Published 42 mins ago
A recent reversal from the combined resistance of $20500 and resistance trendline have plunged the prices 4.2% down to retest the $19600 flipped support. This horizontal level and the rising support trendline should form a high reversal point from $19500-19200. However, losing this support may plummet the Bitcoin market value to $19500.
- The rising parallel channel pattern is leading to a short-term recovery in Bitcoin
- A breakdown from the support trendline will undermine the recovery gains
- The intraday trading volume in Bitcoin is $30 Billion, indicating an 18% loss
The crypto market has witnessed quite an uncertainty in the past two weeks. As a result, the major cryptocurrencies walked a sideways path, and Bitcoin prices remained trapped with $19600 and $18350 barriers.
However, on October 3rd, the Bitcoin value experienced a significant inflow and bolstered a bullish breakout from the $19600 resistance. The follow-up candle pushed the prices higher to hit the $20500-$20730 resistance zone.
Furthermore, the traders faced strong supply at this resistance resulting in a sharp price
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