Bitcoin (BTC) headed for $21,000 on November 4 as bulls tried to regain lost ground.
The $21,000 sales wall is ugly
While so far the hourly time frames have seen a lower high compared to the November 1st and 2nd highs, this move has served to offset losses that he came on the back of the Federal Reserve’s decision to raise interest rates.
However, the potential for a move above $21,000 was limited as sellers on the exchange piled up bids at that level.
“If you want to sell, place orders a little below $21,000,” Onchain Edge, a contributor at the CryptoQuant analytics platform, he wrote in the tweet section next to data from the Binance order book.
Additionally, Material Indicators, which provides data on the order book, noted that buy-side orders have been fickle friends in terms of support, coming in and out of the order book.
“THIS is why I don’t trust the new heavily weighted bitcoin buy walls,” he says he commented.
Meanwhile, another CryptoQuant contributor Maartunn added that market sell orders were “still dominant” in the current setup.
“Nothing has really changed except for a lower bitcoin price,” said part of the Twitter comment.
Stock analyst: “The big boys are loading up”
In addition to cryptocurrencies, one analyst source noted potential silver for risk assets more broadly in the current climate.
The Smart money trust The Sentiment Indicator (SMC), traditionally used for stocks, is now at “all-time highs”, Game of Trades noted.
The high SMC score coincides with the outperformance of the S&P 500, and given Bitcoin’s correlation with mainstream markets, there could be cause for optimism against its current reading of 0.61.
The SMC hit a high of 0.78 at the end of September, with recovery expected going forward.
“The big guys load. Confidence in smart money is at all-time highs,” however, an optimistic trading game in summary.
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