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🚨HUGE LEVEL FOR BITCOIN!!! (Live Analysis)
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This happens because, at this specific price level, there is an increasing number of investors buying Bitcoin. Hence, if sellers want to push the price lower, they will find strong buying pressure from market and limit orders. As you can see in this image, there have been different periods of time in which a certain price level worked as support.
As we explained before, this is due to the fact that there is an instant reaction from the market that considers that at this price, it could be a good moment to buy Bitcoin. This can be done in two different ways. The first way in which investors create support levels is by opening limit buy positions close to these levels.
When the price gets closer to these levels, there is not enough selling pressure to break these buy orders. The second way is by opening market orders. This happens as investors know that at these levels, there is a strong buying pressure that gets even stronger with new market orders being placed by investors.
If we now have a look at the volume, we also see that it tends to increase close to these levels. This shows that there is a large interest from investors to enter the market at these levels. Large amounts of BTC are exchanged when that happens, and therefore, this price region gets confirmed as a support level.
This does not mean, however, that support levels are unbreakable. Indeed, these buy walls can be eaten by sellers if the pressure to move the market lower is strong. At the same time, we could have a situation in which the price of Bitcoin breaks below an important support level but recovers in a short period of time. What are Resistance Levels?
It is now time to talk about Bitcoin resistance levels. Resistance levels are also key for investors that analyse the charts and place different bets in the market. So what are resistance levels? Resistance levels are a price where Bitcoin would find it difficult to move higher.
This happens because, at this specific price level, there is an increasing number of investors selling Bitcoin. Hence, if buyers want to push the price higher, they will find strong selling pressure from market and limit orders. As you can see, the definition is very similar to Bitcoin support levels. This is exactly the contrary situation to support regions. While the market wants to move higher, sellers try to take control of the situation and sell BTC because they consider that it is a good moment to do so.
In this image, we see that Bitcoin entered a parallel channel with clear support and resistance levels. These support and resistance levels do not have to be at a specific price, but they could represent regions. In the case shown above, we see that there are two clear areas of support and resistance.
This is a good example of how a trader could find these patterns and trade them. However, it is never easy to do so and it requires investors to look at many other patterns, indicators, and possible fundamental things that could create a good trading opportunity. Traders should also know that opening stop-loss positions at support and resistance levels might be risky in some cases.
Usually, the market tends to liquidate those traders that place stop loss orders at key support and resistance levels. Depending on the time frame that you use, there could be long-term support and resistance levels and short-term support and resistance levels.
Understanding which are the current Bitcoin support and resistance levels ia very important for traders. In the most recent 4-hour Bitcoin chart, we see that there are key support and resistance levels. It is not always to find these price regions, therefore, you should make sure to take the necessary time to find them.
As you can see, you can use different indicators to find support and resistance levels. It depends on your trading strategies and which indicators you use to spot support and resistance levels. Another thing that you should take into consideration is the fact that the best way to spot these support and resistance levels is by using multiple indicators.
At the moment, we see that there are three main support and resistance levels for Bitcoin. Things could get better for the largest cryptocurrency in the market if the coin starts to move higher and breaks above the current resistance level. Make sure that you analyse Bitcoin and other virtual currencies taking into consideration many different things rather than just Bitcoin support and resistance levels.
Take into consideration that these Bitcoin support and resistance levels could change in the future. With the aim of enhancing efficiency, lowering prices and increasing financial accessibility, Bitcoin was created to cut out third parties in financial transactions. Bitcoin is a Layer 1 blockchain, a type of project that represents the base network or underlying infrastructure in a blockchain-based financial system. Layer 1 blockchains can finalize and validate transactions without the help of another network.
They also have their own native token, which is used to pay transaction fees. Bitcoin does not rely on a central bank; instead, through the power of blockchain, Bitcoin is managed by programmed algorithms that are governed in a decentralized and democratic manner. Compared to other cryptocurrencies, Bitcoin is the most decentralized cryptocurrency in the world.
Moreover, Bitcoin is the only leading cryptocurrency that has an anonymous creator, had pure organic growth and has been tested multiple times, making it the most meritocratic cryptocurrency on the market. From an investment standpoint, the closest thing that Bitcoin can be compared to is digital gold.
Bitcoin can be considered a speculative super commodity, with a value proposition based on it being a perfectly scarce, portable, immutable and divisible savings technology. Ethereum, alongside Bitcoin, is at the forefront of the cryptocurrency movement.
However, to understand the competition between Bitcoin and Ethereum, it is important to distinguish between first- and second-generation blockchains. Bitcoin is often referred to as a first-generation blockchain.
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