Technical Analysis: BTC/USD shoots higher following Bakkt news

Bitcoin shoots up to test daily highs following the news that Bakkt announces its platform release date
10.475.00 was tested in an initial reaction to the news
Traders were testing the 10,000.00 level leading into the announcement

Rajan Dhall, MSTA FX Daily

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. Once the volume came in the 10,232.44 intraday resistance was taken out and a new high was made for the session at 10,475.00. This high is now looking vulnerable as sentiment has shifted to the positive side following the release.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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