Whales buying. This is what to expect from the crypto market.
Updated
So, with the break of the bullish channel, we saw a heavy dip in price into the 40000 dollar zone and then an instant bounce up, Which was expected since the whales started to exit the market (Dec 1st), USDT.D Exploded after being in consolidation for a long time (Dec 3rd) and Bitcoin after around a day of consolidation and price compression (Dec 3rd), exploded to the down side and broke the bullish channel,
Now that the whales are entering he market and buying BTC Heavily,
These are the routes that price can take from most likely to least likely
1- Price Tests 40k Demand area, and goes up from there and breaks the 52k Supply area and continues to rise to the last ATH
2- Price Tests 52k Supply area, Fails, Then breaks Below the 40k demand area and goes down to 29-30k Demand area, and has a bounce up back from there
3- Price Tests 52k Supply area, Fails, Then breaks Below the 40k demand area and goes down to 29-30k Demand area, Breaks it, And goes down to 20-19k (Practically impossible)
Since we are in a long term sideways trend, And long term sideways trends don't really have a tendency to break, We have to see what happens, Scenario 1 is still the most likely, But the behaviour of whales should be checked upon periodically.
Now that the whales are entering he market and buying BTC Heavily,
These are the routes that price can take from most likely to least likely
1- Price Tests 40k Demand area, and goes up from there and breaks the 52k Supply area and continues to rise to the last ATH
2- Price Tests 52k Supply area, Fails, Then breaks Below the 40k demand area and goes down to 29-30k Demand area, and has a bounce up back from there
3- Price Tests 52k Supply area, Fails, Then breaks Below the 40k demand area and goes down to 29-30k Demand area, Breaks it, And goes down to 20-19k (Practically impossible)
Since we are in a long term sideways trend, And long term sideways trends don't really have a tendency to break, We have to see what happens, Scenario 1 is still the most likely, But the behaviour of whales should be checked upon periodically.
Note
Also something, If the trendline from RSI Is broken, We will see a huge spike up in price, forgot to mention.Note
Currently testing the 52k supply area, If 52k is broken, we will most likely reach new ATHs.Note
Whales ( x > 1000 BTC, x > 100 BTC) have started to sell, We have to wait and see how the price reacts to the 52k supply zone, another touch to the 40k demand zone is not impossible, you should have it in the back of your mind.Note
Whales have started to sell again, this time, very very heavily, And with that, comes the breakout of the bearish channel to the downside, Since the whales are selling heavily, It might become a fake breakout, or it might continue going down in a less aggressive angle, Now there is more a higher chance of touching 40k Demand zone.https:// s3.tradingview.com/snapshots/1/19xr8kcg.png
Note
Scenario 3 happened YAY !
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.