BTCUSD has been doing recently some aggressive moves. Whales have been busy lately and they are playing the game of deception to get what they want. Most of the time they do.. if market will follow. But sometimes it does not.There are probably two whales playing their games. One of them was able to take market down to ~6500 range. Other one, suddenly pushed market from ~6800 to ~8000 leaving first whale with a huge loss. It was unexpected to first whale that sell-off did not start and now first whale is patiently waiting for market to move up as it did before to cover losses.
Technical analysis
- RSI is in overbought territory and waiting for correction.
- Bearish divergence in all time frames.
- Volume is dropping
- Massive shooting star and bearish spinning top candles.
The problem now is that most of the
BTCUSD is now bought by whales. Selling pressure is not enough to drop price past ~8700 which is minor support. Other whales are not ready to buy when BTCUSD price is over 9000. Price action depends now on retail investors, but there are not enough of them to push price through 9000-9400 heavy resistance.Targets
- 1st level of support: ~8700
- 2nd level of support: 8576 , but I doubt it will hold.
- Final target should be from 8218 ~ 7861.
Important
Always stay safe. Make sure to stick to stop losses and DYOR. Not financial advice!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.