Following a week of consolidation in an ever tightening channel Bitcoin finally made its move today. Many had been predicting it would be to the downside and they were correct as the king of crypto slumped 5% in an hour plunging back into the mid-$9,000 zone.
Monster Red Bitcoin Candle
Just an hour or so ago one huge red candle plunged Bitcoin prices through support at $10,100 and back into four figures. The move culminated in a bottoming at a previous support level at $9,600 but things bounced off this price quickly.
The move had been predicted by many analysts who suggested there would be a final phase down to below $9k before any meaningful upside rally can continue. Bitcoin traders were quick off the mark to seek new support levels and predict BTC’s next move. Josh Rager added that there was nothing unexpected about this move but things could turn south below $9,400. Source...