Cryptos are rallying again following SEC discussions with BlackRock and Grayscale. Another financial asset that performed well last week was gold. While the DXY fell, both BTC and gold became beneficiaries. BTC will usher in its halving in 2024, and changes in supply may make BTC more and more like precious metals. When a gold investor discovers that gold is near ATH, there is another financial asset whose supply is dwindling, is easy to store, and has no sovereign risk. So how will the investor choose?
BTC broke 38000 on Friday, rising further over the weekend when trading was less active, and hit 42000 on Monday. The current price is in the accumulation area in 2022. BTC continues to maintain its bullish trend. Based on the rise, we raise the resistance level to 43000 and the support level to 38000.
At the daily level, we can see through the WTA indicator that during the period when BTC exceeded 38000, there were not many whales, which was very different from the rise in mid-October. Of course there is a bit of a problem with our inability to define a bullish trend until a destructive candle appears. But caution is needed. Judging from the ME indicator, BTC currently maintains a healthy bullish trend, and the purple wavy area gradually changes.
Switch to level 4h. Although the WTA indicator does not perform ideally at the daily level, it seems to be OK at the 4h level. During the recent rally, the blue bars representing whales increased evenly, and no destructive candles emerged. The bullish trend at this level is likely to continue.
In summary, BTC is likely to continue to maintain a bullish trend, but it should be noted that whale participation is not high at the current position.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
BTC broke 38000 on Friday, rising further over the weekend when trading was less active, and hit 42000 on Monday. The current price is in the accumulation area in 2022. BTC continues to maintain its bullish trend. Based on the rise, we raise the resistance level to 43000 and the support level to 38000.
At the daily level, we can see through the WTA indicator that during the period when BTC exceeded 38000, there were not many whales, which was very different from the rise in mid-October. Of course there is a bit of a problem with our inability to define a bullish trend until a destructive candle appears. But caution is needed. Judging from the ME indicator, BTC currently maintains a healthy bullish trend, and the purple wavy area gradually changes.
Switch to level 4h. Although the WTA indicator does not perform ideally at the daily level, it seems to be OK at the 4h level. During the recent rally, the blue bars representing whales increased evenly, and no destructive candles emerged. The bullish trend at this level is likely to continue.
In summary, BTC is likely to continue to maintain a bullish trend, but it should be noted that whale participation is not high at the current position.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
