According to the analysis of Edward Morra, a popular Bitcoin trader, Coinbase and Bitfinex now have major buy orders above $ 17,200.
The emergence of large buying walls is significant because on November 18, the BTC flash crashed to around $ 17,222. This shows that the whales are using big buy orders to forcefully defend the $ 17,200 support
Whale clusters and exchange order books show that the $ 17,000 level is emerging as a major area of support.
Above $ 18,500 there is little resistance until the all-time high of $ 20,000. This means that if Bitcoin remains stable above $ 17,000, the chances of going above $ 18,500 increase dramatically.
Based on whale activity and exchange order books, it has become more unlikely that the price will drop below $ 17,200. For such a downward movement to occur, a massive sell order would have to trigger cascading liquidations.
Before Bitcoin’s intraday recovery of $ 17,340 to $ 18,000, the whales on Bitfinex were placing sell orders. Recently, Morra said that Bitfinex has seen more buy orders at the $ 17,000 support. he wrote:
“WHEN GOING DOWN, COINBASE HAS PLACED MANY BIDS (BUY ORDERS) BELOW THE CURRENT RANGE. SURPRISINGLY, BITFINEX, WHICH MAINLY PLACED SELL WALLS BEFORE, NOW HAS A NICE BUY WALL UNDERNEATH. “
Whalemap analysts are tracking Bitcoin whale activity by identifying clusters and they said $ 17,783 and $ 17,651 formed as clusters.
These “ groups of whales ” emerge when large Bitcoin holders buy BTC at a certain price and do not transfer those funds elsewhere. Therefore, if the whale clusters form at $ 17,783 and $ 17,651, it shows that the whales have bought at these levels and are holding onto their investment.
Throughout November, many analysts have pointed to the high-maturity charts to portray an optimistic outlook for the short to medium term.
Kevin Kelly, co-founder and head of global macro at Delphi Digital, pointed out that Bitcoin is on track to mark the candle’s first monthly close above $ 14,000. Kelly said:
“AND IF THE $ BTC CLOSES NOVEMBER AT A LEVEL CLOSE TO CURRENT LEVELS, THAT WILL MARK A NEW MONTHLY CLOSE HIGH, SURPASSING ITS DECEMBER 2017 CLOSE TO JUST ABOVE $ 14,000.”
Even during the race to the record high of 2017, Bitcoin struggled to maintain stable price action over a high period. Based on the trend and many other factors, Kelly noted that Bitcoin is maturing. He noted:
“IT’S IMPORTANT TO REMEMBER THAT THE ROAD TO THE TOP IS NEVER LINEAR; LARGE DECLINES ARE INEVITABLE. BUT MAKE NO MISTAKE, THIS MARKET IS MATURING. #BITCOIN IS CATCHING THE ATTENTION OF THE WORLD’S BIGGEST INVESTORS. IT PERMEATES THE INNER CIRCLES OF THE WORLD’S GREATEST THINKERS.
In major Bitcoin (BTC) exchanges, large buying walls are starting to emerge. Considering the price of BTC has recovered beyond $ 18,000, this trend is bullish.