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

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  Alex Dovbnya

  Thu, 09/19/2019 - 06:00

  📰 News

  The Bitcoin price has flashed-crashed by five percent as the whole market is waiting for the resolution of the great descending triangle

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.

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.   

$BTC

Not really worried unless price breaks and closes below $9400 again

This is the area to keep an eye on pic.twitter.com/dLRAht4DD4

— Josh Rager 📈 (@Josh_Rager) September 19, 2019

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.

$BTC has broken below the channel and triangle as suspected...!

The correction is touched $9700. This is concerning. Next few hours to be watched to see pull back attempt.

Try to stay away from any trade as suggested earlier, it's now more important.#bitcoin pic.twitter.com/LKWVHVB8MM

— Mihir (@MihirNaik19) September 19, 2019

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

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.

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.