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Crypto Markets Crash $30 Billion In Epic Bitcoin Sell Off

In what has been one of the largest 24 hour market dumps this year over $30 billion has been dumped from crypto assets. Bitcoin reached the end of its bearish triangle pattern and dumped hard down to a three month low at $8,000.

Bitcoin Crashes 17%

Many had predicted a huge drop to long term support around $8k this week but it is still a shock to see it happen. Bitcoin had been sliding since late last week when it dropped below five figures again and failed to recover. Bakkt was underwhelming and markets did not react though they were not expected to.

The move have when BTC reached the apex of the large descending triangle that has formed since the top out in late June. The downwards momentum started to accelerate as soon as support at $9,500 was broken. Next came two almighty red candles which dumped Bitcoin back to $8,000 according to Tradingview.com.

BTC price 1 hour chart – Tradingview.com

This area is a massive support zone and as expected a lot of buys were triggered there resulting in the hourly closure back up at $8,600. It appears to have settled in this zone for the time being.

The dump was so large that the Bitcoin bashers wasted no time on twitter. Goldbug Peter Schiff was one of the first to react calling for an even lower slide.

“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!”

The $4k call is a little extreme but to be expected from those that are anti-crypto. A more balanced prediction came from analyst Josh Rager who identified some of the larger buying zones.

“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold. But if this isn’t a bear trap I do see price heading down to low $7ks. Lots of buyers are waiting between $6180 & $6500”

Altcoins Annihilated

With Bitcoin getting smashed the situation for the rest of the crypto markets is grim to say the least. Ethereum has been eclipsed 15 percent in a slump back to $170 where it is currently holding support.

XRP has hit a new yearly low below $0.24 in an 11 percent slide and Bitcoin Cash has been crushed to $230 in a massive 20 percent dump.

Tether has regained fifth spot in terms of market cap as Litecoin got axed 15 percent in a fall below $60. EOS has dumped 22 percent in an epic crash to $2.90 and Binance Coin is hurting at $16, down 16 percent on the day.

September 25 has been one of the largest crypto market dumps of the year.

Martin Young

David

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

The co-founder and head of research at Fundstrat Global says he’s sticking to his prediction that Bitcoin will hit $20,000 by the end of the year.

In a new interview on CNBC, Tom Lee points out that Bitcoin’s price actually climbed after two new rounds of fear, uncertainty and doubt hit the market.

“We’ve had some bad news this week. Two big setbacks, right? The SEC almost universally cancelled nine [ETF] applications, and then China did essentially a re-ban because it sounds like they had to clamp down again on crypto – and Bitcoin’s actually rallied.”

Lee also talks about a potential leading indicator for BTC, outlining the impact that the MSCI Emerging Markets Index and hedge funds have on the market.

Last but not least, Lee breaks out the latest numbers on his company’s proprietary Bitcoin Misery Index, which is designed to gauge just how miserable Bitcoin hodlers are based on price and volatility.

David

Bitcoin (BTC) Price Analysis – Short-Term Bullish Signals

Bitcoin has formed a double bottom and bullish flag on the 1-hour chart.

BITCOIN PRICE ANALYSIS

Bitcoin could be done with its slide as price formed a double bottom on the 1-hour time frame. Price also seems to have broken past the neckline around $6,400 to confirm that a reversal is underway.

Price is consolidating inside a bullish flag for now, though, but this is often considered a continuation signal. The mast of the flag spans $5,800 to $6,500 so the resulting climb could be of the same height. This would also be roughly the same size as the double bottom reversal formation.

The 100 SMA is crossing above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, the rally is more likely to gain traction than to retreat from here. Price has moved past the moving averages to indicate a pickup in buying pressure as well.

RSI appears to be on the move down, though, so some selling pressure could return. Stochastic is also hesitating on its climb so bitcoin could follow suit. In that case, a quick pullback to the moving averages’ dynamic inflection points around $6,200 could ensue before more bulls join in.

Bitcoin is off to a positive start so far this month and quarter, reviving investor confidence that the cryptocurrency could end up positive for the year. A co-founder of a bitcoin exchange even noted that we’ve seen these price dips before and that bitcoin is on track to reach $50,000 by the end of the year.

BitMEX co-founder Arthur Hayes cited:

“We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”

He also added that the time between a bear market and bull market could shorten, given how more people are talking about bitcoin thanks to its increased visibility.

By Rachel Lee On Jul 2, 2018

David