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Bitcoin rate drops 3 percent in a few minutes

In the past few hours, the price of Bitcoin has plummeted from a daily high of around $ 8. 910 to a local low of $ 8. 585 fell, the lowest level at which the cryptocurrency was roughly 18 hours was traded. This represents a 3% drop in just a few hours, which is frankly not very surprising when you look at the volatility that markets have seen in recent days.

This raises the question – is the rally over? Will BTC now sink much lower than it already did?

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Bitcoin falls 3%: what's next?

On the bear side, trader Big Cheds has published the analysis below, which shows that with this recent move, Bitcoin has started to form a so-called “M tip”, the price action of which is shaped like an M.

The pattern is currently in the middle and does not yet form the entire second half of the “M” in the topping pattern. But if it runs out, BTC could fall to $ 8. 200, according to the analyst's graph.

$ BTC #Bitcoin daily chart – Tweezer top w / harami cross pic.twitter.com/Paywxy9SjC

– Big Cheds (@BigCheds) 16. January 2020

Otherwise, the analysts seem to be quite optimistic. This morning Filb Filb, a pseudonymous but prominent Bitcoin trader, released the charts below on TradingView.

It shows that the two-hour, four-hour, six-hour, 12 – Hourly, one-day and three-day charts of Bitcoin, according to its own indicator, all have signs that investors are in a long position, which means further upward movement imminent.

The short-term charts are likely to be temporarily neutral or bearish, but the medium-term charts remain bullish, meaning that prices will likely rise again later. In addition, Bitcoin itself remains at $ 8. 600 above a number of important moving averages.

Adaptive Capital's Murad Mahmudov recently wrote on Twitter that bears are at best deceived, dishonest at worst, ”and drew attention to the graph below, which shows that BTC has exceeded a number of important moving averages. These are, among other things, the 128 – daily simple moving average (SMA), which 200 – day exponential moving average (EMA), the 50 – Weekly SMA and the 100 – week SMA

.

bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL

– Murad Mahmudov 🚀 (@MustStopMurad) 14. January 2020


So at the moment it seems that the bulls are in control in the medium term.

Proof of text: newsbtc