The whale groups show that the key short-term support areas for Bitcoin are USD 16,694, USD 16,411 and USD 16,064.
Since reaching USD 19,484, the price of Bitcoin has struggled to regain the level of USD 17,000 to USD 18,000. As the price continues to fall, traders look for the key support levels to determine where they’ll buy if the BTC price continues to drop.
What happens to your Crypto Wealth when you die?
The immediate support levels based on the whale groups are USD 16,694, USD 16,411 and USD 16,064. Below that support the levels of USD 16,000, USD 15,355, USD 14,914 and USD 13,740 could serve as macro support areas.
Whale groups are formed when whales accumulate BTC and do not move their newly acquired funds. The groups also indicate where they last purchased the whales, which means potential support areas.
Bitcoin Whale Groups.
USD 16,411 is the short-term level to consider for Bitcoin
The price of Bitcoin has shown a weakened momentum in the last 24 hours. After such a significant correction, we have to wait for a consolidation phase, as the price seeks to stabilize.
Cryptoexchanges are better than auctions for liquidating confiscated crypto-currencies, says a Kaiserex executive
One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale groups. This shows that there is enough demand from buyers in the market to avoid a wider setback, at least in the short term.
On November 27, Bitcoin tested the USD 16,200 to USD 16,400 support range twice in a 22-hour period. Both tests got a decent response from buyers, as BTC exceeded USD 16,800 in both cases.
Bloomberg presents 5 upward trends for the Bitcoin price despite the ‚Thanksgiving collapse
For most of the day, Bitcoin stayed above $17,000 and peaked at $17,400, showing signs that BTC is regaining momentum.
Still, some traders don’t rule out the possibility of BTC falling into the lower support areas. A pseudonymous trader known as „Wolf“ said that the weekly chart shows signs of overextension. As such, he said that the USD 13,000 region could be tested. The trader explained:
„Unlike $ETH, $BTC looks very spread out from the EMA of 21 on the weekly chart, still far from being an interesting support. My ideal entry would be the main support described in 13k. Currently, we could maintain the weekly support of 16213 and then go down for an ABC correction“.
Another trader known as „Crypto Capo“ suggested a similar trend. He said he sees a scenario where BTC rises to USD 18,000 and then falls to the USD 13,000 region.
BTC/USD 6 hour chart
An interesting price action means a more technical analysis. I hope the trend cools off here. USD 17,214 is the key level to watch, the daily close below here and I hope we move to test the 0.382 level.
Traders expect Bitcoin consolidation to last for weeks
Although there are short-term bearish predictions from Bitcoin’s long-term investors, some technical analysts say that consolidation could take some time.
November 27 Price Review: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, XLM, BNB
Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the market was facing a healthy downturn. After the correction, Poppe said the consolidation could take several weeks. He said:
„Relax and walk away, the market is making a healthy correction and giving everyone a great opportunity to invest. Don’t be impatient, the market will make a natural ground to confirm that it is in. It just takes a few weeks.
In the short term, the area of immediate interest for buyers remains the three levels of whale groups at USD 16,694, USD 16,411 and USD 16,064. If BTC falls below these levels convincingly, the likelihood of a deeper correction could increase significantly.
Getting back to normal: US macro events probably won’t completely derail Bitcoin price gains
After the sharp drop in the price of Bitcoin (BTC), the whale groups show several areas as key support levels. These levels could allow BTC to stabilize and regain its momentum in the short term.