why does it reject 28500 eveyrtime ?

[Anonymous No.54382322]

it's the third time this month we try to penetrate 29k and we fail.

[Anonymous No.54382353]

>>54382322
google "what is market making"

[Anonymous No.54382377]

>>54382353
Why don't you just tell me you big queer.

[Anonymous No.54382558]

>>54382377
markets don't just happen when buyers and sellers meet in an exchange and post their orders.

There are professional firms and individuals buying and selling professionally to ensure a smooth functioning of the market on exchanges and off exchanges to meet the demand of buyers and sellers that want to buy and sell at all times and at all prices

Every time someone buys the market maker is selling and vice versa. During a bull run or uptrend the market maker is accumulating USD(for example) and selling as the asset(say btc) at BTC becomes more and more valuable. in other others the market maker is constantly going short during an uptrend and at the top he is deep under water on his shorts...as the trend stalls out the market maker continues to sell his asset for more USD absorbing all the buy orders until they are exhausted(side ways distribution) at some point buy orders dry up or theres a news catalyst or there's straight up dumping from whales on purpose and the price starts to crash. The market maker now has all the cash accumulated in the uptrend and the sideways move at the top and they now start to go long or buy on the way down as people start to sell because the price is coming down and longs get liquidated. the market maker is now accumulating BTC or the asset all the way to the bottom of the market.

Anyways the reason why price interacts with these magic numbers like 28500 is the market makers are dumping the asset at those levels and buyers keep buying the dip.... if enough buyers can keep buying the dip the market may breakthrough if not the market makers will keep dumping and drive the price down and start to recover their underwater shorts.

[Anonymous No.54382605]

>>54382322
29k was near the last strong support to give out before price dumped down to 21k. That's why all the resistance up to it has been relatively soft.
Doesn't help that there's a CME gap there and traders see it as a natural place to sell.

[Anonymous No.54382619]

>>54382558
Meds
>>54382322
Its huge resistance

[Anonymous No.54382626]

>>54382558
Damn , appreciate the honest analysis anon, have a nice day.

[Anonymous No.54382638]

>>54382322
Hold on, let me go short 100% NW so we can go up. My bad guys

[Anonymous No.54382668]

>>54382558
>>54382619
Merds i s too hard but market maker means just liquidity provider. There is not this all knowing dark force and whales very often lose a lot

[Anonymous No.54382708]

>>54382322
>we
who the fuck is "we" ?
there is no "we"

[Anonymous No.54382711]

>>54382605
Isn't the gap already filled ?

[Anonymous No.54382845]

>>54382638
shorting since 2 hours
doesnt go well so far

[Anonymous No.54384374]

>>54382845
imagine shorting bitcoin on the eve of unprecedented usd hyperinflation

[Anonymous No.54384581]

>>54382711
Technically, no, since no candle has actually closed above it. There have been wicks.

[Anonymous No.54384610]

>>54382322
Somebody here must be FOMOing at $28500. just wait for him to sell and give up and we will break the resistance

[Anonymous No.54386039]

>>54382322
should I open a short next time it hits 28500?

[Anonymous No.54386122]

>>54382558
lmao and he answered what a trout

[Anonymous No.54387385]

>

[Anonymous No.54388003]

>>54387385
> >

[Anonymous No.54388068]

>>54388003
look at my invisible id

[Anonymous No.54388188]

>>54382322
Because Bitcoin has no intrinsic value. It will violently reject all prices above $0 (or potentially negative due to compliance liabilities with stricter regulations)