Bitcoin Collapses Under $9,000, Falls Out of Triangle

in cryptonews •  5 years ago 

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Altcoins have been absolutely destroyed. Ethereum has shed 13% in the past 24 hours; Bitcoin Cash, -20%. The market capitalization of the cryptocurrency market has collapsed all the way to $240 billion.

With this massive flash crash, Bitcoin has shed an array of clear support levels — the descending triangle bottom of ~$9,500, the horizontal support of $9,400, and key moving averages. A daily and weekly close at these levels could thus be disastrous for bulls, at least in the medium-term.

It may not be curtains closed for this bull market, however. Martin Chebbi, a Twitter user, reminded Crypto Twitter users that a loss of a descending triangle “doesn’t necessarily mean the end of a bull run”. He notes that in 2017, Bitcoin similarly shed a triangle, to only rally above it in the months that followed.

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A massive flash crash

Hoping for an uptrend in the following days😂

bullish will follow soon..

I almost fall...almost

i was :(

there's rainbow in every storm =))

Hehe upvote kita sir tanz.. Pa upvoted then sa mga post ko thanks.

tnx bar2loyz ill follow you back