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    Bitcoin whale clusters pinpoint key support level for the rally to continue


     

    Bitcoin whale clusters show $23,409 as a key support area, which means the ongoing rally has a strong floor. 


     

     

    Bitcoin (BTC)
    whale clusters show that the $23,409 level has become an area of focus
    for large traders. This indicates that the ongoing bull run is buoyed by
    whales continuing to accumulate above $23,000.

    Whale clusters
    form when whales purchase Bitcoin and do not move their BTC holdings
    from the price of purchase. Clusters are useful in determining Bitcoin’s
    support levels, especially when the market moves rapidly.

    Bitcoin whale clusters. Source: Whalemap.io

    "Should not be going lower than $23,409"

    According
    to analysts at Whalemap, a data analytics firm that tracks Bitcoin
    whale activity, BTC has formed a strong floor in the $23,000 to $23,500
    range. They said:

    “Surprisingly
    large amounts of losses were flowing on-chain at 19k prices. When this
    happens in bullish conditions BTC gives us nice rallies (10k-->20k
    last time). We have multiple strong supports at recent prices as well...
    Should not be going lower than $23,409.”

    It is important
    for Bitcoin to establish solid support areas during a bull run due to
    the risk of sudden corrections. If whale clusters are present at high
    price levels, like $23,409, then whales are likely to bid slightly
    higher and sustain Bitcoin’s momentum.

    Peter Brandt, a long-time trader, pinpointed the parabolic line of Bitcoin dating back to October as a key area to watch.

    Daily BTC/USD price chart with trendlines. Source: TradingView.com, Peter Brandt

    The
    line indicates $24,000 as the critical support area, which would mean
    BTC needs to stay above it to prevent a large drop. Brandt wrote:

    “Bitcoin
    $BTC is advancing in parabolic move from Sep '20 low. I expect this
    curve to be violated at some point, but not to produce 80% decline.
    Green curve is a larger parabolic advance from Dec 2018 & Mar 2020
    lows. This is the driver of bull market.”

    In the near
    term, the whale clusters and the parabolic trendline show that $23,409
    and $24,000 are the two key levels Bitcoin must hold.

    Below
    $24,000, the chances of an accelerated correction increase, which could
    worsen if whale cluster support areas are breached.

    Where would BTC top out at?

    Traders
    generally believe Bitcoin could rise to two levels: $30,000 and
    $36,000. The latter has become a popular near-term prediction because
    the options market indicates a high probability of $36,000 being hit in
    the upcoming months. Of course, the former is a key psychological
    level. 

    A pseudonymous trader known as “Byzantine General” said
    that he foresees Bitcoin topping out at $30,000. He explained that
    $30,000 is the “golden ratio extension” level and also has sell orders
    on Coinbase and Bitfinex. He said:

    “I
    think this rally tops out mid-term around 30k. It's the golden ratio
    extension. Also happens to be where CB & Finex got fat asks laying
    around.”

    On Dec. 27, Cointelegraph reported that
    Bitcoin immediately saw big volatility, ultimately shedding 6.5% within
    a span of a few hours after the price topped out at $28,200 across
    major exchanges. Given that resistance areas with heavy sell order scan
    be met with large pullbacks, the $30,000 area could present a major
    short-term roadblock to Bitcoin.

    source link : https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue

     

     


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    Item Reviewed: Bitcoin whale clusters pinpoint key support level for the rally to continue Rating: 5 Reviewed By: 66bitcoins
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