RATE Group | Bitcoin [BTC] Price Action Recalls the Bears, as Bounce above $8,500 Keeps them at Bay
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Bitcoin [BTC] Price Action Recalls the Bears, as Bounce above $8,500 Keeps them at Bay

19 Jan Bitcoin [BTC] Price Action Recalls the Bears, as Bounce above $8,500 Keeps them at Bay

Posted at 21:52h in Bitcoin News by

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Bitcoin [BTC] eminent pull-back seems to have finally occurred and the whales seems to have timed a large shake-shout of long orders. The Price Action (PA) logs one of the longest spinning tops on the daily with the high at $9,188 and low at $8,480.

btcusd bitstamp
BTC/USD 1-Day Chart on Bitstamp (TradingView)

As reported earlier this morning, the break above the 200-DMA was a strong positive signal. However, the long orders seems to have been squeezed by the whales with a strong rejection.

BitMEX Liquidations

Datamish reports over $110 million shorts liquidation in the last six hours. Moreover, the shorts liquidated with the break above $9,180 were only about $20 million in size.

Now, price seems to have found support above the 50-Period moving average on the 4-hour chart. Hence, the flash move could be a blip in the a long term scale, if the trend picks up again.

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btcusd bitstamp
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

According to derivatives and crypto trader, Zoran Kole. his…

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