Mother of All Sell Walls Is Holding Bitcoin Back

Bitcoin begins to lose momentum and will soon test crucial support levels. Its 24-hour range is $18.6k-$19.5k as it’s currently trading below its 10- and 50-day moving average. Bitcoin topped at $19.5k which then hit a sell wall and has a new target to hit. This rejection was the result of a wall of sell orders ready to lock in a profit between $19,450 and $19,550.

BTC/USDT 4-hour chart (Binance). Source: TradingView.com

If bitcoin does not retest the $19.5k area again in the next few hours then sentiment will change and a correction may very well begin. Data provided by bitcoin researcher, Vijay Boyapati, illustrates the mother of all walls.

Twitter: @real_vijay

Passing this will guarantee bitcoin’s price to set new all-time highs. This wall is the only thing standing in our way to move further up and into new uncharted territory.

Bears are also coming out of hiding as shorts are as high as they were in April. This can be either really good or really bad. Good if new players enter the market, causing a huge short squeeze, but bad if price consolidates, causing concern, which will result in investors readjusting their exposure.

There’s not much to say other than no one knows where price will head to next, although a correction is most probable since RSI has been signaling overbought since October 21st.

--

--

--

Cryptocurrency Research

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Ukraine has made moves in the crypto world.

Bitcoin bull market may last longer

The exchanger doesn’t transfer money — when is it time to worry?

The FCA issued a cease-and-desist order for Bitcoin ATMs

The FCA issued a cease-and-desist order for Bitcoin ATMs

DV Chain to Participate on Panel Dicussions at TMX Equities Trading Conference

50 Wallets Signed-Up, Growing dWeb, TruffleSuite, & More: ENS Ecosystem Update

Onion Tutorial- How to buy OMT and stake in the Vault

CRODO is new GEM in Cronos network!

Crodo astronaut image

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Tecuani Capital

Tecuani Capital

Cryptocurrency Research

More from Medium

Crypto High roller trader scam [Exposed]

2022 06 2nd Week : Market drop on the back of inflation. What priced in the market now ?

I Joined a Bitcoin Bootcamp

How crypto transactions work