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Bitcoin [BTC] Bears Arrive in Huge Numbers Above $8800 – Is $7000 Imminent?

bitcoin-btc-bears-arrive-in-huge-numbers-above-8800-is-7000-imminent

Bitcoin [BTC] price made a bizarre flash move early on 11th October 2019. Price exhibited a huge rise reaching a high of $8820 followed by an immediate drop to below $8450. This occurred almost within an hour span between 4: 30 Hours to 5: 30 Hours UTC.

The price of Bitcoin [BTC] at 11: 00 hours UTC on 11th October 2019 is $8355. It is trading 1.5% lower on a daily scale. The 200-Day Moving Average at $8650, once again acted as resistance and rejected a break-out almost instantly.

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BTC/USD 1-Hour Chart on Bitstamp (TradingView)

Crypto-analyst and trader Josh Rager tweeted,

$BTC: crypto community in disbelief right now

The resistance at in the $8800-$8900 band is considerable and seems large sell orders were placed at that price. The rise in the buying volume was considerable, however, sell volume was even greater.

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BTC/USD 1-Day Chart on Bitstamp (TradingView)

Today’s move formed a higher high and is about to form a higher-low on the 4-hour chart. However, the long shadow of the flash drop earlier this morning is showing strong bearish action.

Nevertheless, Sawcruteez, a crypto-trader, and analyst, suggested the formation of the bullish Wyk-off accumulation pattern. However, the pattern has broken down below its support at $8450. If it forms a new low below $8200. It will probably invalidate the last break-out region of the pattern.

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BTC/USD 4-Hour Chart on Bitstamp (TradingView)

Moreover, the large sell-off above $8700 signifies that large players still aren’t ready to buy yet as well. The long shadow of the candle suggests a bearish move and could find support near $8300.

However, according to Josh Rager, if it fails to hold above $8300 support area, Bitcoin could form a lower low. The recent low of Bitcoin [BTC] was around $7715.

Do you think another bullish pattern is forming or agree with the bearish view? Please share your views with us. 

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