Bitcoin (BTC) Price Registers Sharp Drop, Turning Crypto Market Red

Libra Coin News
Thu, 09/19/2019 - 06:00
Alex Dovbnya
The Bitcoin price has flashed-crashed by five percent as the whole market is waiting for the resolution of the great descending triangle
Cover image via www.123rf.com
Contents

Bitcoin (BTC), the top coin by market capitalization, tanked by more than five percent at 3:15 UTC. At the time of writing, BTC is changing hands at $9,831, according to CoinStats data.

Image by coinstats

Related
Bitcoin Price Drops to Zero on CoinMarketCap While Ripple's XRP, Stellar (XLM), and Ethereum (ETH) Register Huge Gains

The night is still young

Trading expert Josh Rager was quick to weigh in on Bitcoin’s latest downturn, claiming that there is nothing to fret about unless the crypto king prints a daily close below the $9,400 mark.   

Given that Bitcoin is prone to volatile price swings, one shouldn’t rule out that this could be a bear trap that will be followed by a huge green candle. The upcoming hours are going to be pivotal for BTC given that it has broken below the descending triangle.

As reported by U.Today, descending triangles have a high failure rate, which means that it could resolve upwards.

Related
Tim Draper Says His $250,000 Bitcoin Forecast by 2022 Could Be Conservative

Altcoins hit a snag

This sudden drop to the $9,700 level has put a spanner in the works for top altcoins that were in the sea of green yesterday.

Image by coinstats

Stellar (XLM), which had one of its best-performing days ever, and IOTA (MIOTA) are the only top 20 coins that managed to remain in the green territory.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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