-
Bitcoin is downward after the hack of Binance exchange, worth around 7K coins.
-
Despite the fall, the technical key levels have been fully respected.
We are getting worldwide headlines telling that Binance, the first ranked exchange in the world by volume, has been hacked using Syscoin token weak point. It’s not the first time that this kind of news impact market prices and, as usual, the impact on market participants diminishes as more exchanges repair the damage quickly.
BTC/USD 240 Min
Bitcoin is trading at $6,477 and has lost the $6,570 support. The downward movement might go down until the $6,400, slightly above the $6,370 mark, where the SMA100 and the EMA50 are currently located. It is also at this level where we can find the lower line of the channel that frames the price.
On the upside, Bitcoin needs to overcome the recently lost level at $6,570 to be in good position to attack the SMA200 that is just below the $6,745 level. Only exceeding this moving average would the Bitcoin enter in uptrend mode.
If instead, the BTC/USD chose to go back to the death-games fields right by the cliff, the first targets are those already mentioned, the EMA50 and the SMA100. Below this level, BTC/USD has no obstacles until the $6,200 price level, looking afterwards to the far next support at $5,850.
MACD at the 240-Min chart shows us that the indicator has crossed downwards and probably will keep this route down until the zero level.
The Directional Movement Index at the 240-Min chart shows us the increase of sellers in the last hours, but this is not enough to treat the buyer's dominance. The ADX line is moving above the 20 level, confirming the continuity of the uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.