Edward Snowden says he feels 'itch to scale back in' to $16.5K Bitcoin

2 years ago

Bitcoin (BTC) returned to $16,500 astatine the Nov. 14 Wall Street unfastened arsenic bulls tried and failed to interruption higher.

Snowden hints BTC terms echoes March 2020

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging beneath $17,000 connected the time aft a dismal play close.

The largest cryptocurrency had failed to amusement convincing signs of betterment aft losing much than 25% the week anterior acknowledgment to the debacle astir speech FTX.

That debacle was ongoing astatine the clip of writing, with revelations fanning retired to see other firms with important vulnerability to the defunct exchange.

With small airy astatine the extremity of the passageway visible, BTC terms enactment remained unsurprisingly weak.

“Markets consolidating,” Michaël van de Poppe, laminitis and CEO of trading level Eight, summarized.

“Would presume we'd beryllium astatine $10K actually, aft the unspeakable quality we've received past weeks.”

Trader and expert Rekt Capital meantime warned of support-resistance flips successful the making acknowledgment to the play close, Bitcoin’s lowest successful 2 years.

“These are BTC Monthly levels shown connected the Weekly timeframe,” helium tweeted alongside a illustration of important focal levels.

“From this chart, we tin spot that $BTC has performed a caller Weekly Close beneath the Monthly level of ~$17300. Initial signs of this level flipping into caller absorption this week.”

Other posts connected the time warned of the imaginable for “additional downside wicking” connected BTC/USD, portion noting that historically, anterior carnivore markets had inactive been worse successful presumption of the pair’s descent from rhythm highs.

An absorbing counterpoint came from Edward Snowden. In a tweet of his own, helium signaled that helium would beryllium a BTC purchaser astatine existent levels, sentiment helium past publically posted aft the March 2020 COVID-19 cross-market crash.

“There's inactive a batch of occupation ahead, but for the archetypal clip successful a portion I'm starting to consciousness the itch to standard backmost in,” helium stated.

A 2nd tweet stressed that the erstwhile 1 was "not fiscal advice."

Dollar gives 'perfect' way to BTC upside

Stocks offered small respite to crypto bulls connected the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, during the archetypal hour.

The U.S. dollar scale (DXY) continued consolidation of its ain portion refusing to adhd to the anterior weeks’ significant retracement.

Popular trading relationship Game of Trades noted that the regular chart’s comparative spot scale (RSI) for DXY had acceptable a caller grounds debased for 2022.

“SPX is showing spot and DXY is crashing,” a hopeful Bloodgood, different well-known Twitter trader, wrote successful portion of a caller update connected the day.

“Perfect concern to spot immoderate upside.”

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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