Since peaking at $ 19,484, Bitcoin has struggled to regain the $ 17,000-18,000 level. As the price continues to fall, traders are looking at key key support levels to determine where traders would buy if the bitcoin price (BTC) continues to fall.
The closest support levels for a whale swarm base are $ 16,694, $ 16,411, and $ 16,064. With support of $ 16,000, $ 15,355, $ 14,914, and $ 13,740 can be used as total supports.
Whale groups form when whales accumulate BTC and do not transfer the newly acquired money. Groups also indicate where the whales were last purchased, indicating potential support areas.
Bitcoin whale groups. Source: map of whales
$ 16,411 is the short-term level for finding bitcoins.
Bitcoin has dropped in the past 24 hours. After this major correction, some consolidation can be expected as prices move towards stability.
On the plus side, buyers strongly defended the support area of $ 16,411, which features whale flocks. This indicates that there is sufficient consumer demand in the market to prevent wider exits, at least in the short term.
On November 27, the Bitcoin Support Zone was tested from $ 16,200 to $ 16,400 twice in 22 hours. Both tests met with a good response from buyers, with BTC rising over $ 16,800 in either case.
For most of the day, Bitcoin remained above $ 17,000, peaking at $ 17,400, indicating that Bitcoin is recovering.
However, some traders do not rule out that Bitcoin will fall into areas with less macro support. A trader under a pseudonym “Wolf” said that the weekly chart is showing signs of excessive expansion. So he said the $ 13,000 area could be tested. Dealer explained:
“Unlike $ ETH, $ BTC exceeds the weekly price of 21EMA but is still far from interesting support. My ideal entry would be the indicated large support of $ 13K. For the time being, we can maintain weekly support at 16213 and then decline to get an ABC fix.” . ”
Another pseudonym known as “crypto capo” suggested a similar trend. He said he sees a scenario in which BTC rises to $ 18,000 and then drops to $ 13,000.
Traders expect the Bitcoin consolidation to continue for weeks
While long-term bitcoin investors are trending lower for the short-term forecast, some technical analysts say the consolidation could take some time
Michael Van de Pope, a full-time trader at the Amsterdam Stock Exchange, said the market is facing a sharp downturn. After the correction, Bob said the tenacity could last for several weeks. He said:
“Relax and walk away, the market is doing a healthy correction and giving everyone a great opportunity to invest. Don’t be patient, the market will create a natural bottom to confirm it is inside. It only takes a few weeks.”
In the short term, the area of direct interest of buyers remains three levels of whale collection: $ 16,694, $ 16,411, and $ 16,064. If BTC falls below these levels, the possibility of a deeper correction may increase dramatically.
After the sharp fall in the bitcoin price, the whale pool is showing several areas as important support levels. These levels may allow BTC to stabilize and gain momentum in the short term.