{"id":55909,"date":"2019-08-29T11:19:56","date_gmt":"2019-08-29T09:19:56","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=55909"},"modified":"2019-08-29T11:19:57","modified_gmt":"2019-08-29T09:19:57","slug":"analyst-bitcoin-price-strong-collapse-9400","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/analyst-bitcoin-price-strong-collapse-9400\/","title":{"rendered":"Analyst Asserts Bitcoin Price is &#8220;Strong&#8221; Amid BTC Collapse to $9,400"},"content":{"rendered":"\n<h2><strong>Bitcoin Drops Like a Rock<\/strong><\/h2>\n\n\n\n<p>The victor of the latest tussle between bulls and bears has been decided. Over the past day, the <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\">Bitcoin <\/a>(BTC) price has plunged, with the cryptocurrency losing key support at $10,000, $9,800, and $9,500 all within a few hours&#8217; time.<\/p>\n\n\n\n<p>As of the time of writing this piece, BTC is trading at just a smidgen under $9,400, having lost a jaw-dropping 8% in the past 24 hours. Since the downturn started, some <a href=\"https:\/\/www.sk3w.co\/bitcoin_futures\" rel=\"nofollow noopener\">$200 million worth of longs<\/a> has been liquidated on BitMEX \u2014 yikes. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img src=\"https:\/\/www.tradingview.com\/x\/0Yg8etqE\/\" alt=\"\" title=\"\"><\/figure><\/div>\n\n\n\n<p>According to analysis from The Crypto Monk, this sell-off may stem from a suspicious trade that occurred a number of hours ago. He wrote that the suspicious $120 million BitMEX buy wall that appeared on Wednesday morning was likely a way for a large seller to \u201csustain the price while unloading.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Extremely boring and fully retraced after the Sunday bullish euphoria. <br>The bull flag theory slowly fades away as far as i&#39;m concerned. <a href=\"https:\/\/t.co\/R3YfU7wmfa\" rel=\"nofollow\">pic.twitter.com\/R3YfU7wmfa<\/a><\/p>&mdash; The Crypto Monk \u26e9\ufe0f (@thecryptomonk) <a href=\"https:\/\/twitter.com\/thecryptomonk\/status\/1166374372992569347?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 27, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>There has also been some talk of a tweet from one cryptocurrency trader catalyzing a sell-off. Two minutes after BTC started trending lower, Angelo \u2014 a legendary analyst that is one of the most well-followed on Twitter \u2014 told his followers that one of his peers was looking to buy heavy after a capitulation under $8,000, implying that a sell-off may follow. <\/p>\n\n\n\n<p>But the idea that Angelo sparked the flash crash, more likely than not, was nothing more but an urban myth and\/or untimely coincidence. <\/p>\n\n\n\n<h2><strong>Crypto Still Strong<\/strong><\/h2>\n\n\n\n<p>Despite this clearly negative price action, some have kept their heads up high. PlanB, an analyst from traditional markets that has delved down the Bitcoin rabbit hole, <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1166960965486882816\" rel=\"nofollow noopener\">noted <\/a>that &#8220;Bitcoin is still looking strong&#8221; per his one-month Relative Strength Index (RSI) reading. <\/p>\n\n\n\n<p>Indeed, the current movement in the RSI chart seen below is eerily reminiscent of mid-2016, when Bitcoin consolidated after its first bull run after 2015&#8217;s crash to sub-$200 levels. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> still looking strong &#8230; feels like mid 2016 <a href=\"https:\/\/t.co\/lddKSEETye\" rel=\"nofollow\">pic.twitter.com\/lddKSEETye<\/a><\/p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1166960965486882816?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 29, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Should history repeat itself, Bitcoin will bottom in the coming days, then begin a recovery heading into the end of the year.<\/p>\n\n\n\n<p>This echoes an analysis of the Bitcoin chart by Murad Mahmudov of Adaptive Capital. The prominent analyst wrote on Twitter last weak that Bitcoin is most likely to test $9,750 \u2014 the 0.618 Fibonacci Retracement of this whole cycle \u2014 in the following month in a bout of sideways price action, then \u201ccontinue steadily upwards\u201d to around $20,000 by year\u2019s end.<\/p>\n\n\n\n<p>Of course, it may seem that his call has been violated, with BTC having broken under $9,400. But, technically, the day or week has yet to close under his target for the local bottom. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@daesign?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Sead Dedi\u0107<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/search\/photos\/strong?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Drops Like a Rock The victor of the latest tussle between bulls and bears has been decided. Over the past day, the Bitcoin (BTC) price has plunged, with the cryptocurrency losing key support at $10,000, $9,800, and $9,500 all within a few hours&#8217; time. As of the time of writing this piece, BTC is trading at just a smidgen under $9,400, having lost a jaw-dropping 8% in the past 24 hours. Since the downturn started, some $200 million worth [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":55910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,83,7113],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55909"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=55909"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/55910"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=55909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=55909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=55909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}