Bitcoin gets ‘whale games’ warning as BTC price eyes $40K into US data
Bitcoin (BTC) held momentum at $38,000 on Nov. 29 as analysis warned over market corrections.
Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory continuing to aim for new 18-month highs.
After matching current highs the day prior, the largest cryptocurrency surprised by keeping a grip on higher levels as futures markets hit $39,000.
Already a topic of debate, the excitement on derivatives led some to caution that large-volume traders could still leave late long positions stranded at the top.
In commentary overnight, Keith Alan, co-founder of monitoring resource Material Indicators, told traders to be wary of these “whale games.”
“Earlier today, some ask liquidity at $38k was pulled to open the door to $38.5k. Don’t allow yourself to think that was a friendly whale giving you boost. That was a Killer Whale trying to FOMO you in,” he wrote about the initial trip past $38,000.
Alan continued that words due Dec. 1 from Jerome Powell, chair of the United States Federal Reserve, may provide an external BTC price catalyst that could even bring $40,000 into play.
Whales, however, would be spying on a key level at which to sell off.
“My assumption is that they will continue to do so until there is enough to dump into,” he forecast.
An accompanying chart showed order book sell-side liquidity concentrated at $38,500 — a level yet to be challenged at the time of writing.
Others remained confident that further short-term upside was possible and even likely.
Analyzing current market composition, popular trader Skew concluded that volume was all that was missing for a breakout toward the $40,000 watershed.
$BTC 4H Update
Trend still respected & clean HL exactly where I expected it to occur ($36.7K)
Just need the HH
