Price action rejected from yesterday’s levels - Volatility increased as expected.

The current price action is back to trading within the middle of two support and resistance levels - there is also a pennant formation to take note off ✍ .

From a technical price point - $53,988.2 is a support level that is in confluence with the .618 Fibonacci and the Value Area Low. This area is a potential long zone if bullish price occurs: more discussed in TA section.

In recent news events, Crypto trader loses $55M in DAI to phishing attack and crypto scammer behind $4B fraud caught in Istanbul

Today’s report will also include:

Current Price Action

Price action is forming a classic pennant formation that will breakout in the immediate future. This occurs when support and resistance levels converge, creating an apex.

The apex of a pattern is the last junction before a breakout occurs, please note that breakouts can also occur at any given time up until the apex of a pattern is reached.

Bitcoin clearly has both support and resistance levels converging, testing lower support for a bounce will entice a potential bullish breakout.

Potential Long Trade

There is an interesting Daily Support at $53,988 on the chart that has considerable technical confluence - giving it merit to be tested.

The level has the range Value Area Low and the local .618 Fibonacci acting as strong confluence. Price testing this area should result with a wick, this will be considered bullish.

An entry model within this area would be a Swing Failure and or a Deviation of the level. These triggers will confirm bullish price action and allow for a risk defined entry.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Andreas Szakacs, originally from Switzerland and the CEO of OmegaPro, was involved in one of the largest cryptocurrency frauds, amounting to approximately $4 billion.

After initiating OmegaPro in 2019, Szakacs managed to orchestrate this massive scam by initially gaining the trust of investors through high returns and creating an illusion of legitimacy with staged events like the OmegaPro Legends Cup, which featured well-known former footballers.

In an attempt to evade capture, Szakacs obtained Turkish citizenship under the name Emre Avcı. However, his efforts to hide were unsuccessful as he was arrested in Istanbul in July.

His arrest came after the company abruptly stopped payments in November 2022 and completely shut down by July 2023, leaving millions of investors in the lurch.

A report from the blockchain security firm Scam Sniffer detailed an incident where a cryptocurrency trader suffered a significant loss of $55.47 million in DAI due to a phishing scam.

The trader inadvertently transferred the control of their collateralized debt position (CDP) within the DeFi Saver Proxy system, which is used for managing CDPs issued by Maker, to a fraudulent wallet.

The trader, known by the identifier '0xf2B8,' made a critical error by executing a 'SetOwner' function, which shifted the control of their DeFi Saver Proxy to the scammer's address. This mistake became evident when the trader's subsequent transaction attempt was unsuccessful, as they had lost ownership of their proxy contract.

Following this, the scammer moved the ownership to a different address and proceeded to extract the full amount of DAI from the trader's account, resulting in the massive financial loss.

Join via the link below and receive up-to $5000 deposit bonus and 10% CashBack 💰

Link: https://partner.blofin.com/d/alchemisttrader

Bitcoin Insider bouncing back to work, See you in the next one! 👊