According to Edward Mohr’s analysis, one of the popular bitcoin traders, Coinbase and Bitfinex, now has large orders of over $ 17,200.
The emergence of large trading walls is significant because the BTC flash dropped to around $ 17,222 on November 18, indicating that whales are using large buy orders to aggressively defend their support area of $ 17,200.
How Strong is the $ 17,000 Scholarship?
Both whale domains and trade order books indicate that the $ 17,000 level will be the main support area.
Above $ 18,500, there is always little resistance at $ 20,000. This means that if Bitcoin remains stable above $ 17,000, the chances of a breakout above $ 18,500 will increase.
Based on whale activity and order book exchange, the price dropped to under $ 17,200. For such a strong negative movement to occur, a large sell order must trigger successive liquidations.
Before Bitcoin’s daily recovery from $ 17,340 to $ 18,000, whales were placing sell orders on Bitfinex. Mora recently said that Bitfinex received multiple support orders of $ 17,000. he wrote:
“On the one hand, Coinbase is placing a lot of orders (buy orders) in the current region. It is surprising that Bitfinex, which used to mainly sell walls, now has a very strong buyer wall at the bottom.”
Pisces chart analysts track bitcoin whale activity, identifying groups and claiming $ 17,783 and $ 17,651 to have formed groups.
These “whale groups” appear when large Bitcoin holders buy BTC at a certain price and do not transfer the funds elsewhere. So, if whale populations formed at levels of $ 17,783 and $ 17,651, it means that whales were buying at those levels and stuck to investing.
Set high Bitcoin timeframes
Throughout November, many analysts looked at the charts to show the optimistic outlook for the short to medium term.
Kevin Kelly, co-founder and head of global macros at Delphi Digital, confirmed that Bitcoin is about to announce its first monthly price of around $ 14,000. Kelly said:
“If $ BTC closed somewhere around the day’s level in November, it would reach a new monthly close, beating December 2017 by about $ 14,000.”
Even after it crossed an all-time high in 2017, Bitcoin has struggled to maintain price action in an elevated time frame. Based on the trend and many other factors, Kelly indicated that Bitcoin is gaining traction. it’s not:
“It is important to remember that the road to the top is never linear; a great recession is inevitable. But make no mistake, this market is maturing. Bitcoin has attracted the attention of the world’s largest investors. It penetrates the inner circles of the world’s leading thinkers.”
Big buying walls are starting to appear on the major Bitcoin exchanges. Given that BTC price has crossed $ 18,000, the trend is optimistic.