Imagine you’re looking to sell Bitcoin. People like round numbers. Would you set a sell limit order at $69,800 or $70,000?

Technical analysis and support levels only work because a bunch of people believe in them and will trade based on them. There is an element of following human psychology which is involved, but it’s a bit of a pseudoscience.

It takes time to get through certain levels because for a while there are equal sellers to buyers.