Bitcoin’s Latest Correction Formed A Bullish Candle: Price Analysis

Bitcoin’s latest correction eventually formed a bullish candle with the local highs around $19,500 so now the leading cryptocurrency is trading for $17,000 though it fell as low as $16,200 as we are reading more in the latest Bitcoin news today.

This means that from the local highs, the leading crypto asset was down by over $3000 and they have not taken this correction well. A few people were expecting BTC to move towards a new all-time high because of the confluence of technical and fundamental trends. The rally actually formed a bullish candle, despite what the conventional analysts are thinking. BTC could bounce right now to an extremely important macro level. Bitcoin’s strong $3000 correction stopped at an extremely important technical level which is $16,200.

The trader shared charts showing the downtrend showing that Bitcoin’s weekly candle bounce at the important macro level. The level’s importance stretched to the 2017/2018 highs. The chart shows that BTC topped at $16,200 and a death count after the week when the coin corrected by 40%. BTC found support on a weekly basis that could confirm that the uptrend remains intact. It’s important to note that BTC trades above $16,200 for the next two days in order to confirm the levels as the main technical support. BTC will likely face another drop. Ki Youn Ju, the chief executive of crypto data analytics company CryptoQuant noted that the whales deposited a huge amount of BTC into exchanges:

 “BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Investors could be selling these coins which will result in a further sell-off. In our recent news, According to Glassnode data, it labeled anyone with at least 1000 BTC a whale so now whales have the potential to shape the market. The number of BTC whales hit an all-time high. Whales are basically investors that have huge chunks of coins and if they place them on the market, it can push prices up or down. Glassnode defined whales as entities like people and organizations that hold come cluster of wallets like at least 1000 BTC which are worth $19 million.