- As per Weiss Ratings, 150,000 bitcoins have been accumulated by crypto whales within the past 60 days.
- BTC/USD faces immediate resistance at $3,900. If bulls breach that level, then growth till $4,000 is a possibility.
Weiss Ratings, a financial research firm, stated that Bitcoin whales have accumulated 150,000 bitcoins over the past 60 days. This could be an indicator that they are getting ready for the next bull run. BTC/USD is currently trading at $3,850 but faces immediate resistance at $3,900, as per the BTC/USD daily confluence detector. If the bulls manage to move the price past that, then growth till $4,000 is a distinct possibility.
BTC/USD daily confluence detector
According to the BTC/USD daily confluence detector, the resistance levels lie at $3,900, $4,000, and $4,200. The confluences at those levels are:
- $3,900: 5-day simple moving average (SMA 5) curve, 15-min previous high, hourly previous high, 4-hour previous high, 15-min Bollinger band upper curve, hourly Bollinger band upper curve, weekly 38.2% Fibonacci retracement level, daily 38.2% Fibonacci retracement level, and monthly 38.2% Fibonacci retracement level.
- $4,000: Daily pivot point resistance 3, weekly 61.8% Fibonacci retracement level, and monthly 23.6% Fibonacci retracement level.
- $4,200: Previous month high and previous week high.
The support levels lie at $3,850, $3,831-$3,890, $3,700, and $3,390. The confluences at those levels are:
- $3,850: SMA 100, 4-hour previous low, 15-min Bollinger band lower curve, daily 61.8% Fibonacci retracement level, hourly Bollinger band middle curve, SMA 50, 15-min Bollinger band middle curve, SMA 10, SMA 5, hourly previous low, and 15-min previous low.
- $3,831-$3,890: SMA 200, SMA 50, SMA 5, SMA 10, daily pivot point support 1, daily previous low, 4-hour Bollinger band middle curve, weekly 23.6% Fibonacci retracement level, and daily Bollinger band middle curve.
- $3,700: 4-hour Bollinger band lower curve, previous week low, and monthly 61.8% Fibonacci retracement level.
- $3,390: Weekly pivot point support 2 and monthly pivot point support 1.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.