Due to the unexpected turn in the price action yesterday, we might need to refresh our understanding of the overall crypto market. Because, in Crypto like in any other financial market, s*** might happen in less than few hours.
Even at this very moment, BTC is struggling to break the resistance level at 33,000, which was a strong support zone few days ago.
I believe technical analysis is not even nearly enough to understand whale movements and without understanding “what big players are doing” we don’t have a future in this business. And I’m very serious about this statement.
Anyway, I strongly believe that anove is not a natural price action at all but big players are trying to accumulate more and more and paper hands are being shaken off as mentioned yesterday.
In order to confirm that hypothesis, I looked in to several crypto whale movement charts and the attached is one of the most important among few.
It’s the total BTC inflows to exchanges. If you are in to block chain level data analysis, you already know the importance of this data.
Institutional investors do not keep their BTC in exchanges unless they are going to sell or margin trade. They may buy altcoins with them as well. If that’s the case, the amount of BTC in exchanges should go up compared to the previous noticeable days.
But as we can see in the attached, the opposite is true where we can presume that the BTC funds of big players are leaving exchanges to their own private wallets.
It makes me confirm the above hypothesis and of course we need to look on to more on chain data for further confirmation.
In conclusion, I’m bullish based on these evidence but not based on my emotions.
Not financial Advice, but analysis only.
More insight to the Crypto Market: https://kaalama.org/Kaalama-De....epDive-Crypto-Whale-
#btc #crypto #cryptocurrency #bitcoin