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According to analysis by Edward Morra, a popular Bitcoin trader, Coinbase and the Bitfinex exchange now have major buy orders over $ 17,200.
The emergence of major buying walls is important because on November 18, BTC’s flash plunged to around $ 17,222. This shows that the whales are using large buy orders to strongly defend the $ 17,200 support area.
How strong is the $ 17K support?
Both whale groups and trade order logs show that the $ 17,000 level is turning into an important support area.
Above $ 18,500, there is little resistance up to the all-time high of $ 20,000. This means that if Bitcoin remains stable above $ 17,000, the chances of exceeding $ 18,500 increase significantly.
Based on whale activity and trade order records, it has become more unlikely that the price will drop below $ 17,200. For such a large downward movement to occur, a massive sell order would have to trigger cascading liquidations.
Prior to the intraday recovery of Bitcoin from $ 17,340 to $ 18,000, the whales on Bitfinex were placing sell orders. Recently, Morra claimed that Bitfinex saw multiple buy orders at the $ 17,000 support. He he wrote:
“In the event of a decline, Coinbase has placed many offers (buy orders) below the current range. Surprisingly, Bitfinex that used to set up selling walls now has a pretty fat buying wall underneath. “
Whalemap analysts track Bitcoin whale activity by identifying clusters and said $ 17,783 and $ 17,651 formed as clusters.
These “ whale clusters ” emerge when big Bitcoin holders buy BTC at a certain price and don’t move those funds elsewhere. So, if the whale clusters form at $ 17,783 and $ 17,651, it shows that the whales have bought at those levels and are holding onto their investment.
Bitcoin’s high time frame setting is strong
Throughout November, many analysts pointed to high-maturity charts to represent an optimistic short- and medium-term outlook.
Kevin Kelly, co-founder and head of global macro at Delphi Digital, pointed out that Bitcoin is on track to mark the first monthly close of the candle above $ 14,000. Kelly She said:
“And if $ BTC closes November near current levels, it will mark a new monthly close high, surpassing its December 2017 close just above $ 14,000.”
Even during the race to the record high in 2017, Bitcoin struggled to maintain a stable price action over time. Based on the trend and many other factors, Kelly said Bitcoin is maturing. He noted:
“It is important to remember that the road to the top is never linear; significant uses are inevitable. But make no mistake, this market is maturing. #Bitcoin is attracting the attention of the world’s leading investors. It is permeating the inner circles of the best thinkers in the world. “
In major Bitcoin (BTC) exchanges, large buying walls are starting to emerge. Considering that the price of BTC has recovered over $ 18,000, this trend is optimistic.
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