{"id":131784,"date":"2020-12-12T12:00:00","date_gmt":"2020-12-12T09:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance\/"},"modified":"2020-12-12T12:00:00","modified_gmt":"2020-12-12T09:00:00","slug":"bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance\/","title":{"rendered":"# Bitcoin whale clusters pinpoint $18.6K as key short-term resistance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a373556e4731\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a373556e4731\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance\/#Bitcoin_must_reclaim_18600-18800_to_reignite_rally\" >Bitcoin must reclaim $18,600-$18,800 to reignite rally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance\/#Where_are_the_whale_cluster_support_areas\" >Where are the whale cluster support areas?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin whale clusters pinpoint $18.6K as key short-term resistance<br \/>\n<\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>\nThe price of Bitcoin (BTC) has started to recover on Dec. 12 after briefly dropping below $17,700 yesterday. Whale clusters show that the $18,600 level remains the biggest short-term roadblock for BTC.<\/p>\n<p>Whale clusters form at a price point where whales accumulate Bitcoin and do not move their holdings. Since whales are more likely to sell at a profit or breakeven rather a loss, clusters typically act as support or resistance levels.<\/p>\n<p>In the near term, whale clusters from Whalemap show $18,600 and $18,800 as the major resistance areas for the bulls.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/8d5c34b2-f7a7-4b14-901d-7eba723d54e4.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Near-term Bitcoin whale clusters. Source: Whalemap<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_must_reclaim_18600-18800_to_reignite_rally\"><\/span>Bitcoin must reclaim $18,600-$18,800 to reignite rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph previously reported, Bitcoin initially faced a risk of a deeper correction without a strong reaction from buyers above $18,000.<\/p>\n<p>Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the $16,000 level is the last major support area before $13,000. As such, the $17,600 support area is critical because a drop below it could leave BTC vulnerable to a prolonged downtrend with even lower supports getting tested.<\/p>\n<p>But, Bitcoin has started to recover and whale clusters suggest a relief rally to $18,600 to $18,800 is becoming likely. Based on technical support and resistance levels, pseudonymous trader Mayne, however, reaffirmed that $18,700 remains an area of interest for sellers. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/Tradermayne\/status\/1337493793252077569\">said<\/a>:<\/p>\n<blockquote><p>\u201cIf this reject confirms we are gonna see another leg down. Seems like the $17.2k long trade is crowded, do we get there or just nuke thru. Reclaim $18k and we might squeeze some late shorts over the weekend back up towards $18,700.\u201d<\/p><\/blockquote>\n<p>Traders have also become more cautious in net shorting Bitcoin in the past several days. Although the momentum of BTC has dwindled since the beginning of the week, some believe that the inflow of large capital from institutional investors could offset the risk of a severe pullback. <\/p>\n<p>Another pseudonymous trader known as \u201cSalsa Tekila\u201d noted that \u201cirrational FOMO shorting\u201d likely caused Bitcoin to drop. After an intense drop, a relief rally becomes more probable. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/SalsaTekila\/status\/1337525662534471680\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cI\u2019m not so eager to short hedge anymore, probably going to stay spot long and scalp quietly from here. Nice 150MM$ mint, nice down-move following good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, as if people FOMO shorted irrationally. Last good news, $BTC pumped before tanking hours later, different reaction.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Where_are_the_whale_cluster_support_areas\"><\/span>Where are the whale cluster support areas?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Above $17,000, Whale clusters show two major support areas at $17,170 and $17,700. On Dec. 12, when the price of Bitcoin dropped to $17,572 on Binance, Bitcoin saw a quick reversal and recovered above $17,700 within three hours.<\/p>\n<p>Bitcoin\u2019s rapid recovery from $17,600 to $18,400 within 24 hours shows that there is high buyer demand below $18,000. In the near term, the aggressive bidding at the whale cluster support from buyers would likely prevent a steep correction.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/5de3cbaa-808d-42bc-9d91-9971c5bd3508.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear and Greed Index. Source: Alternative.me, Cointelegraph Markets<\/em><\/figcaption><\/figure>\n<p>However, one concern in the foreseeable future is the Crypto Fear and Greed Index. The latest reading still shows \u201cextreme greed\u201d at 90 out of 100, which suggests that the downside risk remains high.<br \/>\n<template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-whale-clusters-pinpoint-18-6k-as-key-short-term-resistance\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin whale clusters pinpoint $18.6K as key short-term resistance &#8221; The price of Bitcoin (BTC) has started to recover on Dec. 12 after briefly dropping below $17,700 yesterday. Whale clusters show that the $18,600 level remains the biggest short-term roadblock for BTC. Whale clusters form at a price point where whales accumulate Bitcoin and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":131785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/feed83fb-7f1e-4a10-acaa-eaa965395575.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-131784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=131784"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/131784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/131785"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=131784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=131784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=131784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}