Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met
At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours.Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time.Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC’s current levels.
Can Bitcoin The Bitcoin Bulls Score A Green Monthly Candle
At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls’ attempts to save the monthly candle.Bulls are defending the 2017 Top, but with one day to go it’s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon.
Related Reading | Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic
The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500.Trend Precognition is flashing a pretty strong Long signal on the Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. — Material Indicators (@MI_Algos)