Dramatic Fall in Bitcoin Price
Bitcoin prices took a dramatic drop yesterday, despite having given indications that price wanted to go higher. Prices have rallied back to almost the high, but there are now indications that bulls should be wary. Elliott Wave theory suggests that corrective waves often take a 5-3-5 pattern. In this case, it is often the case that the 1st and 3rd waves are related to one another in a Fibonacci relationship. In other words, the third wave might be .618 of the first wave, or often, the waves might be the same size in terms of price. That is exactly what we saw yesterday. The collapse....
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2016 may have been a dynamic year for the price of bitcoin, but 2017 is shaping up to be a dramatic one already. Bitcoin's race past $1,000 (and subsequent gyrations above and below that line) have already sparked headlines (both good and bad) worldwide, as today's dramatic fall from above $1,100 drove a massive influx of interest in the the digital currency. If you’re just tuning in to the action, you may be wondering how things got to this point in the first place. To get you up to speed, it may be helpful to look back at the past week's major price developments that took exchange....
Update: Today’s price low has been corrected from the earlier reported $887 to $885.41. After months of a sustained bullish rally, bitcoin price has swung to a significant slump, hitting a low of $885.41 on the Bitstamp Price Index (BPI) today. The dramatic drop comes within a day of bitcoin inching close to its all-time high. The first signs of a collapse began at 09:00 (UTC), when bitcoin was trading at $1,134.78. A thirty-minute trading period saw price fall quickly toward $1,068.84 before rebounding above the $1,100 mark an hour later. Come midday, things took a turn further south as....
On Friday afternoon, Bitcoin was selling at well over $350, and after a rough weekend where Bitcoin fell well under $300, BTC has almost completely rebounded to it's previous level. It's what happened over the weekend that has remained a mystery, until now. According to Alex Wilhelm of TechCrunch.com, a massive singular sell order for 30,000 Bitcoins was placed this past weekend at a price of just $300. This wasmore than 10% below the market price at close of business Friday, and it helped created quite the crater in the BTC market. The Bitcoin fall reached a 2014-low of $275. BTC started....
Bitcoin prices have shot past $900, the latest move in a week of dramatic market increases. The digital currency’s price peaked at $911.99, according to data from the CoinDesk USD Bitcoin Price Index (BPI). Prices haven’t exceeded the $900 level since mid-January 2014, BPI data shows. At press time, the price is hovering around an average of $902.92. The development comes only two days after markets worldwide crossed the $800 mark, followed by additional action yesterday that saw the price exceed $870 before dipping. The rapidly climbing price has sparked headlines across major news....
In the last column, we discussed the multiple reasons to believe that the $760 area looked attractive as a buy. I urged anyone still short there to close their short positions. However, I cautioned that I was not yet ready to buy the chart, as it still felt like the correction had more to go both in terms of time and price. It turned out that there was indeed a significant trading opportunity there. A decent jump for those able to get in and out at the right times. We can see that the 1×2 Gann angle stopped the advance at the blue arrow. This precipitated a dramatic fall to $757. Price....