Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Bitcoin (BTC) Technical Analysis: [MUST READ] Both May Flash Crashes Show Very Similar Price Activity

Published 05/31/2019, 06:16 AM
Updated 05/31/2019, 07:21 AM
© Reuters.   Bitcoin (BTC) Technical Analysis: [MUST READ] Both May Flash Crashes Show Very Similar Price Activity

The crypto space is enduring the second flash crash to take place this month, as $25 Billion disappears from the market. The latest flash appears to be the result of two large sell orders placed during the American trading session yesterday at around 13:00-14:00 PST (21:00- 22:00 UTC+1). The first sell order sent Bitcoin tumbling by $225 (-2.68%), while the second, more severe, sell order extended Bitcoin’s losses by a further $523 (-6.12%).

This heavy selling momentum managed to drive BTC’s price under the psychological $8K support briefly, however bullish traders were quick to retaliate and have since been able to reclaim the $8,300 support today.

When we look at the two May flash crashes in more detail, we can see that both price actions and chart indicators seem to follow very similar paths. This inverse bart-like pattern does not appear t...

This article appeared first on Cryptovest

Latest comments

Whats next??
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.