Bitcoin

Large buying walls above $ 17,200 suggest that the Bitcoin rally is ready to continue

According to the analysis of Edward Morra, a popular bitcoin trader, Coinbase and the Bitfinex exchange now have large buy orders above the $ 17,200 level.

The creation of large buying walls is important as BTC flashed a $ 17,222 USD on November 18th. This shows that the whales are using large buy orders to aggressively defend the USD 17,200 support area.

Bitcoin buying wall on Bitfinex. Source: Edward Morra, TradingLite

How strong is the $ 17,000 support?

This is shown by both whale groups and exchange order books The $ 17,000 level is becoming a very important area of ​​support.

Large buying walls above $ 17,200 suggest that the Bitcoin rally is ready to continue
Large buying walls above $ 17,200 suggest that the Bitcoin rally is ready to continue

Above the $ 18,500 level, there is little resistance to the all-time high of $ 20,000. This means that if Bitcoin stays stable above $ 17,000, the chances of breaking above $ 18,500 will increase significantly.

Based on whale activities and exchange order books, It has become less likely that the price will drop below $ 17,200. For such a large downward movement to take place, a gigantic sales order would have to trigger cascading liquidations.

Bitfinex whales placed sell orders ahead of Bitcoin’s intraday rally from $ 17,340 to $ 18,000. Morra said that recently Bitfinex has received more purchase orders for support of $ 17,000. Wrote::

“In the event that it goes down, Coinbase has put a number of offers (buy orders) under the current area. Surprisingly, Bitfinex, which used to mainly build sales walls, now has a very thick buy wall underneath.”

Whalemap analysts are tracking Bitcoin whale activity by identifying groups and they said so Pools were formed at $ 17,783 and $ 17,651, respectively.

These “groups of whales” occur when large Bitcoin holders buy BTC at a certain price and don’t move those funds to another location. If the whale groups are formed at $ 17,783 and $ 17,651, it means that the whales have bought at those levels and are maintaining their investments.

Short-term Bitcoin whale pools. Source: Whalemap.io

Bitcoin’s setup for extended periods of time is solid

During the month of November, many analysts indicated Longer timeframe charts used to describe an optimistic short to medium term outlook.

Kevin Kelly, The co-founder and head of global macro at Delphi Digital emphasized this Bitcoin is on track to mark the first close of the month above $ 14,000. Kelly said::

“And when $ BTC closes November near its current level, it will mark a new monthly closing high, beating its December 2017 close just over $ 14,000.”

Even during the record increase in 2017 Bitcoin tried to keep the price development stable over a longer period of time. Based on the trend and many other factors, Kelly said that Bitcoin is maturing. He showed:

“It’s important to remember that there is never a straight line to the top. Substantial declines are inevitable. But make no mistake, this market is maturing. #Bitcoin attracts the attention of the world’s best investors. It pervades. Insiders.” the world’s leading thinker. “

Giant buying walls are appearing on several of the major Bitcoin (BTC) exchanges. Given that the price of BTC has risen above $ 18,000, this is a positive trend.

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