Like a thunderbolt in a clear sky, the bitcoin rate fell by more than 600 euros yesterday. Long squeezes and market manipulation by whales are possible causes of this, as you read in our article yesterday. What can we expect from the rate?
Bitcoin from triangle
Your eyes have probably already changed to triangles, so many times we have discussed him. The price of bitcoin has been moving for months between two trend lines that move towards each other. But that changed on Wednesday evening.
In just half an hour the rate fell by more than seven percent. That was enough to break out of the triangle. You can see this zoomed in on the graph below.
But there is not only bad news. The course now finds support in the green zone. And this seems to be a strong zone. This zone was not broken in June and July. It had even been a resistance in mid-June.
Is bitcoin not breaking out of the green zone? Then no alarm bells need to go off.
Does Bakkt cause a sharp rise?
The course is not only determined by technical analysis. News from outside can sometimes give a boost. The arrival of the bitcoin future platform Bakkt can now be that boost.
How does that work? Let us look at a situation in the past. Mid-December 2017, bitcoin futures came on the market for the first time. CME Group was the first party to offer this.