Bitcoin Price Pumps to $8,800, Plunges by 5% in Rapid Succession
Well, would you look at that within the span of literally an hour, the Bitcoin price surged to $8,820 to dump to $8,350 just minutes later. The range of this move is nearly $500 some 5.2% at current price points.
The chart below from TradingView sums up the absolutely absurd bout of volatility that the cryptocurrency market just saw quite well. It isn’t clear what triggered this move, yet some suggest that there was a confluence of large sell orders in and around the $8,800 resistance.
According to prominent crypto analyst Josh Rager, who was tracking the price action live via a Youtube video, the large wick to $8,800 on the upside may be a sign of an impending reversal.
Seeing that Bitcoin has seen positive price action over the past few days, the massive upper wick implies a bearish reversal.
On the other side of the coin, trader CryptoHamster has noted that Bitcoin’s latest jump and flash reversal continues to satisfy the theory that the cryptocurrency market is just in a fractal (a repeated pattern on a smaller scale) of 2018’s bear market.
Should the fractal play out in full, Bitcoin may begin to head back into the $9,000 to $10,000 in the middle of next week.
— CryptoHamster (@CryptoHamsterIO) October 11, 2019
Pump N’ Dump Comes After Bitcoin ETF Rejection
This 5% hourly range comes just after the U.S. Securities and Exchange Commission (SEC) revealed that it had denied Bitwise’s Bitcoin ETF application on the grounds that it believes the cryptocurrency market is susceptible manipulation.
While it isn’t clear if this “pump n’ dump”, so to speak, was a result of manipulative players, it likely doesn’t instill confidence in the SEC, who is doing its utmost best to protect investors in American markets.
— Josh Olszewicz (@CarpeNoctom) October 11, 2019