The chart below is an attempt to quantify exactly where Bitcoin’s major support and resistance levels are.
To show this, we broke Bitcoin’s price down into $500 price ranges and then overlayed the number of days in total Bitcoin has spent trading in each of these ranges.
* At the time of writing, Bitcoin is trading around 11300
– A few more days at this level could turn 10000 -12000 into a significant support level
* Below the current level, the next near term support range is 7000 – 7500 range
– Bitcoin spent a total of 8 days trading around this range
* The largest near term resistance line is 13500 – 14000 where Bitcoin also spent 8 days
– Resistance thins out pretty quickly > 15500
– Meaning a break above 15500 could see a retest of ATH’s relatively quickly
* Round numbers mean little to Bitcoin
– Normally you’d expect significant resistance at most round numbers
– Bitcoin shows gaps at 5000, 9000, 10000, 12000 and 18000. This is likely due to volume
being fragmented across multiple exchanges and currencies (fiat + digital), reducing
the importance of round numbers.