MarketsAlert! Bitcoin whales setting a brutal trap Btc update

Alert! Bitcoin whales setting a brutal trap Btc update

Btc update for the past couple of hours bitcoin actually got slightly a lower high here it looks like a bigger player is absorbing the buying pressure we are seeing right now on the Bybit exchange and also on the Binance exchange. It also looks like exactly the same thing we are forming a slightly lower high on the bitcoin price but a higher high. A lot of buying pressure is coming into the bitcoin price right now.

At this area nevertheless, we are forming a lower high which on the other hand it is going to actually be a bearish bitcoin indication. Because of that, I would like to say we should be aware that yes bitcoin is trading at the lab of resistance. The reality is also we can say we are seeing consolidation below the level of resistance because we do have very very low volume right here but we should be prepared for a potential whale trap that could come into the bitcoin price maybe even in the next couple of hours.

Yes, once again I am going to be talking about potential liquidity grabs that we could see maybe towards the downside or maybe towards the upset. The massive level of support most probably is going to be confirmed on bitcoin literally in the next 6 hours because we are going to see the weekly close in 6 hours and if our weekly candle is going to be closed green as it is right now we are going to form brand new weekly high.

Btc update: We need to acknowledge for the past couple of days here bitcoin has been trading in this area below approximately twenty to twenty-three thousand dollars and above seventeen thousand dollars. What we can do measuring the entire bottom price section with volume. we are going to see the point of control the biggest volume cluster of the entire bottom price action is going to be exactly at our weekly high-term time frame level of support.

On top of that this weekly area is going to be also at the area of two very important golden Fibonacci ratios. We go from low we go too high here golden pocket is going to be slightly higher than our weekly. On top of that we can also go with this low here to the high it looks like that another golden pocket is going to be very close to the weekly level of support.

So Btc update all I would say is if bitcoin does see right now maybe a push towards another side maybe, first of all, a small push towards the upside to actually break through the high here and then it pulls down the insane level of support is going to be confirmed 20 500 USD. On the bitcoin price and because of that of course we might even be interested in looking to go with a buy or a long position in this specific area. Especially because we are then going to take the liquidity below our previous lows.

we take a look at the BTC dominance chart one thing that I need to mention here is going to be that bitcoin yes broke through monthly level support towards the downside. On top of that we are seeing a bearish market structure on top of that we also retested the monthly and then got another lower low formed on the bitcoin dominance chart. So what we can say is bitcoin dominance, in my opinion, it’s not looking the best but definitely, we are approaching the very important level of support. 

Very similar to what we did before for bitcoin we can measure the entire bottom price action with volume and what we can see point of control which previously was our very nice level of resistance is going to come up at approximately 43%. We can go with our Fibonacci from swing low to swing high the most important Fibonacci ratio is also incoming for the bitcoin dominance chart.

So what is that going to mean if bitcoin dominance is going to hit this massive level of support preferably also then maybe even reclaim our monthly level of resistance and turn it into the level of support? It is going to be a bullish indication for the bitcoin dominance chart which could mean bitcoin is going to perform better than the majority of the altcoins.

Read: Bitcoin hash rate drops to all-time low of 14%.

RELATED ARTICLES

Most Popular

Latest Posts