The recent Bitcoin and altcoin news show that there are a lot of losses on the market. It seems that the Bitcoin price reversal has triggered a lot more reds than originally expected. In a move that was not entirely unexpected, the BTC price has plunged below $10,000 in a breakdown that started around 1PM UTC this morning.
This quick dump was also featured in the latest cryptocurrency news and resulted in liquidating approximately $150 million in long positions on BitMEX. The morning dump was definitely expected by some analysts – but also unexpected by others.
In fact, nearly every technical analyst with a TradingView account has drawn the same or similar descending triangle as the one reported by TradingView – and shown below.
Either way, the contrarian analysts have likely drawn a sort of symmetrical triangle, pennant or wedge pattern. It is clear right now that the price of Bitcoin has put in consecutively lower highs and was lacking the steam to breakthrough the descending resistance line of the triangle.
What makes matters worse for the bulls in this Bitcoin price reversal trend is the fact that the daily exponential moving average (EMA) ribbon is now firmly positioned above the price, which will provide additional sell pressure alongside the descending resistance.
Despite the expected dump in the morning, there is still no reason to panic for the bulls, analysts say. The Bitcoin price overshot the first level of support at $9,775 but is now around $9,900 – retracing above it.
When it comes to the past and present Fibonacci levels, we can see that two more levels of support remain before Bitcoin turns legitimately bearish in the medium term. These support levels are around $9,411 and $9,049.
The question that many best cryptocurrency news sites post right now is – “Should the bottom drop out of Bitcoin and the market leader see the price drop below $9,000?”
The possibility of a further Bitcoin price reversal is obvious. For the bulls to regain some confidence in the short term, they must first retake $10,000 before making a push to break out of the descending triangle.
If such a breakout occurs, the Bitcoin price would still have serious overhead resistance in the vicinity of ,300 and ,000, analysts say.
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