Whales provide short-term price ceiling
$19,000 had been a high-volume zone of interest for buyers previously, and this thus remained unviolated during the visit to two-month lows.
“Whale support at 19k worked almost perfectly to the upside,” the Whalemap team commented.
“$21,543 is now the closest resistance according to whales.”
An accompanying chart showed the significance of the mid-$21,000 corridor in which BTC/USD was acting on the day. In addition to being of interest to whales, the zone functioned as support in mid-August before flipping to resistance.
“I’d like to see the high getting swept and then a consolidation. What happens in between? Probably we’ll see altcoins firing off heavily.”
After this impressive move, it would be quite logical (does that ever apply to bripto?) to cool off here
LTF sweep already happened, momentum falling bit by bit
Trader Pheonix meanwhile called for a more substantial consolidation next, followed by a return to $23,000.
Ethereum expected to hit $1,900
“Going straight to the $1800-1900 resistance,” he forecast in a fresh update.
“I expect bearish continuation once this level has been reached. This could be on or before the merge date.”
Creditor reimbursements from defunct exchange Mt. Gox are notionally due to begin the same day, and both events will come two days after the latest Consumer Price Index (CPI) inflation data from the United States.
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- ^ BTC (cointelegraph.com)
- ^ Cointelegraph Markets Pro (pro.cointelegraph.com)
- ^ TradingView (www.tradingview.com)
- ^ short squeeze (cointelegraph.com)
- ^ lowest levels (cointelegraph.com)
- ^ Analyzing (twitter.com)
- ^ reported (cointelegraph.com)
- ^ told (twitter.com)
- ^ $BTC (twitter.com)
- ^ #Bitcoin (twitter.com)
- ^ pic.twitter.com/s852sVRmF6 (t.co)
- ^ September 10, 2022 (twitter.com)
- ^ ETH (cointelegraph.com)
- ^ Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer (cointelegraph.com)
- ^ argued (twitter.com)
- ^ due Sep. 15 (cointelegraph.com)
- ^ Creditor reimbursements (cointelegraph.com)
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