BTC climbs to 5-month high, what are the next levels that need to be considered?
BTC climbs to 5-month high, what are the next levels that need to be considered?
October was exciting for the bulls, since BTC continues to penetrate several large levels of resistance. The first week of the month has not even been completed, and BTC has already reached an intra-week-high of 55.4K and has just entered the critical resistance zone of 55,000 to 58,000. Since the higher low at $ 40.7,000, Bitcoin has managed to recover over 36% to today's intraday highs.
During the weeks of risk acceptance, Bitcoin managed to keep the deepest higher low at $ 40.7,000, which we covered and began to form the sub-wave 3.
BTC continued to exceed the shares without risk and managed to recapture important resistance levels and to print higher maximum stands. He also managed to get an important downward trend line of around $ 50.8,000, with a successful baking test of support before increasing to $ 55.4,000. Holding over the downward trend line and following upwards will probably confirm the mighty outbreak.
third largest whale relocates 3,000 BTC to Coinbase
The pace of the BTC rally even increases when the third largest BTC wal transfer 3,000 BTC to Coinbase yesterday. At the beginning of this year, the whaling bought 15,227 BTC between $ 50,000 and $ 58,000, which corresponds to about 12% of its total BTC position. Although this is not a major percentage of the total stocks, we can assume that the company will make a distribution, especially when BTC begins with testing $ 55,000 to 58,000, an important technical and on-chain resistance zone.
Diagram of Bitinfocharts
The whaling will probably reach the profit threshold or make a small profit between $ 50,000 and 58,000, which is likely to reduce the risk and cause realignment. It is important that the bulls continue to intervene in order to absorb the offer of this unit together with other remaining sellers that BTC bought between $ 50,000 and 58,000. As soon as the offer is fully absorbed, the upward trend in the on-chain strongly indicates that Bitcoin will probably push up and possibly achieve new all-time highs.
Wyckoff accumulation may close phase d. From
Wyckoff Accumulation continues to hold a larger structure and recently formed the BU/LPS deep or a higher low at $ 39.6 though before BTC increase to $ 55.4 thousand, which signals a possible conclusion of phase D. The massive liquidations and Fuden in September extended the consolidation of phase D after a failed attempt to break out over $ 50,000 because open interests and leverage were exaggerated.
Chart after tradingview
BTC bulls protected $ 40,000, a critical level of technical and chain-internal support, as larger buyers intervened than the mood became extremely bear. Since then, BTC has managed to increase over $ 52.9,000, which is the key level to complete phase D and start phase e-mark-up. Ideally, phase D should be completed with a weekly closing price of $ 52.9,000 with a higher follow-through.
Short -term caution for great rally
At short notice, BTC reaches an overbought level on the 4-hour chart, the foreign exchange reserves have risen slowly for three days, the walquote rose, while the third largest BTC address shifted 3,000 BTC to Coinbase. This signals short -term caution, since Bitcoin put a strong rally in just one week. Ideally, it would be easy to see that the price consolidates with a small retreat while continuing to establish $ 50,000 as support.
Although the 4-hour chart may appear careful, the medium to long-term trend in the fundamental and on-chain analysis remains solid and has a higher weighting of the price movement with a view to the next few months.
on-chain trend remains firmly Bullish
Overall,on-chain indicators also show a fixed accumulation for long-term owners and miners who are the most important cohorts because they have the largest percentage of the entire BTC offer. Although the foreign exchange reserves have slowly tended up for 3 days, there is no major trend towards an aggressive distribution of long -term owners and miners. We will have to carefully observe the on-chain indicators, since BTC continues to try out the outbreak of $ 52.9,000.
critical week for an outbreak to $ 55,000 to 58,000
The price campaign of this week will be crucial to validate the bear trap from $ 52.9,000 to USD 39.6,000. So far, BTC has managed to close over $ 45.2,000 and reach a higher high. The most important thing is that we have a strong closing date for the week over the highest stalls from 7th
Today's rally looks very bullish, but it is still early and we have to wait for the price confirmation. The performance of Bitcoin compared to other risk systems was very impressive in view of the risk assessment. In the past week, the bulls regained control and managed to keep the low $ 40 in a difficult environment and at the same time achieve a significant outperformance.
If the dynamics stops and BTC successfully establishes $ 50,000 as support, the likelihood of getting between $ 55,000 and $ 58,000 into the main resistance zone. If $ 58,000 is reclaimed, the bulls will start to consider the previous all-time high at $ 64.8,000, which has a very low technical and on-chain volume, which indicates that the way to new all-time highs could be likely.
.
Kommentare (0)