A significant update for BTCUSD that could set up something big in Bitcoin prices has just been picked up by Whale Alert. In the last three minutes, a tweet was picked up on the Whale Alert account indicating that 2,000 BTC worth more than $15million had just been moved from Binance to OkEX.
Whale Alert is a service that tracks large-scale movements of Bitcoin and other altcoins. Such moves usually precede a major pump or dump on the exchanges, triggering advances or declines in Bitcoin prices in the days that follow.
Bitcoin price action on the BTCUSD has been quite dull with minimal movement. The much-anticipated move towards $8000 is yet to materialize. All that could soon change if the latest update from Whale Alert is anything to go by. It is not clear as to what will happen to these funds. Typically, selling of such large amounts triggers a price slump. But if this transaction is part of a more significant purchase, it could trigger a major pump in Bitcoin prices.
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The technical outlook for Bitcoin prices stems from the picture on the BTCUSD daily chart, where the ascending channel remains intact and shows Bitcoin trading at 7511.80, just above the 7420.72 price level which still functions as a resistance. It would require two successive daily candles closing above that level to convert it to support. Price bounced off the 23.6% Fibonacci retracement line and the channel’s lower border before violating this resistance.
A successful break of 7420.72 may clear the pathway for BTCUSD to target the 8000.30 resistance line, above which the channel’s upper border becomes a relevant resistance target.
On the flip side, failure to break above 7420.72 could allow BTCUSD to retest the channel’s lower border. A breakdown of the lower channel barrier presents targets the 6596.16 support, with 6365.15 lurking close by. 5820.02 is a remote support which only comes into play when 6365.15 gives way to declining prices.