(Domaine) Camus Pere et Fils - my favourite. I can even finish a whole bottle and still speak and think clearly (even when my head is swimming agasting a tsunami).
Anyway, right now, litecoin is facing that very issue I mentioned earlier. It can't break through the point. Litecoin has been going above $300 then back down below $300 then above $300 then back down to $300.
Earlier speculators are setting their exit point at $300, while buyers are coming in.
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This is just the 5 min frame view. There are others who would view and trade from the 1min, 15 min, 30 min frame, hourly, daily, or even weekly frame.
Whenever a support or resistance line is being 'tested', it is the battle between buyers and sellers (or bidders and askers). Whichever group overwhelms the other will cause the price to break through. Bad news create a horde of sellers; good news will just create a horde of buyers. The good O' Supply and Demand.
And guess what? There's one more thing about speculators and that is they are impatient. If the price keeps hovering for that long they will just give up by selling their position. There are many factors I can still write it out but meh.
If there's no illusional 'good news' or mass buyers, it MAY just fall sooner or later. Then again, we can never be sure as we can't predict the irrational market forces (a.k.a speculators).
Lastly, I forgot to mention this in my earlier post... there are speculators who are using trading bots to automate their trades. And these bots usually rely on technical analysis. Because of this it makes technical analysis a self-fulfilling prophecy in this whole speculation game.
P.S: Just had a few glasses (it is the weekends, dammit!).
P.P.S: Thinking of whether to try creating my own crypto trading bot... but that would mean learning programming >.<
P.P.S: I am still learning. I still know nuts. Again, I apologise if it offends anyone.