Bitcoin update - BTC/USD suddenly plummets over 4% in 30 minutes
|- Bitcoin price plunges over 4% within the past 30-minutes, fallin from $6600 down to print session lows at $6400.
- BTC/USD has been on the back foot since the peak up at the sessions highs at $6899.0, falling just short of the round number $6900.
Now this is some rollercoaster Bitcoin is going through in the session of Wednesday, after initially looking like it was leaving a bullish set up to be continued into Thursday, then the sellers coming pilling in. The daily wick mentioned in the previous article, is very much redundant now. Read earlier analysis
BTC/USD peaked at the session highs of $6899.0, before losing footing throughout the day gradually, now having completely given back that spike in the early AM of Wednesday. The market had been in somewhat of a tight range from 15-21 August, before a large breakout being observed, then returning just as fast back to the narrow range.
Big support is seen around the $6400 level, a failure to hold on Wednesday, could see a fast fall back down to the lows of 14th August at $5860. On the flipside, should the momentum return, the bulls will need to break back through $6500-600 to see another retest ahead of $7000.
BTC/USD 30-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.