout.

Interesting BTC stopped pumping, or slowed down significantly, for now at least, at the top of this tiny little wedge. If BTC crawls along right under the roof of this small wedge then by next week it will be 44k which is roughly where the main resistance is (the support from 2013 that failed in 2022 and since has been traded as resistance).

If BTC breaks out above this tiny wedge then it seems less likely this is a fakeout. Especially if it goes to 45k or so, to above the resistance and the market begins trading it as support again.

>>56872594
It's just a little wedge, within the HUGE Rising Wedge which we recently had an educational thread about: https://archived.moe/biz/thread/56831656

BTC broke out a tiny bit above the Rising Wedge, an inherently bearish structure, and when such a breakout occurs above a Rising Wedge it's almost always a fakeout meaning the price dumps back into the wedge. Proper breakouts above Rising Wedges do occur, it's just exceptionally rare. The crabbing we're seeing now is possibly confirmation of this being a fakeout.

Interesting BTC stopped pumping, or slowed down significantly, for now at least, at the top of this tiny little wedge. If BTC crawls along right under the roof of this small wedge then by next week it will be 44k which is roughly where the main resistance is (the support from 2013 that failed in 2022 and since has been traded as resistance).

If BTC breaks out above this tiny wedge then it seems less likely this is a fakeout. Especially if it goes to 45k or so, to above the resistance and the market begins trading it as support again.

>>56850652
To reach 45k right now or in a week, BTC would have to go above the extreme resistance that used to be the support since 2013 until late 2022. So that's probably not going to happen. A month or two from now however it can reach 45k without needing to even touch that resistance, since the resistance goes upwards.

That is; the support beginning in 2013 which was traded by the market movers as the main support until Sept 2022 where it failed, and since has been traded by the market movers as a massive resistance – when a support turns into a resistance, the longer time it was a support the stronger a resistance it becomes; hence why BTC failed to get back up above the support after it had turned into resistance.

In a few k, BTC will hit this resistance again – the previous time was in April. So, will BTC break through the resistance so it gets turned back into support? Or will BTC, like earlier, get knocked down once the resistance is encountered? This is THE most important thing to keep an eye on now. Nothing else on the chart matters as much as this now. All else is irrelevant noise.

>>56836744
The resistance that matters, the long-term support beginning in 2013 which failed in Sept 2022 and since has been traded as resistance, is currently at ~44k. So BTC would need to pump up to 45k or so to break through that resistance and turn it back into support.

Only 10k left to go for Bitcoin to break the resistance and reclaim the long-term support * and transform it from resistance back into support.

* (the support which has been traded as support since 2015 by the market movers, beginning in 2013, and failed in Sept 2022 and has since been traded as resistance by the same whales)

>>56437637
Currently BTC would need to pump to ~44k to get back up above the failed support (the support that begins in 2013 and was traded as support ever since 2015) that turned into resistance in Sept 2022 and has been traded against as resistance ever since. So it's about 14k below the resistance. When you put it that way, the situation doesn't seem bullish at all.

The 1W Stoch RSI however does look bullish. But BTC reaching 43k-45k would easily top it out. Or in other words, when the 1W tops out BTC may very well be hitting that giga resistance (which currently is at about 44k, later it's higher up of course). What a coincidence...

Of this chart. From September 9th. Original thread: >>51347821

It's crucial to have this in mind to understand what's happening right now. The chart illustrates the failed very long term support which turned into resistance. The support began on February 25th 2013 and failed on August 22nd 2022. After 9 years, 5 months and 28 days.

As stated on September 9th, BTC had begun hitting the roof of this once-upon-a-time massive gigasupport. The question then was whether BTC would get thrown back down or break through. Looks like we have the answer now.

Follow-up to the excellent thread a few days ago which showcased BTC's recently failed very long term support which turned into resistance. The support began on February 25th 2013 and failed on August 22nd 2022. Obliterated after 9 years, 5 months and 28 days!

And RESISTANCE indeed! This we are now witnessing, as expected: BTC is now hitting the roof of this once-upon-a-time massive gigasupport! Will it violently get thrown back down or will it break through!? THAT is THE question right now on everybody's mind! This is an absolutely crucial and decisive moment for the market! The market is face-to-face with 9+ years of itself! An epic battle is unfolding right now!

Follow-up to the excellent thread a few days ago which showcased BTC's recently failed very long term support which turned into resistance. The support began on February 25th 2013 and failed on August 22nd 2022. Obliterated after 9 years, 5 months and 28 days!

And RESISTANCE indeed! This we are now witnessing, as expected: BTC is now hitting the roof of this once-upon-a-time massive gigasupport! Will it brake through or get thrown back down!? THAT is the question right now on everybody's mind! This is an absolutely crucial and decisive moment for the market. The market is face-to-face with 9+ years of itself! An epic battle is unfolding right now!