Published On: Fri, May 11th, 2018

Bitcoin Price Analysis: Bears Take Bulls to Task with New Low

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In a surprisingly aggressive move, bitcoin dropped $800 dollars in a few short hours. The move seemed to cripple many of the most bullish markets leaving some altcoins seeing 30–40% drops before finding any local bottoms. Last night’s move marked the first new low since the trading range (TR) formed 3 weeks ago:Figure 1: BTC-USD, 2-HR Candles, Potential Distribution Trading RangeUntil last night’s drop, the current trading range had many hallmarks of a reaccumulation trading range (a continuation pattern) that gave many bulls confidence in their investments. However, the drop came on heavy volume and managed to puncture …

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