The resistance known as the trend line from 
BTC peak at 20k (2017) and the next lower high at 14k (2019) down to our recent peak of 10.5k looks like a stone wall BTC might not be able to break until the last BTC has been mined. But what if it has already happenend? (breaking resistance, not mining the last BTC :-) )
Wondering whyBTC hasn't dumped to 6k or 7k as many analysts have predicted after so many failed attempts to break the resistance? I think I know the answer: It is because BTC already did, and the famous former resistance is now acting as support.
As we all know, TA is not a science that can always work with 100% proof numbers, it is always a bit of interpretation part of every analyst's solution. Some draw their lines from candle wick to candle wick, some from body to body, and some are using the most reasonable line which is the line with most touches as support and resistance.
If we draw the trendline from the 20k wick to the 14k wickBTC hasn't even touched the 10.5k anymore since the 14k peak. There are only 2 touches, namely 20k and 14k. This might be a resistance, but it is not "our" resistance, meaning the resistance we're struggling with recently.
If we draw the trendline from the 20k peak down towards the 14k peak and further down towards the 10.5k we see a much more reasonable trend line which has been respected numerous times in the past 3 years. A few weeks agoBTC has broken this resistance, and now the price is just fighting against gravity (which might be partly caused by the market's uncertainty about this resistance), using the line as support.
I know there are pros and cons, please let me know your opinion.
BTC peak at 20k (2017) and the next lower high at 14k (2019) down to our recent peak of 10.5k looks like a stone wall BTC might not be able to break until the last BTC has been mined. But what if it has already happenend? (breaking resistance, not mining the last BTC :-) )Wondering why
BTC hasn't dumped to 6k or 7k as many analysts have predicted after so many failed attempts to break the resistance? I think I know the answer: It is because BTC already did, and the famous former resistance is now acting as support.As we all know, TA is not a science that can always work with 100% proof numbers, it is always a bit of interpretation part of every analyst's solution. Some draw their lines from candle wick to candle wick, some from body to body, and some are using the most reasonable line which is the line with most touches as support and resistance.
If we draw the trendline from the 20k wick to the 14k wick
BTC hasn't even touched the 10.5k anymore since the 14k peak. There are only 2 touches, namely 20k and 14k. This might be a resistance, but it is not "our" resistance, meaning the resistance we're struggling with recently. If we draw the trendline from the 20k peak down towards the 14k peak and further down towards the 10.5k we see a much more reasonable trend line which has been respected numerous times in the past 3 years. A few weeks ago
BTC has broken this resistance, and now the price is just fighting against gravity (which might be partly caused by the market's uncertainty about this resistance), using the line as support.I know there are pros and cons, please let me know your opinion.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.