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.
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.
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.