Cryptocurrencies

Bitcoin (BTC) on October 17, 2020

The $ 12,000 is not yet lost for Bitcoin (BTC) which must now weather the turmoil caused by OKEx’s problems. The $ 12,000 in BTC is reminiscent of the $ 18 in silver: as long as it doesn’t take just that long to cross that major resistance line.

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We did not leave 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 price evolution of Bitcoin.

Van de Poppe returns in particular to the fact that Bitcoin has a negative correlation 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 of 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% increase.

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.

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For Van de Poppe, Bitcoin must defend the $ 11,100 – $ 11,200 to be able to attack the $ 12,000 again. The BTC should not fall below USD 11,000 to avoid the risk of a test of the CME gap to 9,600 USD.

Markets are cleaning themselves up of traders and investors who are sensitive to the risks of OKEx’s problems, the bulls are not giving in to continuing to defend the $ 11,300. 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 a bit of a test of faith in Bitcoin, a test that will make BTC markets more “qualitative” than “quantitative”.

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