Bitcoin defended by huge whales?

BTC Update 31.07.2018


What is happening to Bitcoin?

Earlier today we witnessed a dump in BTC price down to below $7700 support levels.

Just a few minutes ago we noticed a huge change in the orderbooks of bitfinex.
Someone or a group of big whales have put a tremendous amount of buy orders at $7770 levels.

The exact amount of buys remains unnoticed but the visible account for more than 12 000 BTC.

This leads us to believe BTC is now heading towards the next pivot point of the volume profile which would be again the $8200 mark, as indicated on our chart.

The way up is now open as we are absolutely supported right now.

We are going long with tight stop losses right below the key support area. Should we lose that, closest support lies at $7457 as again our chart indicates.

Given the fact one sees such massive buy orders very rarely, this is a rather safe trade for bitcoin traders!

Good luck!

Comment:

Buy walls have been removed! Careful here and watch out for red line.