So yesterday there was some FUD spreading out – Binance exchange possible API hack which affected its users and the SEC tightening its regulation on crypto exchanges. This unexpected fear led to massive dump from $10,600 to the bottom of support level at $9,400. From there we have a nice bounce, but overall and for now, the Bitcoin doesn’t look very positive for the short term.
We’ll look closer on the $9,400 support level that was tested yesterday, and more important is staying above the support level at $9,000. On the bullish side, breaking of $12K, followed by massive volume, will lead to a positive bull market.
BTC/USD BitSTAMP 4 Hours chart
Source: Crypto Potato