{"id":58444,"date":"2019-11-27T14:57:08","date_gmt":"2019-11-27T12:57:08","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58444"},"modified":"2019-11-27T14:57:09","modified_gmt":"2019-11-27T12:57:09","slug":"bitcoin-price-fragile-bullish-breakout-possible-above-10000-upbit-hack","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-fragile-bullish-breakout-possible-above-10000-upbit-hack\/","title":{"rendered":"Bitcoin Price Fragile After UpBit Hack But Bullish Breakout Above $10,000 Possible"},"content":{"rendered":"\n
South Korea’s UpBit exchange has been hacked, according to a service update posted here<\/a>, leading the bitcoin (BTC) price to slip.<\/p>\n\n\n\n BItcoin’s confirmation of strong support above $6,500 gave bulls heart this week, with the price bouncing 10% from the trough of the recent price crash.<\/p>\n\n\n\n But the ever-present danger of a crypto exchange hack to throw a spanner in the works has landed like a thud in the laps of hopeful bulls.<\/p>\n\n\n\n UpBit reports this morning that 342,000 ETH has been moved to “an unknown address” ( 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029 ), which in layperson’s language means $50 million worth of the second-most valuable crypto token has been stolen from the platform.<\/p>\n\n\n\n Happily trading above $7,200, bitcoin immediately dropped back below $7,000. <\/p>\n\n\n\n Failure to push on beyond the intraday high of $7,350 printed on 25 November was always going to be a critical test at this juncture and the UpBit hack has not helped case for a bullish reversal<\/a>.<\/p>\n\n\n\n However, the reaction to the latest hack could have been much worse, which indicates that the chance of market participants looking past this latest security scare are good.<\/p>\n\n\n\n At times like this, pulling out on the BTC\/USD chart is useful.<\/p>\n\n\n\n From June to November last year the bitcoin price was in a $1,000 trading range (see chart below) with $6,500 its mid point. Strong support in that region is confirmed by the trading interest as shown by the volume profile at those price levels and in the 10% bounce we highlighted above.<\/p>\n\n\n\n Katie Stockton, managing partner at Fairlead Strategies, pencil’s $6,100 as the key support level. <\/p>\n\n\n\n She sees a breakout above $10,000 as a “a nice positive catalyst from a technical perspective”, but says traders will need to keep a watching brief for a confirmed breakdown or a bullish breakout, with the bitcoin price falling further<\/a> below the 200-day moving average.<\/p>\n\n\n\n342,000 ETH stolen from UpBit exchange<\/h2>\n\n\n\n
Bitcoin (BTC) 10% bounce confirms strong $6,500 support, breakout above $10,000 possible? <\/h2>\n\n\n\n