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Bitcoin Price – Shorts Rekt by Crypto Whales

After sideways trading in the past 2 weeks between the $6,100 and the $6,500 support and resistance lines, Bitcoin decided to say hello by bouncing between the two ranges in a matter of minutes. What caused the Bitcoin price to drop to a low of $6,100 then bounce up to $6,500 only to settle at $6,400? What does the future hold for the BTC market?

Why did the Bitcoin price moved so much and so fast?

Most traders speculate that the reason for the recent volatility is the fact that CBOE futures close today. Someone bought a large amount of coins in anticipation for these contracts to expire. This means that those who entered a short position will incur a loss and those who entered long are going to be up quite a few percent. Effectively, shorts got rekt.

What does the future hold for Bitcoin?

In the past 7 months, the Bitcoin price has been refusing to hit new lows. The $6,000 support level has been a key point after each push by the bulls. On the other hand, there has also been a bearish triangle forming that is slowly getting weaker and weaker. If you were to draw the two trend lines they end up meeting at roughly the end of October. As the chart below shows, we should anticipate some price action at that time:

bitcoin breakout october
Chart: Tradingview

Currently Bitcoin is trading at $6,433 and is holding that price relatively well. It is nice to finally see some considerable movement in the price, as the sideways market has been putting many traders to sleep. It is also great to see the whales on the playing field as it means BTC has real potential to make some crazy moves in the near future.

What do you think the reason is behind the recent movement? Let us know in the comments section below!

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Nano Price Uptrend Remains Intact as Value Surpasses $2.1

Some interesting momentum is brewing for the Nano altcoin right now. Although it is still too early to speak of a proper market reversal, the current development shows there is some life left in the altcoin department. Despite a solid increase in the BTC and USD ratio, Nano’s price remains above $2 with relative ease. Nano Price Continues its Uptrend It is an interesting weekend for all cryptocurrencies, even though the gains across the board are pretty slim, all things considered. As long as Bitcoin doesn’t show any real bullish or bearish pressure in the near future, causing altcoins to note some small gains or losses in the process. For Nano, things are heading in the right direction right now, although the momentum still remains somewhat shaky first and foremost. Over the past 24 hours, the nano price has risen by roughly 4% in the USD department. That means the altcoin sustains its value of $2 with ease, and has even reached a new level of $2.1. That is a pretty promising trend for altcoin speculators, even though it is not necessarily sufficient to keep things moving in this direction for the foreseeable future. The 3% gain over Bitcoin, on the other hand, is a bit more promising. Unfortunately for Nano, all of the discussions across social media have something to do with price speculation right now. Considering how this is a sign there isn’t anything spectacular happening to Nano right now, one has to wonder how it impacts the overall market momentum. K Sizzle thinks Bitcoin’s price will push to $7,000 and drag altcoins with it. Shortly after, a retrace will kick in, which is rather common. Seems like a plausible route to 7k mark before a retrace #btc #vet #qsp #omg #xvg #nano #ada #XLM #tpay #eca pic.twitter.com/fRSDGtxEUu — K Sizzle (@KSizzle021) October 21, 2018 Some traders are convinced the Nano price will remain under pressure from people looking to push the value below $2 once again. Whether or not that will effectively happen in the near future, is a different matter altogether. For now, the momentum looks positive, but this trend will effectively lead to a small correction sooner or later. NANO stays under pressure, watch key resistance by trader CryptalDash published October 05, 2018 #bitcoin #nano #nanobtc #btc #cryptocurrency #nanocoin https://t.co/SPp354Nhvy pic.twitter.com/Ofo6XkJuwY — BitcoinAgile (@bitcoinagile) October 21, 2018 Last but not least, Torjus Gaaren is looking for further Nano price gains in the near future. Although the current momentum seems to warrant cautious optimism first and foremost, one has to keep in mind no financial market can continue to rise indefinitely. In the case of Nano, this trend remains in place, although its week trading volume can easily trigger a big sell-off in the future. #NANO very good trade with clear target if it breaks out upwards. Trade described in chart. pic.twitter.com/7hcK6woxMz — Torjus Gaaren (@TGaaren) October 20, 2018 With all of these trends in place, it will be interesting to see what the future will hold for Nano. It is still one of the most resilient altcoins on the market, and its push into Venezuela will undoubtedly continue to generate a fair bit of attention. Altcoins are in a good place right now, which might very well hint at a continual uptrend in the future. The post Nano Price Uptrend Remains Intact as Value Surpasses $2.1 appeared first on NullTX.

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