Bitcoin update - BTC/USD suddenly plummets over 4% in 30 minutes

Bitcoin price plunges over 4% within the past 30-minutes, fallin from $6600 down to print session lows at $6400.
BTC/USD has been on the back foot since the peak up at the sessions highs at $6899.0, falling just short of the round number $6900.

Ken Chigbo Independent Analyst

Now this is some rollercoaster Bitcoin is going through in the session of Wednesday, after initially looking like it was leaving a bullish set up to be continued into Thursday, then the sellers coming pilling in. The daily wick mentioned in the previous article, is very much redundant now. Read earlier analysis

BTC/USD peaked at the session highs of $6899.0, before losing footing throughout the day gradually, now having completely given back that spike in the early AM of Wednesday. The market had been in somewhat of a tight range from 15-21 August, before a large breakout being observed, then returning just as fast back to the narrow range.

Big support is seen around the $6400 level, a failure to hold on Wednesday, could see a fast fall back down to the lows of 14^th August at $5860. On the flipside, should the momentum return, the bulls will need to break back through $6500-600 to see another retest ahead of $7000.

BTC/USD 30-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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