Bitcoin Trader: Big Money is Net Long, Re-Accumulation Expected at $10K10.6

In recent months, Bitcoin price has been following an uptrend ever since the leading crypto by market cap retested bear market lows at $3,350 where it bounced off support at the 200-week moving average. Even new Tether FUD or fears over Bitfinex’s insolvency have not been enough to cause a major pullback aside from a quick drop that Bitcoin quickly rebounded from over the weekend.

One reason for the lack of any clear dips on Bitcoin price charts, or any retests of former resistance turned support, is because “big money,” as one Bitcoin traders calls it, are “net long”, and won’t let bulls buy dips until they’re ready to sell. And according to the trader’s past analysis, he believes that $10K is when distribution and re-accumulation will occur.

Original source
https://www.newsbtc.com/2019/05/01/bitcoin-trader-net-long-accumulation/

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