I agree with this completely. Over the last 2-3 days every time btc got around $6,800 or below, huge buy orders would come in. I'm assuming whales picking up their long positions. It happened 4 or 5 times and my assumption as exactly what you show here, and the same reason why we just broke out upwards. The whales weren't letting BTC drop much further despite what most analysts have predicted over the past week. We'll see how the next 24 hours play out!
UnknownUnicorn1251625
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@serviceleads, Exactly my thinking. As I watched the order books it seems as though whales were eating up sell walls (of course order books are easily manipulated). The time frame of this pattern may not be accurate, although I suspect the price action to play out in this general path.
serviceleads
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@hughxie, I saw the same thing...when most analysts are predicting a similar path down to 6k based on technical indicators but over and over I see these rules being broken I have to think maybe something larger (whales) have a different idea for how this will all play out. Now the question is (at least for me) are they setting up a bull flag before another wave down and if so where will they be taking their profits? Or, fingers crossed, that $6,400-$6,700 range was our low and if they market decides to push us back down into that range will they continue to accumulate and prop everything up? I am cautiously banking on the latter...we'll trade sideways above $6,800-ish until we are out of the major recorrection bear channel. No matter what happens it's a rush watching it all unfold. Good luck!