There’s Over $10M Preventing Bitcoin From Breaking Past $9,500

There's Over $10M Preventing Bitcoin From Breaking Past $9,500

Bitcoin has made an attempt at recovering the losses it incurred late last week. On Sunday, the cryptocurrency rallied as high as $9,200 as buyers stepped in and shorts were squeezed.

Yet order book data indicates that BTC may have a tough time rallying any further.

According to a crypto trader, traders on Binance have made a stand at $9,500-9,550. According to order book data from the exchange’s Bitcoin/U.S. equivalent market, there is over 1,300 BTC worth of orders at that level.

That’s to say, there is $10 million worth of sell orders at that region waiting to slow any rally. That is one of the biggest Bitcoin walls Binance traders have collectively formed in a few days, according to the charts.

Image

BTC chart over the past few days with order book dominance indicator from trader "Coiner-Yadox" (@yodaskk on Twitter)

Large sellers may be putting asks at the topside of Bitcoin’s price, but there are buyers to the downside.

As reported by NewsBTC previously, a trader observed that a “Bitfinex” whale has begun to stack long orders between $8,600-8,900.

This is pertinent as Bitfinex’s order book has been one of the most accurate directional indicators for BTC over the past few months. The book registered a series of strong buy orders in the $5,000s when Bitcoin traded there in April, then called the $10,400 top at the start of June.

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BTC price chart with order book dominance bands indicator shared by day trader "Jonny Moe" (@Jonnymoetrades on Twitter)

In a similar vein of news, Grayscale Investments has continued to add Bitcoin to its trust.

Technology analyst Kevin Rooke has made the observation over recent weeks that the company is adding more BTC its trust than BTC mined.

There is some that debate the validity of this figure.  Yet most agree that this fact alone suggests a growing institutional bid supporting the crypto market.

It might be bears that win this tug-of-war, though.

On-chain analyst Cole Garner said the following on June 24th about the details of Bitfinex’s order book data:

“More importantly, Bitfinex orderbook delta has been skewed massively to the sell side for almost six weeks.The birds-eye-view of BFX’s orderbook has been an accurate leading indicator of #Bitcoin’s next move nearly every swing for the past nine months.”

The “skewed” order book delta adds to a confluence of other bearish fundamentals he identified. These include an influx of withdrawals from miner wallets to exchanges, institutions building a net short position via the CME, and correlation with the S&P 500.

Source: www.newsbtc.com

Author: Nick Chong


Bitcoin daily chart alert - Recent pause is not bearish - Jun. 8

Bitcoin daily chart alert – Recent pause is not bearish – Jun. 8

(Kitco News) – Bitcoin-U.S. dollar prices are slightly higher Monday morning, as the market continues to pause after hitting a 3.5-month high early last week. Despite some corrective price action and “backing and filling” on the daily chart, the bulls are still in firm technical control amid a price uptrend that is in place on the daily chart. The path of least resistance for prices remains sideways to higher. tay tuned.

Source: www.kitco.com

http://www.facebook.com/kitconews

Bitcoin daily chart alert - Recent pause is not bearish - Jun. 8

Bitcoin and Cardanos’ ADA – Weekly Technical Analysis – June 29th, 2020

Bitcoin fell by 1.87% in the week ending 28th June. Following on from a 0.45% decline from the previous week, Bitcoin ended the week at $9,125.4

It was a bullish start to the week, with Bitcoin rallying by 4.27% on Monday before hitting reverse.

The early breakout saw Bitcoin strike a Monday intraweek high $9,795.0 before sliding to a Saturday intraweek low $8,855.0.

Monday’s rally saw Bitcoin break through the first major resistance level at $9,622 before sliding to sub-$9,000 levels.

The reversal saw Bitcoin fall through the first major support level at $8,947 and the 23.6% FIB of $8,900.

A Sunday recovery from early losses saw Bitcoin break back through to $9,000 levels to limit the loss of the week.

5 days in the red, including a 3.55% slide on Wednesday delivered a 3rd consecutive week in the red.

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Bitcoin would need to move through the $9,258 weekly pivot to bring the first major resistance level at $9,662 into play.

Support from the broader market would be needed for Bitcoin to break back through to $9,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,795 would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at $9,900 levels before any pullback.

Failure to move through the $9,258 pivot could see Bitcoin see red for a 4th consecutive week.

A pullback through to sub-$9,000 levels would bring the 23.6% FIB of $8,900 and the first major support level at $8,722 into play.

Barring an extended crypto rally, however, Bitcoin should steer well clear of sub-$8,000 levels. The second major support level at $8,318 should limit any downside in the week.

At the time of writing, Bitcoin was up by 0.17% to $9,141.1. A mixed start to the week saw Bitcoin fall to an early morning low $9,107.4 before rising to a high $9,147.7.

Bitcoin left the major support and resistance levels untested at the start of the week.

Cardano’s ADA rose by 2.36% in the week ending 28th June. Following a 2.54% gain from the previous week, Cardano’s ADA ended the week at $0.08024

It was a choppy start to the week for Cardano’s ADA. A Monday 6.78% rally saw Cardano’s ADA rise to an early in the week high $0.08515 before easing back.

Falling short of the first major resistance level at $0.08812, Cardano’s ADA fell back to $0.082 levels before striking a Wednesday intraweek high $0.08738.

Falling short of the first major resistance level at $0.08812 once more, Cardano’s ADA slid to a Saturday intraweek low $0.07427.

While falling through the week’s $0.7520 pivot, Cardano’s ADA avoided the first major support level at $0.06531.

In spite of 5 consecutive days in the red, Monday’s 6.78% rally and a 3.82% gain on Sunday delivered the upside.

Cardano’s ADA would need to avoid a fall through the $0.08060 pivot to support a run at the first major resistance level at $0.087.

Support from the broader market would be needed, however, for Cardano’s ADA to break out from $0.085 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $0.08738 would likely cap any upside.

Failure to avoid a fall through the $0.08060 pivot could see Cardano’s ADA reverse early gains.

A pullback through to sub-$0.080 levels would bring the first major support level at $0.07388 into play.

Source: finance.yahoo.com

Author: Bob Mason


There's Over $10M Preventing Bitcoin From Breaking Past $9,500


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