Quote:
Originally Posted by Trolly McTrollson
Can you explain what a "support level" is, why it exists, and how you know one when you see one?
Guess it means that like ... the last two times people were selling and the price was moving lower, there were enough buyers at $8.4k to stop the price fall and get it to move upwards again?
So then the price went back and forth between ~$8.4k and ~$9.5k for a couple of days, as buyers and sellers went back and forth, between support ($8.4k) and resistance ($9.5k), which is the level where people were no longer willing to buy more bitcoin.
When the price dropped below the price of ~$8.4k where people have been buying up bitcoin the last couple of times, guess that means that like ... guess the tide of sellers has overwhelmed the buyers at that level? Maybe because sellers bought, the price rose, but then it's dropped back down again to where they bought in ... twice now. So now they're maybe instead going to wait for the price to go lower before trying to buy back in again?
Maybe someone else here may be better with words, who can say things better?