Binance whales sending 15K BTC this morning on the exchange, do they know a few things before everyone else?
Another day with a lot of BTC arriving on the exchanges to take profits and possible a Long Squeeze, after arriving at 22K former support via the MA 200 Weekly which has become resistance now, to see the price action at this level, and who will have the strength, the Bears or the Bulls!
The hunt for shorts continues, but for how long before going liquidate the long, are we doing a buy to sell like before shooting a bow to send the arrow?
- The greatest whale liquidity is in the south via Long's liquidations.
- When the price spends a lot of time in an area, traders with leverage accumulate positions and it's visible on the open interest which increases and the peaks of liquidations which become enormous,
- Ups have less importance than downs since November 2021, for a break of a bearish structure we need a huge buying force with a falling Dollar and a rising S&P 500 at least in Weekly which is not the case at the moment, the trend reversal will require a lot more confirmations than the trend follower!
We are close to the trend line of the bullish office resistance channel with the Shorts still up close to 61.8%, and a funding rate largely in the positive in favor of the Shorts.
Possible to trap the last short stops above 23K if it's worth it for the whales to push higher.
I think it's not interesting to go higher than lower with Long's liquidations and it's only my opinion that I can change if I have more pros than cons.
Finally if the shorts continue to push higher the hunt north will continue, watch for when the longs take over and move above 50% and then above 61.8%.
https://coinalyze.net/snapshot/aQPd4uFl
The S&P500 which drives the BTC is under resistance via the trend line of the compression triangle in confluence with the 50% of the fibo which rejected the price 2 times before, and a hidden bearish divergence to be confirmed!
We can always look above before being rejected, it will be around 3980 on the 61.8% of the fibo in confluence with the MA62 in Daily.
https://www.tradingview.com/x/nGT6xlbR/
The analysis above it was in the morning, the last one is below:
We just took liquidity above the last top, and now are we getting rejected from 22.8K after testing the trend line as resistance.
We have the Shorts which cannot go above 61.8%, with a balance in positive, and the funding rate also in positive, I took 2 shorts on BTC with 10X leverage and ETH with 7X leverage, to see the S&P500 what it will do on its resistance, and we can always take liquidity above 23K which is the last top!!!
https://coinalyze.net/snapshot/yZaSkLpD
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