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Bitcoin: Whales Aren't Buying, New Lows Coming? UNLIKELY (BTC)
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Bitcoin: Whales Aren't Buying, New Lows Coming? UNLIKELY (BTC)

Bitcoin Update: Debunking the Bearish Argument on Whale Transactions

In this video, the speaker debunks the bearish argument that whales haven't bought the lows and therefore we shouldn't buy the lows. The speaker argues that ignoring technical analysis (TA) based on this argument is a mistake.

Whales Haven't Bought Yet

  • The bearish argument is that if whales haven't bought yet, then the low isn't in yet.
  • The logic behind this argument is understandable but not strong enough to ignore TA.
  • Ignoring TA means missing out on almost 2X and 88 move.

On-chain Data Subjectivity

  • On-chain data can be subjective and cherry-picked to fit one's bias.
  • There are hundreds of on-chain charts available, and it's easy to find charts that support both bullish and bearish views.
  • On-chain data lacks objectivity compared to price action charts.

Technical Analysis Matters More

  • TA has a level of objectivity that on-chain data lacks.
  • What matters is TA, not what whales are doing or what on-chain data shows.
  • It doesn't matter what whales are doing; what matters is how price action behaves.

Why Whales are Not Selling or Buying Bitcoin

In this section, the speaker discusses why whales are not selling or buying Bitcoin in the current market.

Reasons for Whales Not Buying

  • Smaller accounts with 1 to 10 Bitcoin have been stacking throughout the entire bear market.
  • If the market hadn't bottomed and whales were not buying at the lows, it would be stupid because they missed an 88% gain.
  • Corporations or people with investments in other asset classes don't necessarily have spare capital on their balance sheet to invest in Bitcoin when interest rates get higher.

Reasons for Whales Not Selling

  • Whales are holding and buying quite massively.
  • The number of total whales is decreasing just like in previous cycles before the bottom.
  • Big fish are getting their one to ten Bitcoins that have risen up dramatically during this bull market.

On-chain Data Analysis

In this section, the speaker analyzes on-chain data related to Bitcoin.

New Addresses Made per Week

  • There has been an increase in new addresses made per day/week since August 2022.
  • This trend is similar to what happened in previous cycles around the middle of a bear market.

Active Addresses

  • Active addresses (people who send and receive Bitcoin within a certain period of time) have been trending sideways but started trending upwards since December 2021.
  • The blockchain is extremely active, with an uptrend in new addresses being made and sideways action on active addresses.

Importance of On-chain Data

  • On-chain data is not everything, and there are many reasons why whales might not be buying in this price region.

Understanding Market Manipulation

In this section, the speaker discusses market manipulation and how it affects trading. He argues that while there are periods of manipulation, the vast majority of the time, the market is not manipulated.

The Role of Whales in Market Manipulation

  • If whales knew everything about the market, they would have positioned themselves to take advantage of every move. However, since they did not position themselves for a recent 88% move in five months, it can be assumed that they do not know everything.
  • While corporations on Wall Street have more knowledge and information than individual traders, they do not control every single move in the market.
  • The fact that technical analysis (TA) works proves that not every single thing is manipulated.

Blaming Market Manipulation for Losses

  • Traders who blame market manipulation for their losses may simply be bad at trading.
  • It's important to consider other aspects of TA and investing instead of solely focusing on whales' actions.

Other Factors Affecting Trading

  • Other factors such as Fibonacci Cycle Theory and historical trends should also be considered when analyzing the market.
  • April has historically been a bullish month for financial markets, which should also be taken into account when making investment decisions.

Conclusion

  • Overall, while there are periods of manipulation in the market, it is not constant. Traders should focus on understanding all aspects of TA and investing instead of solely relying on whale behavior.

Bitcoin Market Analysis

In this section, the speaker provides an analysis of the current state of the Bitcoin market and offers insights into potential future movements.

Bitcoin Market Analysis

  • The speaker suggests that traders should focus on the yellow up-trending line as a support line and 28.8k as a resistance line.
  • The Apex of this formation between the yellow line and the red line comes at late April around the 24th of April so we will be making a move before then but I would be expecting a move sometime this week to be honest with you.
  • The market is telling us that this level is very important since there has been 19 days of consolidation below it. Patience is key in financial markets, and knowing when to react is also important.
  • Currently, we are in a range between 26.6K and 28.8K until something happens there; it's the same old range, and hence it's the same old message: do not take long positions.
  • Eventually, Bitcoin will break above its resistance level, but it's unclear whether we'll see a correction or downside first.

VIP Sales

In this section, the speaker promotes their VIP sales for trading all coins on Telegram.

VIP Sales

  • The speaker offers a 25% discount on VIP memberships for trading all coins on Telegram until April 14th.
  • Results from previous trades for Q1 and Q4 are available in community posts with links provided in the description below.

Bitget Exchange Promotion

In this section, the speaker promotes Bitget Exchange as a reputable and cheap exchange for trading.

Bitget Exchange Promotion

  • The speaker recommends Bitget Exchange as a reputable, good, and cheap exchange with five times lower fees than Binance.
  • A referral link in the pin comment below offers a 15% discount on trading fees for life on the exchange.

Crypto Academy Promotion

In this section, the speaker promotes their Crypto Academy course for learning how to trade cryptocurrencies effectively.

Crypto Academy Promotion

  • The speaker promotes their Crypto Academy course for learning how to analyze charts on TradingView effectively and turn it into a profitable income stream.
  • Become a Trader 10 unit of course developer myself and mega well crypto.
Video description

Opening Thoughts/Intro To Topic 0:00-1:35 On-Chain Data Is Unreliable + Whale Transactions 1:35-9:27 April Returns & Monthly Returns 9:27-11:48 Bitcoin TA Update 11:48-13:50 Outro & Promotions 13:50-15:28 -------------------------------------------------------------- 💰 Bitget Referral Link (Code: 4ih7) Americans Can Sign Up By Selecting "Other" When Asked For Country Of Residence & Using A VPN: https://partner.bitget.com/bg/wolvesofcrypto 👑 V.I.P Trading Group: https://t.me/+t1YtPSmID1ZlNGVl 🎓 The Crypto Academy Website: https://www.thecryptoacademy.courses/ 🐺 Community Group Chat: https://t.me/+Q3mui8n4jco3ZTdl -------------------------------------------------------------- Business Inquiries Contact: wolvesofcryptocontact@gmail.com -------------------------------------------------------------- LEGAL DISCLAIMER: It is worth noting that this video, as with all Wolves Of Crypto content, is a representation of my personal opinions on the market and should in no way be considered direct financial advice in any form. I am not responsible for your investment decisions or outcomes, analyse the charts for yourself before proceeding with a trade. This applies to every investment decision in cryptocurrency, stock market and any financial market - including investment decisions directly related to Bitcoin BTC, Ethereum ETH & any other altcoin.