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$2.8 billion in three days: Institutions continue to increase BTC volumes as it nears important resistance area

The first cryptocurrency made a powerful rebound from the support zone at $43,000 and continues to move towards $50,000. However, after forming two bullish candles in a row, the asset began to weaken and fall in price. Taking into account the current technical indicators of the coin and the audience's reaction to a possible breakout of $48,000, its rebound is technical in nature. The cryptocurrency has come close to an important resistance zone, but there are all the prerequisites for a reversal. Despite this local negative, the general mood towards bitcoin continues to be positive.


Over the past day, the cryptocurrency continued to consolidate in a narrow range and practically did not change in price. At the same time, it is worth noting the significantly sagged daily trading volumes, up to $31 billion. The technical charts of the asset also indicate a possible reversal and a fall in the price to the nearest lows. The coin came close to the $48,000 mark, but after an unsuccessful retest, it began to roll back. As of 14:30 UTC, the cryptocurrency is trading at $47,700, but it cannot successfully consolidate above the zone where a large number of options for sale are concentrated and there was a powerful profit-taking on September 13.

As a result, the coin looks extremely weak on the technical charts and is likely to continue its downward movement. This is indicated by several factors, including the negative two-hour dynamics of the price movement and weak trading volumes, which indicate the inability of buyers to absorb the offered volumes. On the hourly chart, the coin looks weak and shows the prerequisites for the breakdown of the upward support line from September 13. This is a clear bearish signal, which is also confirmed by horizontal charts. Despite the local signal from the stochastic, the MACD and RSI maintain a downward trajectory, which indicates a movement to the lower part of the oscillation corridor. A similar picture is observed on the four-hour chart, where the MACD showed signs of an upward movement, but now it is nearing the formation of a bearish crossover.


On the daily chart, the situation is clearly bearish, although the MACD shows a weak momentum for growth. However, for this, the market needs to increase volumes, since the current supply of bears is too much for buyers. In this regard, it is quite likely that the coin will move to the local support zone at $47,400, at the breakdown of which the price will go to $47,000. If the bearish dynamics worsen, the cryptocurrency will meet resistance in two key support zones at $46,700, $46,000, and $45,000. If these boundaries are broken, there may be a question of a reversal of the medium-term trend and an aggravation of the downward dynamics. In this case, the price should be caught near the key support zone at $42,800.


Despite the local negative, the overall market situation continues to remain bullish. The current drop should be used as an opportunity to buy back at lower levels. At the same time, we cannot exclude the possibility of manipulation by whales, which increasingly affect the price movement. Over the past three days, the institutions have bought more bitcoin for $2.8 billion, and since September, an upward dynamics of accumulation has formed. The total amount of bitcoins purchased since the beginning of September reaches $7 billion. And only 7% of this amount is due to MicroStrategy, which indicates a large number of institutional companies. This is a positive signal for the entire market, as BTC is still relevant in the long term. It is the weak mobility of whales at the current stage that does not allow the price to break through the important area of $48,000-$50,000.


However, all the prerequisites are visible for the fact that the accumulation phase is coming to an end and this indicates the imminent beginning of an upward movement. And this is facilitated by institutions that reduce the pressure on the price with powerful savings and help to form strong support shelves. With this in mind, it is worth taking a wait-and-see position and preparing for an attempt to break through the final $50,100 zone, where several important resistance levels are passing.

The material has been provided by InstaForex Company -