Bitcoin (BTC) encountered resistance near USD 48,000 yesterday and then fell back slightly. Now, however, we see that the price rises again after the support was tapped at $47,000. What are the analysts saying about this situation? In this article you will find some interesting tweets!
Bitcoin forms “a perfect bull flag”
Starting with a tweet from Pentoshi. He showed his 270,000 followers a chart of the bitcoin price and sees it as “a perfect” bull flag.” A bull flag is a pattern that forms after a period of gains. Since September 13, the BTC price has risen almost in a straight line (flagstick) only to consolidate a few days later (flag).
Such a pattern could bode well for further gains. The analyst also points out in his tweet a number of possible things that could initiate these further increases:
“Tell me this wasn’t a perfect bull flag in a perfect S/R test in the question zone
Keep in mind the alt offering and the upcoming ETF season. Those will probably be the main drivers + revelations [van bedrijven die bitcoin hebben gekocht]”
$BTC tell me this wasn’t a perfect bull flag into a perfect S/R test into demand
Breakout can reclaim PoB = moon soonKeep in mind alt supply, and ETF season ahead likely to be key drivers + disclosures
4Hr chart below pic.twitter.com/1Em8mMXhOj
— 🧸🔫🐧Pent◎shi Wont DM You (@Pentosh1) September 17, 2021
In response to this tweet above, a number of people respond by stating that the trading volume is really decreasing, despite the significant increases. But according to Pentoshi, that can be explained by, among other things, the declining bitcoin stock available on the market. “Bitcoin stock is at a all time low,” said the analyst. In addition, he mentions how crypto exchange FTX is taking an increasing market share and therefore the volumes on other exchanges can also decrease because of this.
Whales bought another $1.5 billion in bitcoins
That stock has been declining for some time. People who buy bitcoin are increasingly putting it on an external wallet. As a result, the bitcoins are no longer available on the market (supply decreases) and more and more people seem to be taking a long-term position. on chain analyst Will Clemente gave an update last night showing that this trend continued yesterday:
“Whales bought another 31,848 BTC today, equivalent to $1.5 billion, and Exchange balances have now fallen for 10 consecutive days.”
FYI: Whales bought another 31,848 BTC today, equivalent to $1.5 billion & Exchange balances now have gone down 10 consecutive days.
— Will Clemente (@WClementeIII) September 17, 2021