Bitcoin [BTC] plummets steeply on 19 September 2019 at 3: 00 hours UTC. The price of Bitcoin dropped about $500 at it tests low at $9600.
The traders have been uncertain of a move in Bitcoin for a long time. The tug of war between the bulls and the bear had kept the price of BTC around $10,150-$10,250.
The price of BTC at 3: 18 hours UTC on 19th September 2019 is $9770. The price drop occurred in a very short interval of 15 minutes.
Descending Triangle Break-Down?
The steep fall at the wake of the hour can turn in to a strong bearish signal. The price now is closer to the break-down of the descending triangle.
Is it a Fake Out?
Currently, the break-down has not been confirmed. Moreover, due to the volatility of the crypto markets, even a break can lead to a fake signal. Zoran Trader,
$ Update: Expecting one of the squiggly’s to play out. I firmly believe theres a large amount of untapped liquidity on the sidelines waiting for confirmation of direction. The liquidity theorist in me thinks that we will fake out the masses before the real move. Staying flat.
The price currently seems to be holding the levels above $9400 and $9000, which is still inside the triangle.
The move has come after the expected rate cut in by the US Fed is announced at 25 basis points. Quantitative Easing is expected to bring positive results for Bitcoin [BTC]. However, the market is acting contrary to popular belief at the moment.
Do you think that Bitcoin [BTC] will break below the descending triangle? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com