[ad_1]
Bitcoin (BTC) again shocked investors after a strong sell on Tuesday which resulted in a quick drop of $ 1,000 in a single trading session.
Over a 30-minute period, starting at 16:00 UTC on 24 September, prices plunged below $ 8,000 – the lowest level since June 12 this year. In addition, $ 30 billion was withdrawn from the market in the space of 24 hours, as investors sought to close their positions in a frenzied selling environment.
Eyes are now firmly fixed on the 200-day moving average (MA) that would officially mark the start of a new bear market if a close close to $ 8,311 occurred.
According to a previous CoinDesk report, the drop in prices could have been exacerbated by margin calls and liquidation of contracts on Bitmex.
Anyway, the bull market of BTC in 2019 is hanging on a thread.
As can be seen above, BTC began to collapse after a bearish decline. Triangle This has been noted by much of the crypto-Twitter community since September 2nd.
In addition, the price drop of $ 1,000 goes against the recent launch of Bakkt futures, which was supposed to be a bullish catalyst but which, so far, has not met expectations.
Technicians stress the possibility of a short-term rebound, thanks to an extremely high index of reprieve on the daily chart and lower histogram bars below 0. However, a measured movement (reduction of the peak at hollow in the triangle) offers the possibility of a pursuit. prior to June 2018, is close to $ 6,100.
Buyers are being pressured to keep the defense and maintain official bullish status above the 200-day moving average of $ 8,311.
All prices below this point would add credibility to a new bear market for the remainder of 2019.
Disclosure: The author does not hold any cryptocurrency at the time of writing.
Bitcoin image via Shutterstock; chart via Trading View
[ad_2]
Source link