Topic: $7,400 to $6,950: Bitcoin Price Drops 2% Within30 Minutes in Crypto Market Bleed - page 2. (Read 299 times)
September 05, 2018, 09:00:57 AM
When are we going to see an end to this type of panic in the market? The expectation that bitcoin will rise up to $10,000 is the illusion creating this new FUD in the market.
September 05, 2018, 08:57:39 AM
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Wasn't this price drop due to that whale that is connected to the silk road dumping 10,000 Bitcoin? I mean could that really reverse the entire market?
No, it's natural. Look at the Charts on 4H, there was a rising wedge and due to it, BTC Fell. September 05, 2018, 08:56:12 AM
Yes,this is the bitcoin trend from last few months.Bitcoin price is fluctuating between $6400 to $7400,cos most of the traders who buy at $6400 levels are selling at $7300+ levels and booking profits.I think the same trend will repeat now and future.May be the price will move again by third week of September depending on any positive ETF news by SEC
September 05, 2018, 08:45:18 AM
$7,400 to $6,950: Bitcoin Price Drops 2% Within 30 Minutes in Crypto Market Bleed
Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.
Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range.
If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a downtrend to mid-$6,000.
However, if BTC falls below the $7,000 support level, as seen in May and July, a drop to the low $6,000 is expected.
Two Outcomes: Major Breakout or Minor Drop
Edward Morra, a cryptocurrency trader and technical analyst, wrote earlier today that a correction is incoming for Bitcoin, unless it shows a trend reversal supported by a spike in volume.
“Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal). However, we also need to understand that shorting here is being in the vanguard, as there are no clear confirmation of a trend change as of yet,” Morra explained.
Two outcomes were presented to Bitcoin on September 5: a major breakout above the $7,500 mark and a potential run to $8,000 or another correction below the $7,000 mark and testing mid-$6,000 once again.
Given the magnitude of the drop in the price of BTC in a short period of time relative to the stability the dominant cryptocurrency has demonstrated since August 6, it is highly likely that the Bitcoin price will test the mid-$6,000 region in the upcoming days.
As BTC falls, tokens and small market cap cryptocurrencies are expected to bleed out further, deleting their temporary gains throughout early September.
Against BTC, even well-performing tokens like ICON, WanChain, and Ontology have fallen by nearly 70 percent since early 2018 and in the next few weeks, tokens will struggle to find momentum against BTC and ETH pairs.
https://www.ccn.com/7400-to-6950-bitcoin-price-drops-2-within-30-minutes-in-crypto-market-bleed/
Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.
Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range.
If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a downtrend to mid-$6,000.
However, if BTC falls below the $7,000 support level, as seen in May and July, a drop to the low $6,000 is expected.
Two Outcomes: Major Breakout or Minor Drop
Edward Morra, a cryptocurrency trader and technical analyst, wrote earlier today that a correction is incoming for Bitcoin, unless it shows a trend reversal supported by a spike in volume.
“Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal). However, we also need to understand that shorting here is being in the vanguard, as there are no clear confirmation of a trend change as of yet,” Morra explained.
Two outcomes were presented to Bitcoin on September 5: a major breakout above the $7,500 mark and a potential run to $8,000 or another correction below the $7,000 mark and testing mid-$6,000 once again.
Given the magnitude of the drop in the price of BTC in a short period of time relative to the stability the dominant cryptocurrency has demonstrated since August 6, it is highly likely that the Bitcoin price will test the mid-$6,000 region in the upcoming days.
As BTC falls, tokens and small market cap cryptocurrencies are expected to bleed out further, deleting their temporary gains throughout early September.
Against BTC, even well-performing tokens like ICON, WanChain, and Ontology have fallen by nearly 70 percent since early 2018 and in the next few weeks, tokens will struggle to find momentum against BTC and ETH pairs.
https://www.ccn.com/7400-to-6950-bitcoin-price-drops-2-within-30-minutes-in-crypto-market-bleed/
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