Bitcoin Today: Bithumb volumes adds positivity

Price
During the weekends the price confirmed a newly-formed uptrend tendency and managed to get back inside the October lateral wedge, above 6400 level. Given the lack of news, this behavior adds positivity to the price pattern. Nonetheless, a crucial level for the overall pattern is 6800, until we reach it the overview stays bearish. Today bounds: 6500 from above, and 6400 as a support.

Today forecast
Trading Channel 6400 – 6500.

Latest news

• Large volumes on Bithumb
  While, in terms of technical analysis, nothing interesting is happening in the European and US markets, Asian exchange draws attention since interesting processes are taking place there. Bithumb exchange has become the leader in terms of Bitcoin trading volume lately, getting close to the Bitmex (although, unlike Bitmex, Bithumb does not provide credit shoulder). This suggests that someone is buying serious volumes on Bithumb. The price at the same time is almost in place - a large investor wants to skimp cheaper.
  Another interesting fact is that less than a month ago a large investor, who has no relation to cryptocurrencies, bought out a controlling stake in Bithumb. This was preceded by an exchange statement about plans to open new offices in Japan and Thailand. The new owner of Bithumb is the Singapore group of companies VK Global, specializing in plastic surgery.
  Many traders consider, that this is how the stock market comes to a crypt world, without any buzz. The rise in volumes since the Bithumb acquisition become significantly bigger and can’t be unnoticed anymore. Maybe this process advocates for the slow change to positive signs in latest price patterns.