Introduction
The Bitcoin market has continued to consolidate between $53k and $61.5k as announcements of further Bitcoin adoption come out from traditional finance giants Morgan Stanley and Visa. Morgan Stanley has launched access to three bitcoin investment vehicles, available their for high net worth clients and investment firms. Visa has also followed the Mastercard lead in the path to enabling bitcoin purchases via the Visa network [1]. Despite the good BTC news we see that, the price is retesting significant support lines.
Below we can see the 4 hourly chart:
We can clearly see that the BTC price line is retesting again the 144 day Moving Average, that tend to act as a strong support line.
Below we can see the same 4 hourly chart oscillators (RSI and MACD) signaling a reversal:
Although the volume does not look to support a trend reversal, to be honest, it is still worrying that BTC keeps challenging strong support lines.
Another interesting chart is that of the tradinglight book order. Below we can see the multiple sell walls from the Binance order book:
Of course these walls exist there probably to sake the weak hands and, it might be nothing more than a mirage from the nasty whales.
References:
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