Bitcoin Price Flash Crash Under $9,000, Falls Out of Triangle

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Newsflash: (BTC) Bitcoin Price Flash Crash under $9,000 for the first time in months. The cryptocurrency is down some 8% in the past 24 hours, trading at $8,800 as of the time of writing this price update.

https://twitter.com/Josh_Rager/status/1176570455160971266?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1176570455160971266&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F09%2F24%2Fbitcoin-collapses-under-9000-falls-out-of-triangle%2F

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 Bitcoin Price Flash Crash.

https://twitter.com/marvinchebbi/status/1176548492027863041?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1176548492027863041&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F09%2F24%2Fbitcoin-collapses-under-9000-falls-out-of-triangle%2F

In marketing, Price Analysis refers to the analysis of consumer response to theoretical prices in survey research. In general business, price analysis is the process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit. Wikipedia

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