The 12,000 USD is not yet lost for Bitcoin (BTC) who must now weather the turbulence caused by the OKEx problems. The $ 12,000 of BTC is reminiscent of the $ 18 of money: provided it doesn’t just take that long to break through that major resistance line.
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We didn’t get out of OKEx
The price of Bitcoin saw a roller-coaster ride today, October 17, 2020, with a low at the $ 11,300 level and a high at the $ 11,390 level.
Bitcoin Trading at $ 11,349 as of this writing, we’re entitled to a doji. The markets are plunged into a situation of uncertainty following the problems of private keys ofOKEx.
Will Bitcoin Follow the Silver Voice?
Michael van de Poppe shared today on Cointelegraph, its forecasts for the evolution of the Bitcoin.
Van de Poppe returns in particular to the fact that Bitcoin correlates negatively with the dollar and that the weakness of the latter benefits the oldest crypto.
The $ 12,000 is a major resistance for Bitcoin but for Van de Poppe, repeated attacks of this level will eventually get the better of this level.
Van de Poppe in particular draws the analogy with the resistance level of $ 18 that silver took almost 7 years to break; its breakout was followed by a bullish rally that took silver to $ 30, a 60% rise.
A crossing of 12,000 USD should therefore be followed for Bitcoin of a bullish movement leading it to the next resistances at the level of 16,500 USD and 17,500 USD.
For Van de Poppe, Bitcoin must defend the $ 11,100 – $ 11,200 to be able to attack the $ 12,000 again. The BTC must not fall below 11,000 USD to avoid the risk of a test of the gap CME to 9,600 USD.
The markets are cleaning themselves up of traders and investors sensitive to the risks caused by the OKEx problems, the bulls do not let it go by continuing to defend the 11,300 USD. At this rate, only bitcoiners who strongly believe in $ 12,000 and then rally to $ 20,000 will continue to hod their Bitcoins. The woes of exchanges – KuCoin, BitMEX, OKEX – are in a way a test of faith in Bitcoin, a test that will give BTC markets more “qualitative” than “quantitative”.