Bitcoin Torn Between Pro-Analysts’ Projection and Building “Sell Wall”

Bitcoin Torn Between Pro-Analysts’ Projection and Building “Sell Wall”

Bitcoin remains in the struggle to completely break above the $10,000 mark. The cryptocurrency reached the 5-digit mark for the second time this week yesterday but failed to break it. However, analysts are becoming increasingly optimistic that the $10,000 mark will soon become history for Bitcoin.

According to the trader who correctly predicted the $3,200 BTC drop of 2018, Bitcoin is on the precipice of rallying past the 5-digit hurdle. He believes that bitcoin has “smashed passed” a key technical resistance which makes an $11,500 BTC price by July very possible.

While the technical bias looks to be in the favor of bulls, a “Sell Wall” has been observed by some crypto analysts to be forming at the key 5-digit level. This could be very damaging for Bitcoin in the short-term. Sell walls are notorious for causing several massive bear runs in the past.

The analysts reported that according to market data from yesterday, there is 2,461 BTC worth of sell orders at the 10k resistance on Binance and 500 BTC worth of sell orders at the same level on Bitstamp. Also, there are several hundreds of BTC sell orders ranging from $10,000 to $10,400 on other exchanges. It is determined that the mounting sell wall is now at $30 million.

BTCUSD – Daily Chart

Bitcoin (BTC) Value Forecast — May 15

BTC/USD Major Bias: Bullish

Supply Levels: $10,000, $10,550, and $11,500

Demand Levels: $9,000, $8,500, and $8,000

A crucial bullish trend line has been forming for some days now with support around $9,200 on the hourly chart. As long as BTC continues trading above this line and the hourly 100-day moving average, breaking the 5-digit hurdle should be a walk in the park. Failure to stay above these levels could spell the opposite. However, it is believed that BTC is in a slight reversal at the moment, so a quick retrace towards the $9,200 area could be seen soon.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.