Today’s Bitcoin Drop Driven by Massive Volume Influx

Bitcoin has been facing a bout of sideways trading for the past several days, but today’s drop to below $10,200 may spell trouble for the cryptocurrency’s near-term price action and may point to the possibility that BTC will soon revisit its nearest level of major support at $10,000.
This latest drop, although relatively minor, has been driven by a massive influx of volume, which could mean that a massive movement is inbound in the coming hours and days.
Bitcoin Slowly Moves Back Towards $10,000 as Sellers Flex Their Strength
At the time of writing, Bitcoin is trading down just over 1% at its current price of $10,215, which marks a slight retrace from its recent highs of nearly $10,500.
Importantly, Bitcoin failed to reach its region of major resistance at $10,800 ever since it bounced at $10,000 a couple of weeks ago, and the fact that BTC’s bulls were unable to push it to its near-term resistance region signals an underlying weakness that may spell trouble for its price action in the coming days.
Over the past several months Bitcoin has been trading between roughly $9,000 and its June-highs of $13,800, and its trading range has been narrowing significantly over the past several months.
This narrowing trading range may signal that a big movement – in one direction or another – is imminent.
Chonis, a popular crypto analyst on Twitter, mused this possibility in a recent tweet, explaining that he believes Bitcoin’s will make “a notable statement this week” while pointing to a chart that shows BTC’s incredibly narrow trading range.

Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming?
Sunday January 19, 2020

While Bitcoin (BTC) saw a crazy week in and of itself, gaining 10%, Ethereum outpaced the market leader. The second-largest cryptocurrency by market capitalization gained 20% over the past seven days, pushing to $175...

The post Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming? appeared first on 12bitplay - Bitcoin Play.

$BTC – I think #bitcoin makes a notable statement this week… pic.twitter.com/4U5rNsc0rE
— Chonis Flux Trading Group (@BigChonis) September 16, 2019

This Technical Pattern Suggests Ethereum Is Gearing For Another Lift-Off
Tuesday January 21, 2020

Ethereum is trading nicely above the $162 and $158 support levels, similar to bitcoin above $8,500. ETH price is likely forming an inverse head and shoulders pattern, suggesting a fresh increase. Ether price is...

The post This Technical Pattern Suggests Ethereum Is Gearing For Another Lift-Off appeared first on 12bitplay - Bitcoin Play.

BTC Incurring Massive Volatility
The cryptocurrency may already be showing some signs of there soon being a massive movement, as its latest drop has been driven by a massive influx of volume.
Chonis further spoke about this volume in a recent tweet, explaining that Bitcoin’s latest candle on its 6-hour chart has the highest volume the crypto has seen in the past week.
“$BTC – triangle breakdown on the 6hr chart…what’s notable is the higher volume in this dump with still more than half the time left in this current candle, this should be the highest 6hr candle volume for #bitcoin in over a week when it closes,” he noted.

This Scenario Will Trigger A New Ripple Rally: Key Levels To Watch
Friday January 17, 2020

Ripple corrected lower sharply from $0.2450, but it found support near $0.2200 against the US Dollar, similar to bitcoin near $8,500. XRP price is recovering, but it must surpass $0.2360 for a fresh rally....

The post This Scenario Will Trigger A New Ripple Rally: Key Levels To Watch appeared first on 12bitplay - Bitcoin Play.

$BTC – triangle breakdown on the 6hr chart…what’s notable is the higher volume in this dump with still more than half the time left in this current candle, this should be the highest 6hr candle volume for #bitcoin in over a week when it closes… pic.twitter.com/WhpWAc6iOr
— Chonis Flux Trading Group (@BigChonis) September 16, 2019

The coming hours may prove to be illuminating for Bitcoin, as its trading volume points to the fact that bulls and bears are currently locked in a battle, and which side prevails in the coming days could set the tone for how BTC trends in the coming weeks and months.
Featured image from Shutterstock.
The post Today’s Bitcoin Drop Driven by Massive Volume Influx appeared first on NewsBTC.

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