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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin price crypto

Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2 mins read
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Bitcoin price is at risk of falling from the current trading range and is hanging by a thread at $9,600 after repeated attempts to hold above $10,000 failed.

And while a rebound from here cannot be ruled out, Bitcoin price was rejected by high timeframe resistance dating back to the previous crypto market bull run, when Bitcoin reached $20,000 and eventually began to crash.

2017’s Bull Run Support Is Rejecting Bitcoin Price Almost Two Years Later

After Bitcoin price met its all-time high price in late December 2017 at the tail end of the crypto hype bubble, the original crypto-asset all others were designed after fell below key price levels that later acted as resistance. Only one of those price levels has yet to be broken and is the last stop before the bear market is behind us for good.

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Related Reading | Indicator Gives First Bullish Signal Since Bitcoin Price Bottom 

But even now, almost two years later, Bitcoin price is still being rejected from these critical high timeframe resistances, first at $13,800, sending Bitcoin back down to $10,000, and now again at $10,000 itself.

One crypto analyst has shared a chart depicting what has historically happened when price action interacted with the resistance level.

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$BTC – Bitcoin is currently getting rejected by a significant HTF Resistance.

In the screenshots below, you can see past interactions with $9589.5 on the Daily Chart.

Typically with a high volume break, Bitcoin stalls for a few days before continuing in the same direction. pic.twitter.com/3KtDCboHke

— UB (@CryptoUB) August 30, 2019

The chart clearly shows that back in January 2018, falling below this resistance swatted Bitcoin price down extremely violently, causing the v-shaped February 2018 bottom. The momentum from that bounce as enough to cause BTC to break above the resistance level and make two attempts higher, forming an M-shaped double top.

The next time Bitcoin price met that resistance on the way down, it was once again used as fuel for bears to push the price lower, causing the April 2018 bottom, but still leaving hope in the market that an Adam and Eve bottom pattern was forming. But due to the same resistance level, the bottom formation never confirmed, and instead, it was rejected once again, causing the bear market to pick up in severity.

After that rejection, Bitcoin price didn’t again reach that level until June 2019, when it broke through and turned $10,000 from resistance back into support. But that support is now broken, and Bitcoin is at risk of the resistance level being used to violently push the price of the crypto asset back down into the bear market below.

Related Reading | Bitcoin Price At Risk of Closing Second Consecutive Monthly Red Candle 

$10,000 was often cited as a price point that would cause serious FOMO, but the price came and went and crypto investors didn’t react as they did the first time Bitcoin breached the important resistance. Instead, Google Trends barely showed a blip, and buy pressure couldn’t be sustained.

$10,000 is also 50% of the Bitcoin’s all-time high, which often plays both a strong resistance and support if the asset approaches the price level.

Tags: bitcoinbitcoin pricecryptoHTFtechnical analysis
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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