Update: Bitcoin has now plummeted to around $8,511, according to CoinMarketCap. The sharp drop suggests stop losses were triggered, as analyst Nick Cote warned.
Crypto analysts are reacting as Bitcoin drops to support levels at around $9,500.
Nick Cote tells his 63,000 followers on Twitter that BTC has now reached a critical juncture and is at risk of triggering a series of stop orders.
“Bitcoin has fully retraced the entire pump.
Brave bulls will start scaling in longs around here and off the TL. A move below will likely trigger a cascade of stops.”
Meanwhile, a prominent analyst known as FilbFilb is outlining the bull and bear cases for Bitcoin.
He calls himself a “mega bull” in the long run, but cautions that in the short term, his advice to traders is “when in doubt, stay out.”
Right now, Bitcoin is down 4.28% at $9,393, according to COIN360.
Ethereum is down 9.58% at $187.36, XRP is down 8.18% at $0.2572, Bitcoin Cash is down 11.71% at $268.87 and Litecoin is down 10.95% at $64.35.
CoinDesk analyst Omkar Godbole is tracking a breakdown in BTC’s Bollinger Bands, which uses two lines of standard deviation to measure volatility.
“The Bollinger band breakdown has opened the doors for a slide to $9,320 (August low).
A break above $10,380 (Sept. 19 high) is needed to neutralize the bearish setup.”
Here’s a look at the latest forecasts from across the cryptosphere.
Bitcoin
CoinDesk – Bitcoin looks south after price squeeze ends
NewsBTC – Bitcoin breakdown looks real, more downsides incoming?
Ethereum
Ethereum World News – Ethereum signal hints at strong price uptrend
XRP
FXStreet – Next major area of support at the psychological $0.2500 price mark
Bitcoin Cash
The Merkle – BCH Bulls fail to sustain the upward momentum
Litecoin
FX Empire – Litecoin unable to break back through the third major support level
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