Bitcoin’s Uptrend (bitcoinA new analysis warns that “weakening” continues due to changes that herald fluctuations in liquidity.
In today’s post xKeith Alan, co-founder of tracking resource Material Indicators, reports new moves on the Binance order book.
Analyst: Both bulls and bears lack ‘real power’
price of BTC continues to be closely linked It’s been changing since the weekend, but data from exchanges suggests that the status quo may be about to change.
Posting an overview of the BTC/USD order book on Binance, Alan tries to draw attention to what he calls “worrying” changes in liquidity.
Support from bids has intensified around $24,600 during the day. A price level not seen in the spot markets since March.
“Most worrying is that the largest BTC liquidity concentrations are breaking below the predetermined Low Low in the lower part of the range.”reads an accompanying comment.
BTC/USD hit $24,750 before reversing its course, recording its lowest level from March to mid-June. Cointelegraph Markets Pro And Trade View.
Continuing, Alan claims he has Similar rebound from current spot levels is expected before any downside rebound.
“From a macro perspective, I expect to see a price collapse eventually, so the thought of issuing a new LL wouldn’t surprise me, but I was expecting to see a stronger short-term rise in this range before that happens.”He told me about Alan.
Said, the bears have not yet succeeded in gaining the upper hand.
“I don’t see either side asserting themselves strongly at this stage. Actually, in my view, this move does not show the strength of the bearish momentum, but rather a weakening of the bullish momentum and sentiment.”he finished.
“Either way, I don’t trust these buyout walls to stay there and bridge it.”
area before highlighted like $24,750 represents the limit that the bulls must hold to protect the broader uptrend.
“Another big move is coming” for Bitcoin
Contextually popular trader Skew also acknowledged: Volatility may come back soonreporting activity on derivatives markets.
Uncertain start of the week
Many oversold transactions in the derivatives market
Liquidity is increasing
Declining spot liquidity
Order flow likely to be toxic today (especially in offers)
Everything points to another big move on the way for $BTC
Fluctuating start to the week
Too much trading in derivatives markets
Perp liquidity is gradually increasing
Spot liquidity is dwindling
Probably toxic order flow today (especially on offer)
All signs point to another big move coming $BTC
— Oblique Δ (@52kskew) September 5, 2023
Another Credible Crypto, known for its optimism about BTC’s price prospects hoped the drop would be limited to the $24,000 upper range.
“Local low of $25,200 on major liquid/spot exchanges”reports about x I am sharing an explanatory chart.
“I would like to see these lows reached by holding the high timeframe low at $24,800 (which is larger) before a recovery to fill in the inefficiency on us in supply (red).”
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