{"id":411178,"date":"2020-01-16T02:38:38","date_gmt":"2020-01-16T02:38:38","guid":{"rendered":"https:\/\/wncen.com\/?p=411178"},"modified":"2024-06-11T13:40:34","modified_gmt":"2024-06-11T13:40:34","slug":"bitcoin-just-plunged-minutes-does-mean-rally-done","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-plunged-minutes-does-mean-rally-done\/","title":{"rendered":"Bitcoin Just Plunged 3% In Minutes: Does This Mean Rally is Done?"},"content":{"rendered":"<p>In the past few hours, the price of <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> (BTC) has crashed, falling from the daily high of around $8,910 to a local low of $8,585, the lowest the cryptocurrency has traded at in around 18 hours. This represents a 3% drop in a matter of a few hours, which honestly isn&#8217;t that surprising considering the volatility the cryptocurrency markets have seen over the past few days.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/N92FuyW9\/\" width=\"800\" height=\"475\"><\/p>\n<p>While this drop wasn&#8217;t that deep when it comes to crashes in the cryptocurrency market \u2014 Bitcoin Satoshi Vision <a href=\"https:\/\/wncen.com\/2020\/01\/16\/bitcoin-sv-crashes-30-as-hype-fades-can-bulls-save-bsvs-price\/\">is down 35% from the local peak of its price<\/a> \u2014 this drop put BTC under a bullish ascending triangle pattern that was forming on the one-hour chart.<\/p>\n<p>This begs the question \u2014 is the rally done? Will BTC now retrace much lower than it already has?<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/11\/crypto-tidbits-elon-musk-bitcoin-bear-japanese-cryptocurrency-mining-baidu-blockchain-beta\/\" data-wpel-link=\"internal\">Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu\u2019s Blockchain Beta<\/a><\/h6>\n<h2>Bitcoin Plunges 3%: What&#8217;s Next?<\/h2>\n<p>On the bear side of things, trader Big Cheds <a href=\"https:\/\/twitter.com\/BigCheds\/status\/40866818\" rel=\"nofollow\">posted the below analysis,<\/a> showing that with this latest move, Bitcoin has started to form what is known as an &#8220;M top,&#8221; which has price action shaped like an M.<\/p>\n<p>Right now, the pattern is in its middle stages, not yet forming the entire latter half of the &#8220;M&#8221; in the topping pattern. But should it play out in full, BTC could fall as low as $8,200, the analyst&#8217;s chart suggests.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> 4 hour &#8211; Working on an M top <a href=\"https:\/\/t.co\/bUGOvUFthb\" rel=\"nofollow\">https:\/\/t.co\/bUGOvUFthb<\/a> <a href=\"https:\/\/t.co\/TWs0uTDWWg\" rel=\"nofollow\">pic.twitter.com\/TWs0uTDWWg<\/a><\/p>\n<p>&mdash; Cheds (Trading Quotes) (@BigCheds) <a href=\"https:\/\/twitter.com\/BigCheds\/status\/40866818?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 16, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Other than that, analysts seem to be taking this plunge with optimism.\u00a0Earlier today, <a href=\"https:\/\/twitter.com\/filbfilb\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Filb Filb,<\/a> a pseudonymous though still prominent Bitcoin trader that called Bitcoin\u2019s sudden surge to $10,000 and subsequent decline to the $6,000s before these two moves happened, posted the below charts on TradingView.<\/p>\n<p>In it, he shows that per his proprietary indicator, the two-hour, four-hour, six-hour, 12-hour, one-day, and three-day charts of Bitcoin are all printing signs that investors should be long, implying that more upside is imminent.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/fQLyq6pw\/\" width=\"794\" height=\"404\"><\/p>\n<p>It is likely that the short-term charts may have flipped neutral or bearish temporarily, but the medium-term charts remain bullish, implying that prices are likely to return higher later.<\/p>\n<p>Also, Bitcoin, even at $8,600, remains above a series of key moving averages.