The biggest flash crash we’ve seen this year has sent bitcoin price plummeting today, along with the rest of the altcoin market. A $31 million sell order placed during the early hours appears to have kick started this heavy correction, but how long can it go? Let’s take a look.


Bitcoin Price 4-Hour Chart

Bulls showed weakness yesterday foreshadowing a potential drop, Bitcoinist predicted yesterday, which is exactly what happened.

On the 4-Hour BTC/USD chart we can see that panic selling has completely taken over the Bitcoin market after a heavy sell-off occurred during the Asian trading session this morning.

The sell order, which was executed over a 2hr period between 03:00 – 04:00 (UTC+1), managed to drive Bitcoin’s price down an eye-watering $1,780 (-22%) to the $6,200 level.

Bullish traders, however, were quick to snap up the bottom and helped to re-establish the $7,300 within minutes of the crash taking place.

Looking at the price action, we can see that BTC buyers were unable to defend the $7,300 level for long,…

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Source: https://thebitcoinnews.com/bitcoin-btc-price-analysis-danger-ahead-heres-what-to-look-out-for/