Whales been accumulating Bitcoin for months, preparing for a breakout – could this pattern signal the next big move for Bitcoin and Crypto?
Bitcoin has been accumulating for the past few weeks.
This is a simple understanding that retail is getting flushed out the market.
Bigger hands are buying up the dips and slowing down volume.
By slowing down volume this allows them to move the market with low liquidity as the order books are at a low.
Price has been going down last few days as well as the volume.
This is a bullish sign because it is showing that momentum is not matching with the price and indicates the move is fake.
However this is valid as long as we hold support trend line as this is the momentum we want to the market to keep.
We are also at the golden 0.618 fib ratio and this is always a good laddering zone on high time frame.
From here we would like BTC to make its way above the 55K area and this will give us a higher high and show a reversal of trend.
Bears are looking weak at this moment and bulls will soon look to reclaim trend.