Bitcoin is trending downside on lower timeframes and seems to hint at future losses. The number one crypto by market cap records a 3% loss in the past week, but there is a potential sign of hope for the bulls.<\/p>\n
Related Reading |\u00a0Why Ethereum Could Trade At $500 If These Conditions Are Met<\/p>\n
At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours.<\/p>\n
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview<\/p>\n
As a pseudonym trader pointed out, Bitcoin whales are currently buying into BTC\u2019s price action and could be hinting at a future relief bounce. The trader used data provided by Material Indicators to show what the different investors\u2019 classes are doing while BTC records losses.<\/p>\n
As seen below, investors with bid orders of about $100,000 (purple in the chart below) have increased their buying pressure as almost every other and smaller investor class sells into this price action. This divergence could hint at a bounce as these BTC whales often anticipate or create price trends. The pseudonym trader explained:<\/p>\n
Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time.<\/p>\n
Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC\u2019s current levels.<\/p>\n
BTC whales (purple and brown on the chart) buying into the current PA. Source: Material Indicators<\/p>\n
In that sense, Material Indicators records massive bid orders for BTC\u2019s price around this area from $19,900 to $20,000. There are over $20 million in bid order on these levels alone with an additional $6 million at around $19,500, and over $10 from $19,000 to $19,000.<\/p>\n
In other words, there seems to be enough liquidity for Bitcoin to hold at its current levels for the time being.<\/p>\n
BTC\u2019s price with important levels of support (blocks in yellow and red below the price) on lower timeframes. Source: Material Indicators
\nCan Bitcoin The Bitcoin Bulls Score A Green Monthly Candle<\/p>\n
At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls\u2019 attempts to save the monthly candle.<\/p>\n
Analysts from Material Indicators wrote:<\/p>\n
Bulls are defending the 2017 Top, but with one day to go it\u2019s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon.<\/p>\n
Related Reading |\u00a0Extreme Fear Remains: Recapping What\u2019s Behind The Crypto Market Panic<\/p>\n
The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500.<\/p>\n
Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won’t print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com\/hvs1as44qG<\/p>\n
\u2014 Material Indicators (@MI_Algos) June 28, 2022<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is trending downside on lower timeframes and seems to hint at future losses. The number one crypto by market cap records a 3% loss in the past week, but there is a potential sign of hope for the bulls.<\/p>\n
Related Reading |\u00a0Why Ethereum Could Trade At $500 If These Conditions Are Met<\/p>\n
At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours.<\/p>\n
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview<\/p>\n
As a pseudonym trader pointed out, Bitcoin whales are currently buying into BTC\u2019s price action and could be hinting at a future relief bounce. The trader used data provided by Material Indicators to show what the different investors\u2019 classes are doing while BTC records losses.<\/p>\n
As seen below, investors with bid orders of about $100,000 (purple in the chart below) have increased their buying pressure as almost every other and smaller investor class sells into this price action. This divergence could hint at a bounce as these BTC whales often anticipate or create price trends. The pseudonym trader explained:<\/p>\n
Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time.<\/p>\n
Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC\u2019s current levels.<\/p>\n
BTC whales (purple and brown on the chart) buying into the current PA. Source: Material Indicators<\/p>\n
In that sense, Material Indicators records massive bid orders for BTC\u2019s price around this area from $19,900 to $20,000. There are over $20 million in bid order on these levels alone with an additional $6 million at around $19,500, and over $10 from $19,000 to $19,000.<\/p>\n
In other words, there seems to be enough liquidity for Bitcoin to hold at its current levels for the time being.<\/p>\n
BTC\u2019s price with important levels of support (blocks in yellow and red below the price) on lower timeframes. Source: Material Indicators
\nCan Bitcoin The Bitcoin Bulls Score A Green Monthly Candle<\/p>\n
At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls\u2019 attempts to save the monthly candle.<\/p>\n
Analysts from Material Indicators wrote:<\/p>\n
Bulls are defending the 2017 Top, but with one day to go it\u2019s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon.<\/p>\n
Related Reading |\u00a0Extreme Fear Remains: Recapping What\u2019s Behind The Crypto Market Panic<\/p>\n
The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500.<\/p>\n
Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won’t print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com\/hvs1as44qG<\/p>\n
\u2014 Material Indicators (@MI_Algos) June 28, 2022<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2266","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2266"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2266\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2266"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}