Can anyone explain "resistance" in Crypto speak

[Tidybuoy]

I was reading some financial news and stumbled on this article that used the term "resistance" many times through out the article. I have no idea what they are talking about and I need a Crypto Nerd to explain it to me.

Anyone.....

"Shiba Inu pulled back a bit after an attempt to get above the resistance at $0.00002950 while Bitcoin was mostly flat.

The world’s leading cryptocurrency has recently tried to settle above the resistance at $62,900 but failed to develop sufficient upside momentum. Bitcoin’s RSI remains in the overbought territory, so the risks of a pullback are increasing. In case Bitcoin manages to settle below $62,000, it will have a good chance to get to the test of the psychologically important support level at $60,000 which will be bearish for the whole crypto market, including Shiba Inu."

It goes on and on..

[icemann427]

I thought about explaining it, but it is easier and more informative if you read from the two links, below.

https://www.investopedia.com/trading/support-and-resistance-basics/

https://www.investopedia.com/terms/r/rsi.asp

[Steve Carlton]

[fintstone]

Resistance is the point where crap becomes worth enough that so many owners are willing to sell theirs that you just can't raise the price any more because demand is instantly filled by others willing to sell at that price.

If middie 911s hit $90K, so many will be willing to sell at that price that it might be a while before you can get $95K. Even guys who said they would never sell theirs will do so and buy ugly Mustangs. Eventually, everyone that is willing to sell at $95K sells and if there is still demand, you overcome the resistance and start selling for more than $95K. More will sell at the higher prices...including some who bought at $95K and were later not quite happy with the air conditioning...and the resistance moves higher (unless, of course the market dries up).

Support is the level where items are cheap enough that someone will always buy at that price..so it is unlikely (under current circumstances) to go lower. It is like if the price of Middie Targas gradually dropped to $20K...if you are wanting to buy at $19K, you may never get one.,.as there is a solid market at $20K.

[Arizona_928]

Sooooo anyone here invest in some shiba?

It's making stupid money

[Jims5543]

Originally Posted by Arizona_928

Sooooo anyone here invest in some shiba?

It's making stupid money

Can you see the huge smile on my face?

Purchased on Oct 3rd just before the first push.

Then some more 2 days ago because it dipped and everyone said it was done. So I said what the hell why not?

I own 25 million SHIB I am praying it goes to DOGE land, I will take every tax hit with a smile as I walk away with both middle fingers up in the air.

Poof!! I will be gone.

[Arizona_928]

Originally Posted by Jims5543

Can you see the huge smile on my face?

Purchased on Oct 3rd just before the first push.

Then some more 2 days ago because it dipped and everyone said it was done. So I said what the hell why not?

I own 25 million SHIB I am praying it goes to DOGE land, I will take every tax hit with a smile as I walk away with both middle fingers up in the air.

Poof!! I will be gone.

I'm in the same boat. I'm at a few mil less than you. I think I might be able to afford a long hood sooner than later.

[porsche4life]

Originally Posted by Arizona_928

Sooooo anyone here invest in some shiba?

It's making stupid money

I tossed some chump change in last night. It’s almost doubled in about 16 hours? I’ll take it. Did the same thing with doge and turned some change into a grand in a few weeks…..


It’ll help pay off the vet bills for our newly diabetic dog. 🥴🥴

[MBAtarga]

What process/site are you making the purchases through?

[Jims5543]

My friend had about 10 BTC when it hit 9K.

He had mined half of that and purchased the other half.

He could not believe his little hobby netted him $90K.

What did he do? He sold it all off and cashed out, paid off all his debt.

I meet with him once a month for beers, his advice to me was, when the crypto takes off, do not pull it all, only take a little leave the rest, you never know.

Imagine if he left 50% of his BTC in there until now. He would have over 300K.

No one has a clue where this crap crypto is heading, I suggest taking half of your winnings and pressing your bet. What if it takes off to 10 cents a coin?

[Arizona_928]

Originally Posted by MBAtarga

What process/site are you making the purchases through?

coinbase, but i do not recommend them. They have crashed, and suck all around.

[porsche4life]

Originally Posted by MBAtarga

What process/site are you making the purchases through?

Coinbase is the easiest to use that I’ve found, but it has higher fees than some of the others.

[porsche4life]

Originally Posted by Arizona_928

coinbase, but i do not recommend them. They have crashed, and suck all around.

This applies to most of the exchanges/wallets.

[Paul T]

Originally Posted by fintstone

Resistance is the point where crap becomes worth enough that so many owners are willing to sell theirs that you just can't raise the price any more because demand is instantly filled by others willing to sell at that price.

If middie 911s hit $90K, so many will be willing to sell at that price that it might be a while before you can get $95K. Even guys who said they would never sell theirs will do so and buy ugly Mustangs. Eventually, everyone that is willing to sell at $95K sells and if there is still demand, you overcome the resistance and start selling for more than $95K. More will sell at the higher prices...including some who bought at $95K and were later not quite happy with the air conditioning...and the resistance moves higher (unless, of course the market dries up).

Support is the level where items are cheap enough that someone will always buy at that price..so it is unlikely (under current circumstances) to go lower. It is like if the price of Middie Targas gradually dropped to $20K...if you are wanting to buy at $19K, you may never get one.,.as there is a solid market at $20K.

That's a great explanation....

[Jims5543]

Originally Posted by Arizona_928

coinbase, but i do not recommend them. They have crashed, and suck all around.

+1

Really disappointed in them.

I am in the process of learning how to set up a USB based crypto wallet.

Then moving my holdings into that.

Then finding a better exchange.

I have a Metawallet too because I am supposed to have staked a HEX by now but I never seem to have the time nor the patience to finish setting it up and making my stake.

PNC bank likes to block my every move, I am close to leaving them.

[Jims5543]

SHIB is dipping and Coinbase is down, I am pretty sure that is the reason for the dip.

[porsche4life]

All the biggies are down right now. Go on Reddit and all the crypto traders are complaining. Shiba volume was too much for them to handle and servers started crashing.

Honestly buy the dip if you get a chance. It’ll spike again when everyone can log in.

[Jims5543]

Originally Posted by porsche4life

All the biggies are down right now. Go on Reddit and all the crypto traders are complaining. Shiba volume was too much for them to handle and servers started crashing.

Honestly buy the dip if you get a chance. It’ll spike again when everyone can log in.

I bought all I am buying of SHIB and all other Crypto for now.

I am hoping I got into SHIB at the right moment, that moment I missed with BTC because I thought it was stupid and that moment with DOGE because again I thought it would not go anywhere.

So when I saw a chance to get into SHIB @ 0.00001729 I jumped!! When I saw another dip and the potential for this to skyrocket, I bought some more.

I am done buying for now, if it goes where I hope it will, I have enough.

[Arizona_928]

Originally Posted by porsche4life

All the biggies are down right now. Go on Reddit and all the crypto traders are complaining. Shiba volume was too much for them to handle and servers started crashing.

Eh, all time high about knock out a 0 or two on a bull run. And the servers go down. Someone pulled the plug and let some whales dump.

Big money for some table scraps for the rest.