BTC – Ascending channel Bitcoin price breakout possible despite OKEx scandal Bitcoin price dropped the bullish electricity which took the price to $11.7K earlier this week but the present range might offer opportunities to swing traders.
Earlier this week Bitcoin (BTC) price tag moved into a bullish breakout to $11,725 following the previous week’s information which Square acquired $4,709 BTC but since then the price has slumped back into a sideways range.
A number of rejections close to $11,500 and the recent news of OKEx halting all withdrawals as its CEO’ cooperates’ with a study being completed by Chinese authorities is also weighing on investor sentiment as well as Bitcoin price.
The wave of information which is damaging has pulled the majority of altcoin rates back in to the white and extinguished the newly found bullish momentum Bitcoin displayed.
The day time frame signals that losing $11,200 might open the door for the cost to retest $11,100, a quality and that resides in a VPVR gap and would definitely give way to a further drop to $10,900.
According to Cointelegraph Micheal van de Poppe, there is:
“Significant guidance during $11,000 is now a must hold level to resume the bullish momentum, which might see issues clearing current levels as revitalized coronavirus lockdowns are spooking investors.”
Van de Poppe implies that if Bitcoin manages to lose the $11K support there is the possibility of the cost dropping below $10K to the 200 MA at $9,750 that is near a CME gap.
While the current cost activity is actually disappointing to bulls which wish to look at a retest of $12K, going for a bird ‘s eye perspective reveals that there are many variables actively playing out in Bitcoin’s favor.
The latest BTC allocations by MicroStrategy, Square and Stone Ridge are actually positive, especially considering the current economic uncertainties that are present as a direct result of the COVID 19 pandemic.
Furthermore, volumes are surging once again at multiple BTC futures exchanges and on Friday Cointelegraph found that Bakkt Bitcoin exchange reached a new record-high for BTC shipping.
Bitcoin has also mostly overlooked the majority of the negative news over the past two months and contained above the $10K amount as buyers show continuous fascination with getting it close to this level.
Help retests are expected
It’s also well worth noting that only aproximatelly 1.5 weeks have passed since Bitcoin exited a 24 day long compression stage which was adopted by likely the most recent breakout to $11,750.
Since the bullish breakout occurred the cost has retested the $11,200 degree as guidance but a deeper pullback to the 20-MA to test $11K as assistance wouldn’t be out of the typical. Actually a fall to the $10,650 amount near the 100 MA would simply be a retest of the descending trendline from the 2020 high from $12,467.
For the short term, it appears to be likely that Bitcoin amount is going to trade in the $11,400 1dolar1 9,700 area, a range which may prove to become a swing trader’s paradise.