The Bitcoin (BTC) discussion continues to revolve around the major resistance at $ 12,000. Big investors have more say than ever about whether or not Bitcoin’s price continues to rise beyond a certain level. We’ll see if many Bitcoiners have read the article about the best days to buy Bitcoin: It might be too late for $ 12,000 today, but BTC could shine on Monday – read the article by clicking on the previous link to better understand this theory.
Whales dictate their law to the bulls
The analyst David Puell presented key points that he identified based on a 4-year cycle of Bitcoin.
According to Puell, groups of Whales bought between $ 9,000 and $ 12,000.
Whales that bought at $ 9,000 will realize high profits once the BTC will have entered the area of $ 12,000 to $ 14,000. They might then wish to make their investments profitable – it is even probable – after several months of waiting and, then one should expect a massive sell-off and a decline.
Whales that bought above $ 9,000, especially at levels relatively close to $ 12,000, will be profitable and will want the rise to continue or resume if preceded by an inevitable pullback.
It doesn’t take much
Bitcoin came close to $ 12,000 twice today, August 16, 2020. The bulls still cannot break through this main resistance and there is no indication that he will be able to do so by Monday.
The correction brought the BTC at the level of 11 730 USD, forming a low “bought” by the bulls, who thus seem to want to make a support level.
The last few days have shown a willingness of the bulls to quickly turn things around with each bearish correction.
The daily RSI (14) is at 65 while Bitcoin is trading at 11,893 USD: will the 107 USD be enough to raise this RSI to 70 and thus put the market in an overbought situation for the umpteenth time?
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The $ 14,000 after crossing the $ 12,000, why not? But beyond that, it’s pretty hard to believe considering the stakes of a massive sale in the area of $ 12,000 – $ 14,000, for many whales. We would rather be entitled to a back and forth with nice volatility between the zone of 10,000 USD – 12,000 USD and the zone of 12,000 USD – 14,000 USD. For the rest, we will still have to wait, as always.
Litecoin, welcome in the Silver Age