Whales appear to be preparing for the chance that Bitcoin shoots higher from here as it faces little purchase book resistance.
A move above $14k in near term is increasing in probability.”
OKEx’s order book is especially important because many argue it is where many whales trade, especially those based in Asia. Asia has long had an outsized influence in the space because of the early adoption of Bitcoin and crypto.
It shows that Bitcoin is presently on track to move towards another intermediate level at $16,000 after it managed to reverse $10,000 into support. $10,000 has been an important level for the leading cryptocurrency, acting as a macro resistance and support on a range of occasions.
The analyst who shared this chart is one that’s been extremely accurate in the past. In March, he predicted that Bitcoin would experience a V-shaped reversal to $10,000 by May or June. And just recently, before the most recent leg higher, he shared charts suggesting that BTC could move to $14,000 in October or November. We’re doing so now.
Chart of BTC’s price action over the past few days with an analysis of the order book by crypto trader Light (@Lightcrypto on Twitter)
“Light,” a crypto trader that’s been celebrated by individuals like Su Zhu of Three Arrows Capital, shared the chart below just recently. It shows that above Bitcoin’s price action, from $13,200 to $14,000, There’s little order book resistance on OKEx specifically:
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted Bitcoin’s Reversal to $10k Thinks $16k Is Next
Chart of BTC’s price action since the middle of 2017 with an analysis by crypto trader and chartist Bitcoin Jack (@BTC_JackSparrow on Twitter).
Source: BTCUSD from TradingView.com
Bitcoin could rocket even higher in the near to medium term, analysts assert after the coin gained around $1,500 in a week. A prominent pseudonymous crypto-asset analyst shared with the chart below just recently.
The chart shows that if Bitcoin moves higher from here, it will encounter little initial selling pressure on OKEx.
Released at Tue, 27 Oct 2020 12:00:03 +0000