{"id":100395,"date":"2020-10-29T17:07:57","date_gmt":"2020-10-29T14:07:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\/"},"modified":"2020-10-29T17:07:57","modified_gmt":"2020-10-29T14:07:57","slug":"up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\/","title":{"rendered":"# Up or down? These Bitcoin price levels hint at the next move from $13K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407ebd1536b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407ebd1536b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\/#The_13500-14000_area_confirming_resistance_for_Bitcoin\" >The $13,500-14,000 area confirming resistance for Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\/#DXY_bouncing_upwards_causing_BTC_price_to_drop\" >DXY bouncing upwards, causing BTC price to drop<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\/#Bulls_must_reclaim_133K\" >Bulls must reclaim $13.3K<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Up or down? These Bitcoin price levels hint at the next move from $13K  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin\u2019s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout. <\/p>\n<p>Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&amp;P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD for safety once again.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_13500-14000_area_confirming_resistance_for_Bitcoin\"><\/span>The $13,500-14,000 area confirming resistance for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/c3920949-4a8e-4240-ad5f-cd317071fdbb.png\"\/><\/figure>\n<p><em>BTC\/USD 2-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/Zq6hHoZ3\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The 2-day chart shows an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent resistance at the $13,500-14,000 area as a rejection is seen in this area. The $13,500-14,000 area is the final big hurdle until a potential new all-time high can be hit. Many investors and traders are eying this area as crucial.<\/p>\n<p>The chart also shows a clear support zone ready to be tested in the coming period. This zone is marked between $11,600-12,200. If that area holds for support, new range-bound construction can be established to start a healthy accumulation period. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"DXY_bouncing_upwards_causing_BTC_price_to_drop\"><\/span>DXY bouncing upwards, causing BTC price to drop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/2bcbb4c1-74c2-4850-9de0-2c4aea854b16.png\"\/><\/figure>\n<p><em>U.S. Dollar Currency Index 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/2Yt9pB2M\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As the fear surrounding potential full lockdowns returning across Europe, the flight towards safety is also starting up.<\/p>\n<p>The first wave was there in March 2020, when the flight toward the U.S. Dollar was seen as markets crashed. Through that, the U.S. Dollar Currency Index (DXY) found a bottom and bounced upward from the 92.50 points level. Currently, it\u2019s close to 94 points, through which the recent bounce of the DXY index triggered weakness across the other markets. <\/p>\n<p>Bitcoin retraced heavily in recent days, but even Silver showed a 6% correction in just a day. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/8abee12d-08d9-45e5-a4c5-db0b78759673.png\"\/><\/figure>\n<p><em>U.S. Dollar Currency Index 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/yKkvuL0R\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As the data shows, the correlation between Bitcoin and the DXY index became inverse since the March crash. This is also similar to the movements of Gold.<\/p>\n<p>But what can be derived from this data is that the likelihood of further corrections for Bitcoin are increasing amid the legacy markets\u2019 weakness and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> unrest surrounding the potential lockdowns. <\/p>\n<p>A correction wouldn\u2019t necessarily be unhealthy for the Bitcoin market at this point as that may lead to further accumulation. <\/p>\n<p>The majority of the investors definitely want to see a straight line towards $200,000, but that\u2019s simply not happening. At best, Bitcoin is at the start of a new cycle, through which the boring sideways part will keep recurring. Once all levels are tested, parabolic movements can occur in price discovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bulls_must_reclaim_133K\"><\/span>Bulls must reclaim $13.3K<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/2d3ff37f-9cee-4f4e-9725-5ed6a31fae31.png\"\/><\/figure>\n<p><em>BTC\/USDT 2-hour chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/tQlgEVDT\/\"><em>TradingView<\/em><\/a><\/p>\n<p>A familiar concept is a breakout above the previous resistance for liquidity. After this, an immediate drop back into the range occurs. This is called a fakeout and is often seen in the markets to take liquidity. <\/p>\n<p>As the chart shows, a clear resistance zone is established at $13,250-13,400 and should be broken to sustain further upward momentum. If the resistance zone can\u2019t be cleared, the downside becomes more likely.<\/p>\n<p>The levels beneath the current prices are $12,700-12,850 and $11,600-11,800 as higher timeframe zones to watch for potential support. <\/p>\n<p>The latter &#8220;hell&#8217;s candle&#8221; scenario is only expected if the support zone between $12,700-12,850 is lost. However, such a drop would warrant massive selloffs across all crypto markets with altcoins taking the biggest losses from such a correction on Bitcoin.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Up or down? These Bitcoin price levels hint at the next move from $13K &#8221; Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin\u2019s price dropped from $13,800 to $12,900 on Oct. 28, making the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":100396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/ca751e98-9db8-456f-8e5b-5aac5bb2be5e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-100395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=100395"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/100396"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=100395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=100395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=100395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}