Bitcoin prices rebounded strongly on October 13 after initial scares. For a brief moment, BTC flash-crashed to as low as $18.2k before recovering and closing above $19k with decent participation levels, going by events in the daily chart.
Technically, bears are still in control from a top-down analysis. Still, the rejection of lower prices yesterday is massively bullish for swing traders. Notably, the long lower wick on October 13 suggests demand in the smaller time frame, a move that’s spilling over to today. As it is, BTC may surge to over $20k, a refresher.
Before committing, conservative traders can wait for a solid close above $20.5k before ramping up, targeting $22.5k or better in subsequent sessions.
JP Morgan De-platforms Kanye West, points to Bitcoin Benefits
The advantage of owning crypto, mainly Bitcoin, is evident during this crisis. Unlike fiat, which, as Kanye West, the U.S. Rapper, learned, according to reports, Bitcoin cannot be frozen by any government entity or private institution.
This is because the coin operates from decentralized rails with nodes from all over the world. JP Morgan reportedly issued a notice to the rapper, terminating their banking services and effectively de-platforming the legend.
Earlier today I learned that @kanyewest was officially kicked out of JP Morgan Chase bank. I was told there was no official reason given, but they sent this letter as well to confirm that he has until late November to find another place for the Yeezy empire to bank. pic.twitter.com/FUskokb6fP
— Candace Owens (@RealCandaceO) October 12, 2022
Per a letter making rounds in social media, Kanye has until November 21 before he’s completely barred from doing business or holding any account with the global bank.
Bitcoin Technical Analysis
BTC is up four percent in the past 24 hours and still in red, but steady, in the past trading week. Even though the path of least resistance is southwards, the events of October 13 could set the motion and establish a short-term trajectory in the next few trading sessions.
Besides the spike in trading volumes, possibly pointing to a climactic end of the recent bear run, it has a long lower wick. Also prices are reversing sharply from around September 2022 lows. Demand from yesterday could therefore see prices edge to print new weekly highs above $20.5k, breaking away from the recent consolidation.
Based on yesterday’s formation, aggressive traders can load on dips, targeting $20.5k. Meanwhile, conservative traders can wait for a clean breakout above $20.5k. Afterward, they can load the dips with sights at $22.5k and $23k in the short term.
Any dump below $18k invalidates this preview, swinging price action in favor of sellers.
Technical charts courtesy of Trading View.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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