$BTC & $ETH
Here are the most important levels to watch!
🔻
Yesterday I tweeted about mid-term holders sending $BTC to exchanges.
$BTC got rejected at $17k and didn't manage to push into the sell liquidity zone.
This strongly indicates that the market still has a strong bearish sentiment.
This info was shared first in the new Onchain Edge TG group
➡️ t.me/onchainedge 🔥
$BTC ($16'441) is testing the blue trendline
Which is acting as a support.
A break below the trendline would signal a continuation of the $BTC correction.
The idea is invalidated should $BTC break above $17.6k
How far can we expect the drop?
We can assume $BTC will drop to the next liquidity pocket.
For that, we can use the #Firecharts from @MI_Algos
$BTC liquidity levels:
➡️ $23m between $15.8k and $16k
➡️ $11m at $15.5k
➡️ $14m at $15k
If you want to accumulate you can place limit orders slightly higher than the liquidity levels so that they fill.
We can also look at the volume profile of BTC on @whale_map (fantastic onchain charts!)
At what prices did whales buy $BTC?
This can help us determine important resistance levels as well as support levels for the next few months.
➡️128k worth of BTC was bought by whales at around $16.55k
➡️70.8k worth of BTC was bought $13.7k
If $BTC breaks below the $16'550 support then there is a strong likelihood that we move to the next support of $13.7k
Buying $BTC between $13.7k and $16.5k
is probably a good entry for long-term holding.
Let's have a look at important $ETH levels
$ETH broke below the blue trendline yesterday
Two possible scenarios:
➡️$ETH can retest the blue trendline at around $1270
➡️$ETH retests next important support at $1'100
$ETH liquidity levels
There are no major liquidity levels visible at the moment on Binance.
Around $14m worth of bids between $1.1k and $1.17k
No major buy walls.
I'm still in cash and waiting for some good levels to be hit in order accumulate.
I hope you've found this thread helpful.
Follow me @onchain_edge for more.
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