Whales Test Weak Hands At Key Support –

Bitcoin whales are attempting to shake out emotional traders today, as the price finds itself back on the main support of a bullish pennant pattern. Will HODL’ers be able to hold their nerves at this critical time, or will panic selling force BTC out of the pennant? Let’s take a look.

Bitcoin 4-Hour Chart

Over the last 24hrs, ramped up selling has sent Bitcoin tumbling by a further $890 (-7.77%) – leaving the largest cryptocurrency by market capital fighting to stay above water around the $10,700 level.

Looking at the 4-Hour BTC/USD chart, we can see that the asset has recently picked up along the uptrending support of the bullish pennant that is has been tracking inside of for the past 3 weeks. This particular level overlaps with the 0.5 fibonacci level as well as the weekly close zone, and represents a critical area for BTC buyers to defend.

This ‘make or break’ moment creates a lot of fear and uncertainty, and particularly affects less experienced traders who are…