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Analysis of the price of bitcoin: an elephant runs in the china shop

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The cryptorg.net service CEO and the regular contributor to BlockchainJournal, Andrey Podolyan , tells how bitcoin prices can behave in the near future.

Last week again did not justify the hopes of either bulls or bears. It would seem that the price is ready to break the range up, but, on the contrary, falls. And when everyone gets upset and starts selling, the price starts rising again. It feels like intraday traders need to do the opposite.

In general, a trend up trend is visible, but for a clear reversal you need to overcome the $ 7300 mark, which has already been mentioned many times.

All important levels are indicated on the chart:

BTC / USD daily chart

So far, in terms of technical analysis, nothing interesting is happening on the main exchanges, I would like to draw attention to Asia, since interesting processes are taking place there. The Bithumb exchange has become the leader in terms of Bitcoin trading and breathes tightly in the back of the Bitmex exchange (although, unlike Bitmex, trading on Bithumb occurs without a shoulder). This suggests that someone is stocking serious volumes and decided to make it less noticeable. The price at the same time is almost in place – a large investor wants to skimp cheaper.

Another interesting fact is that less than a month ago a large investor, who has no relation to cryptocurrencies, bought out a controlling stake in Bithumb. This was preceded by an exchange statement about plans to open new offices in Japan and Thailand. The new owner of Bithumb was the Singapore group of companies VK Global, specializing in plastic surgery.

This is how the stock market comes to a crypt. An elephant runs in a china shop, and we don’t notice. And running for the third month. Which way will he eventually run? I think that it will run upwards.

See how much the volume of trading on the Asian stock exchange has increased compared to the whole year. Obviously something is brewing.

Whale Activity on the Bithumb Stock Exchange

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