BTC – Ascending channel Bitcoin price breakout possible in spite of OKEx scandal Bitcoin price dropped the bullish power that got the purchase price to $11.7K earlier this week although the present range could offer you chances to swing traders.
Earlier this week Bitcoin (BTC) price entered a bullish breakout to $11,725 following the earlier week’s info that Square obtained $4,709 BTC but since that time the cost has slumped back into a sideways range.
Several rejections near $11,500 and the latest news of OKEx halting all withdrawals as its CEO’ cooperates’ with an exploration being performed by Chinese authorities is also weighing on investor sentiment and Bitcoin price.
The trend of negative news has pulled the vast majority of altcoin prices back into the red and extinguished the newly discovered bullish momentum Bitcoin shown.
The everyday time frame blinkers that giving up $11,200 may open up the door for the price to retest $11,100, a degree and that resides in a VPVR gap and would probably give way to an additional fall to $10,900.
According to Cointelegraph Micheal van de Poppe, there is:
“Significant support during $11,000 is currently a must hold fitness level to resume the bullish momentum, which may observe difficulty clearing current levels as renewed coronavirus lockdowns are actually spooking investors.”
Van de Poppe indicates that if Bitcoin will lose the $11K support there is a possibility of the cost falling below $10K to the 200 MA at $9,750 which is near a CME gap.
While the current price behavior is disappointing to bulls which need to look at a retest of $12K, taking a bird ‘s-eye view reveals that there are many factors playing out in Bitcoin’s favor.
Moreover, volumes are actually surging once again at multiple BTC futures interchanges and on Friday Cointelegraph discovered that Bakkt Bitcoin exchange reached an innovative record high for BTC delivery.
Bitcoin has additionally largely ignored the majority of the bad news in the last two weeks and kept above the $10K level as buyers show continuous interest in buying near this amount.
Support retests are expected
It is also well worth noting that just aproximatelly 1.5 months have passed since Bitcoin exited a 24-day long compression phase that was followed by essentially the most recent breakout to $11,750.
Since the bullish breakout occurred the purchase price has retested the $11,200 level as support but a greater pullback to the 20-MA to test $11K as support wouldn’t be outside of the typical. Actually a fall to the $10,650 degree near the 100-MA would basically be a retest of the descending trendline from the 2020 high at $12,467.
For the short term, it appears to be likely that Bitcoin charge will trade in the $11,400-1dolar1 9,700 region, a stove which may turn out to become a swing trader’s paradise.