MCO/BTC
Ok so quick article for those looking at/invested into Monaco currently.
This sell-wall of 60BTC has been popping on and off trying to drive the price down the past 2 hours.
What does this mean?
Well if you owned 60BTC worth of Monaco would you want to stack it all on the sell side causing the price to drop more? - No- you wouldn't.
Basically whales are stacking the sell side to scare weak hands out so they can accumulate more MCO at these lower prices before they spike the price up.
Taking a look at volume here we can see volume has picked up before being blocked by this sell wall. Imo once they have their fill of MCO they will take the brakes off and volume will spike again as they test 300,000.
So if you are in Monaco at the moment, I would hold expecting another wave up for these whales to try offload for nice profits. If you are not in, I would be placing some buy orders at support and targeting just below resistance.
Happy Trading!
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All information is presented for educational purposes only and does not constitute financial advice