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

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.

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.

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