<\/p>\n<p>Adaptive Capital\u2019s Murad Mahmudov, formerly of Goldman Sachs,\u00a0<a href=\"https:\/\/twitter.com\/MustStopMurad\/status\/85138689\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">recently wrote<\/a> on Twitter that \u201cbears are deluded at best, dishonest at worst,\u201d drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">bears are deluded at best, dishonest at worst <a href=\"https:\/\/t.co\/mHedoqmSwL\" rel=\"nofollow\">pic.twitter.com\/mHedoqmSwL<\/a><\/p>\n<p>&mdash; Murad (@MustStopMurad) <a href=\"https:\/\/twitter.com\/MustStopMurad\/status\/85138689?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 14, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>So right now, it seems that bulls remain in control on a medium-term basis.<\/p>\n<pre>Feature Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>In the past few hours, the price of Bitcoin (BTC) has crashed, falling from the daily high of around $8,910 to a local low of $8,585, the lowest the cryptocurrency has traded at in around 18 hours. This represents a 3% drop in a matter of a few hours, which honestly isn&#8217;t that surprising considering the volatility the cryptocurrency markets have seen over the past few days. While this drop wasn&#8217;t that deep when it comes to crashes in the cryptocurrency market \u2014 Bitcoin Satoshi Vision is down 35% from the local peak of its price \u2014 this drop put BTC under a bullish ascending triangle pattern that was forming on the one-hour chart. This begs the question \u2014 is the rally done? Will BTC now retrace much lower than it already has? Related Reading:\u00a0Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu\u2019s Blockchain Beta Bitcoin Plunges 3%: What&#8217;s Next? On the bear side of things, trader Big Cheds posted the below analysis, showing that with this latest move, Bitcoin has started to form what is known as an &#8220;M top,&#8221; which has price action shaped like an M. Right now, the pattern is in its middle stages, not yet forming the entire latter half of the &#8220;M&#8221; in the topping pattern. But should it play out in full, BTC could fall as low as $8,200, the analyst&#8217;s chart suggests. $BTC #Bitcoin 4 hour &#8211; Working on an M top https:\/\/t.co\/bUGOvUFthb pic.twitter.com\/TWs0uTDWWg &mdash; Cheds (Trading Quotes) (@BigCheds) January 16, 2020 Other than that, analysts seem to be taking this plunge with optimism.\u00a0Earlier today, Filb Filb, a pseudonymous though still prominent Bitcoin trader that called Bitcoin\u2019s sudden surge to $10,000 and subsequent decline to the $6,000s before these two moves happened, posted the below charts on TradingView. In it, he shows that per his proprietary indicator, the two-hour, four-hour, six-hour, 12-hour, one-day, and three-day charts of Bitcoin are all printing signs that investors should be long, implying that more upside is imminent. It is likely that the short-term charts may have flipped neutral or bearish temporarily, but the medium-term charts remain bullish, implying that prices are likely to return higher later. Also, Bitcoin, even at $8,600, remains above a series of key moving averages. Adaptive Capital\u2019s Murad Mahmudov, formerly of Goldman Sachs,\u00a0recently wrote on Twitter that \u201cbears are deluded at best, dishonest at worst,\u201d drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA. bears are deluded at best, dishonest at worst pic.twitter.com\/mHedoqmSwL &mdash; Murad (@MustStopMurad) January 14, 2020 So right now, it seems that bulls remain in control on a medium-term basis. Feature Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":409552,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1155,61183],"class_list":["post-411178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-bullish","tag-drop"],"acf":[],"yoast_head":"\n<title>Bitcoin Just Plunged 3% In Minutes: Does This Mean Rally is Done?<\/title>\n<meta name=\"description\" content=\"In the past few hours, the price of Bitcoin (BTC) has crashed, falling from the daily high of around $8,910 to a local low of $8,585, the lowest the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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