🐋 $BTC broke below the 69,000 level, 85 days since it was last here.
A lot of orders are usually placed around key levels, so let’s first talk about why they matter.
Even among round-number levels, the larger the number, the more people tend to watch it. Major levels like multiples of 10,000 or 100,000 attract more attention than ordinary round numbers.
When a price returns to a level after many days, people who bought around that price before may break even and exit, or add to their positions. Trading activity is often relatively high.
Understanding this indicator can help you avoid being intimidated by the numbers—not use it to pinpoint tops and bottoms.
A lot of orders are usually placed around key levels, so let’s first talk about why they matter.
Even among round-number levels, the larger the number, the more people tend to watch it. Major levels like multiples of 10,000 or 100,000 attract more attention than ordinary round numbers.
When a price returns to a level after many days, people who bought around that price before may break even and exit, or add to their positions. Trading activity is often relatively high.
Understanding this indicator can help you avoid being intimidated by the numbers—not use it to pinpoint tops and bottoms.
