BITCOIN, guess what "they" are doing
As strange as it may sound, whales, or rather the top 100 Richest addresses on BTC, don't seem interested in selling these days.
If it is true that there was an upturn in sales on your part a little more than a week ago but this has activated the purchase orders of most of the whales that in just a few days have gone from a BOUGHT vs SOLD relationship of 2.7 to 7.6.
Their movements clearly accompany the price of BTC and do not stop accumulating continuously.
Example of which, you have the third richest BTC address, look how it accumulates in each of the opportunities offered by the market, selling almost at the tops, buying in the valleys:
It is without a doubt a wallet to follow on a daily basis.
Seeing this panorama and taking into account the near past, I cannot assure that the Bear Market is confirmed.
FIBONACCI's Level of the entire current BULL cycle tells us that we are a little below 61.8% which is usually a good level on which to take off but on the other hand, the price is resting in a very dangerous area, a historical support that also seems trace the neck of an imposing Head and Shoulders pattern.
I don't even want to look at where the price would go if this H&S is confirmed, I think below $ 20,000... but I already tell you that I trust that our whales seem not interested today in making the price fall below $40,000.
Unfortunately, we can only wait to see what happens. For my part, and following my usual strategy, I have placed several purchase orders from $40,000 to $30,000 just in case.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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Some people make a big mistake: they thing that, since big investors entered at prices above 30k, they are not going to make the price drop below that level. That is actually not true since big investors are always playing at an averaging on the bottoms. And you never know who is selling and who is buying but some of them is now in profits. Others don't. So some may sell and some others may buy to average down.
By the way, I think that we are not dropping down further and we are going to see a couple of weeks of price consolidation, with potential increase in the price.
I also think that we are in a consolidation mode, will see.
Thanks for your comment
Anyone who doesn’t have 1 Bitcoin should DCA all the way down and not bother about prices....including myself. If everyone can do this consistently. Bitcoin will be better for it.
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fully agree with you
Yes, I have not even brought up the head and shoulders due to there already being so much fear... and that I don't think it will confirm. Even if it does, H & S patterns often underperform and don't reach the target. Hopefully, it will be invalidated by a spike or even prolonged sideways action.
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Yeah, it's not really hard to guess where the "smart money" goes when we have dips... I think that the main problem that people "don't see", is that whales do DON'T look at the charts to pick a spot to buy or sell the asset, they CREATE charts! That's a huge difference and very important for small investors...
IMO, that head and shoulders pattern screams a huge BUY signal if the price starts to fall down, and I have a feeling that that possible dip will last only a couple of minutes and we will see a huge wick and shoot to the stars... :)
In "hard days", I always like to remind myself that BTC fundamentals are still the same, so nothing changed... ;)
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I am not a maximalist but I consider that BTC is the only one purely decentralized and distributed.
Completely agree with you on that!
I'm not saying that it's not decentralized, just saying that those who have the most can move the markets... ;)
There’s also some small business called “Microstrategy” that keeps accumulating on these dips. I am quite sure they will announce a substantial add-on to their portfolio shortly… As long as they are not selling (and Satoshi!), I am not worried
Bitcoin whales find liquidity in people's stoplosses; I won't be surprised if we see a flash-crash between 40-30k. If negative, we'll accumulate around the 40k range before heading up a little more. Who knows...
I am glad people like you can interpret the math because anything with more than simple addition makes my head spin.
Also glad to see the whales are buying the dips. Does make me wonder how often they manufacture the dips SO they can buy though
I doubt BTC will ever get to $20k
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noooo, for sure!😂