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Bitcoin [BTC] Dives to $9600 – Price Inches Close to a Bearish Break-Down

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Bitcoin [BTC] plummets steeply on 19 September 2019 at 3: 00 hours UTC. The price of Bitcoin dropped about $500 at it tests low at $9600.

The traders have been uncertain of a move in Bitcoin for a long time. The tug of war between the bulls and the bear had kept the price of BTC around $10,150-$10,250.

The price of BTC at 3: 18 hours UTC on 19th September 2019 is $9770. The price drop occurred in a very short interval of 15 minutes.

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

Descending Triangle Break-Down?

The steep fall at the wake of the hour can turn in to a strong bearish signal. The price now is closer to the break-down of the descending triangle.

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

Is it a Fake Out?

Currently, the break-down has not been confirmed. Moreover, due to the volatility of the crypto markets, even a break can lead to a fake signal. Zoran Trader,

$BTC Update: Expecting one of the squiggly’s to play out. I firmly believe theres a large amount of untapped liquidity on the sidelines waiting for confirmation of direction. The liquidity theorist in me thinks that we will fake out the masses before the real move. Staying flat.

Bitcoin Price Analysis (Source: Twitter)

The price currently seems to be holding the levels above $9400 and $9000, which is still inside the triangle.

The move has come after the expected rate cut in by the US Fed is announced at 25 basis points. Quantitative Easing is expected to bring positive results for Bitcoin [BTC]. However, the market is acting contrary to popular belief at the moment.

Do you think that Bitcoin [BTC] will break below the descending triangle? Please share your views with us. 

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