Bitcoin Bulls Rejected Hard At $11,500 Retest, Rapid $250 Drop Follows

2020-10-15 19:28

Bitcoin price is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later.

Here’s what is going on in the top-ranked cryptocurrency and what to watch for as price action to develops.

Triangle False Breakout Rejects Bulls Back Below Resistance At $11,500

Bitcoin’s notorious volatility is back after a short-lived phase of tranquility. Explosive price action this week following a bullish breakout of a downtrend line on the heels of Square news sent the cryptocurrency well above $11,000 and kept climbing.

Bulls Rejected After False Descending Triangle Breakout | Source: BTCUSD on TradingView.com

Resistance above $11,750 proved too strong to penetrate and the leading crypto asset by market cap fell lower, where a triangle began to form.

Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap

This morning, a false breakout of the upper trendline baited bulls into a fierce rejection, resulting in a sharp drop of $250 lower.

Bearish Bitcoin Chart Pattern Points To Retest Of $11,000, Will It Hold?

Zooming out further, shows the descending triangle breaking down with a potential target of $11,000.

Descending Triangle Bearish Breakdown in Progress | Source: BTCUSD on TradingView.com

Bears have a chance of pushing Bitcoin back down toward $10,000 if bulls cannot defend the key support level. However, if the crypto asset can reclaim $12,000, chances of a higher high in 2020 will become a lot more likely.

Related Reading | Dwindling Bitcoin Volatility Could Lead To Decisive Move

The current price level is a pivotal range where whichever way breaks, could set the trend for the rest of the year and into 2021.

Featured image from Deposit Photos, Charts from TradingView.com

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250 bitcoin price later moments action develops

Источник: newsbtc.com

250 bitcoin → Результатов: 126


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2019-12-20 17:14


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Binance CEO to sue The Block over alleged fake Shanghai police raid story

On Nov. 21, crypto industry publication The Block released a story entitled “Binance’s Shanghai office shut down following police raid, sources say.” The article quickly blew up on Twitter, with some going as far as to suggest that it contributed to the recent collapse of the Bitcoin price, which now sits at $7,250 as of […] The post Binance CEO to sue The Block over alleged fake Shanghai police raid story appeared first on CryptoSlate.

2019-11-23 10:19


Фото:

Binance CEO to sue The Block for fake Shanghai police raid story

On Nov. 21, crypto industry publication The Block released a story entitled “Binance’s Shanghai office shut down following police raid, sources say.” The article quickly blew up on Twitter, with some going as far as to suggest that it contributed to the recent collapse of the Bitcoin price, which now sits at $7,250 as of […] The post Binance CEO to sue The Block for fake Shanghai police raid story appeared first on CryptoSlate.

2019-11-23 10:19


Фото:

Популярный инвестор: bitcoin подорожает до $250 тыс. к 2023 году

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2019-11-5 13:22


Фото:

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2019-10-16 18:32


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