Why question is important for analytical assessment. Many people calling for double bottom or under 5K, but BTC seems like does not care about them all lmao. I think whales are divided seems like strong whales does not want BTC to be lower than 6K. Although many people shorting and some whales are dumping hard, it is not strong enough to push price down any further than 6.4K. Soon we will understand this price range is blessing but BTC will be long gone (Sorry 4K and 3K waiters). Like I said earlier in my previous analysis, if we were to drop 5K below we should have done so by now. Why for instance BTC stop at 5950 area in February? There is something magical about 6k area. If BTC drops below 5K, I will quit TA which I just started lmao. Peace!
Oh really? Is the volume telling you that whales (or ANYONE for that matter) are accumulating? Blind af.
MockingVortex
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@gayzn, Same wishes right back at you. If you are a whale you accumulate very slowly so the sheeps will not wake up or you do not blow any barriers on your way. So keep your analysis to yourself not interested in here.
supestv
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@MockingVortex, You're right. Smart money accumulate slowly. I think we are also not going to see below 6k. A lot of people were predicting a catastrophic crash, but it hasn't happened - the bears are exhausted. Every time we see a big drop, we see it climb back up again.
The bear market hasn't finished, but the OBV shows that we have almost reached the bottom and are turning around.
MockingVortex
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@alexyeoh, Thanks, yeah I agree
stackit
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Great call here! @MockingVortex. Aaaaand well well! @gayzn Any smart comments you'd like to make now?? lol I hope you weren't shorting
gayzn
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@stackit, LOL. I shorted when it was 11k on the way down. I am not going to get back in until it's more than a burb LOL
JPTradeCrypto
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@MockingVortex, A whale accumulates during massive panic. They cause the start of the panic and buy right into it when people think all hope is lost. After that they indeed accumulate slowly when the market is barely moving. The market still moves and the whales aren't accumulating much during the dumps (nowhere near the volume of the shorts). Also the whales throw up a lot of fake buy orders in order to push the price up, something that would definitely not happen if they are accumulating. ;)
MockingVortex
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@Jaydevis, Yes you are right, they do their block accumulation while others panic selling, otherwise they always accumulate whenever price dips. Because they have to maintain a certain BTC amount as well as Fiat to drive the market. The reason we did not fall by now is that they are buying under 7K.
stackit
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Good points you bring up in your argument. I'm starting to get a feeling we won't be seeing BTC any lower than 6K myself.