/biz/ - Business & Finance

>>/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.

>>56901635
You were warned about the massive resistance above 44k which was traded as the support for nearly 10 years until it failed in September and since then has been traded against by the market as resistance. And yet you're now surprised. Huh?

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.