The big move that everyone was waiting on finally came a few hours ago. Bitcoin (BTC) price was smashed to a three month low of $8,000 while crypto markets shed over $30 billion in the resultant altcoin exodus.
Bitcoin (BTC) Price Descending Triangle Broken
There is not much to be happy about today as crypto markets suffer their largest daily crash of the year. Bitcoin plunged through its long-standing support level in the mid-$9,000s to bottom out at $8,000 before bouncing back a little.
The massive move knocked 17% off the price of BTC in 24 hours in one of its largest dumps this year. It has not been unexpected however as many analysts had pointed out that the descending triangle was a bearish chart pattern.
According to Tradingview.com BTC bounced off the $8k support line as buy orders…