whalehunter
whalehunter 4 minutes reading from Bitcoin

Price Analysis: $BTC & $ETH

BTC & ETH

Here are the most important levels to watch! 🔻

Yesterday I tweeted about mid-term holders sending BTC to exchanges.

BTC got rejected at 17k and didn't manage to push into the sell liquidity zone.

This strongly indicates that the market still has a strong bearish sentiment.

This info was shared first in the new Onchain Edge TG group

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BTC (16'441) is testing the blue trendline

Which is acting as a support.

A break below the trendline would signal a continuation of the BTC correction.

The idea is invalidated should BTC break above 17.6k

How far can we expect the drop?

We can assume BTC will drop to the next liquidity pocket.

For that, we can use the Firecharts from @MI_Algos

BTC liquidity levels:

➡️ 23m between 15.8k and 16k ➡️ 11m at 15.5k ➡️ 14m at 15k

If you want to accumulate you can place limit orders slightly higher than the liquidity levels so that they fill.

We can also look at the volume profile of BTC on @whale_map (fantastic onchain charts!)

At what prices did whales buy BTC?

This can help us determine important resistance levels as well as support levels for the next few months.

➡️128k worth of BTC was bought by whales at around 16.55k ➡️70.8k worth of BTC was bought 13.7k

If BTC breaks below the 16'550 support then there is a strong likelihood that we move to the next support of 13.7k

Buying BTC between 13.7k and 16.5k

is probably a good entry for long-term holding.

Let's have a look at important ETH levels

ETH broke below the blue trendline yesterday

Two possible scenarios:

➡️ETH can retest the blue trendline at around 1270 ➡️ETH retests next important support at 1'100

ETH liquidity levels

There are no major liquidity levels visible at the moment on Binance.

Around 14m worth of bids between 1.1k and 1.17k

No major buy walls.

I'm still in cash and waiting for some good levels to be hit in order accumulate.

I hope you've found this thread helpful.

Follow me @onchain_edge for more.

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This post is based on this twitter thread.

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