Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased

Tony "The Bull" Severino

5 years ago

2 mins read

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In a shocking move, Bitcoin price just plummeted by over $600 in less than five minutes of price action. The surprise move has now erased the entire rally last night that took Bitcoin above the key level of $10,000, which it has yet again failed to hold.

Bitcoin Price Fails To Hold $10,000 Yet Again

Bitcoin price just fell over $600 in mere minutes, liquidating overleveraged long traders and quickly putting a stop to any hopes of a breakout in the cryptocurrency.

Talk about a clear technical breakout in the leading crypto asset spread across crypto Twitter like wildfire after last night’s daily close.

But the upward break of a symmetrical triangle on the BTCUSD trading pair has now been rejected back below critical resistance at $10,000.

The chart below depicts just how violent the crash was, sending Bitcoin price dropping by over 5% in a matter of a 5-minute long red candle.

“I’m Bart Simpson, Who The Hell Are You?”

The move erased last night’s entire rally just prior to the daily close. A weekly sell signal on many crypto assets including Bitcoin may have spotted this drop ahead of happening, or $10,000 once again has proven to be too strong.

Whatever the reason for the selloff, it has caused the return of the “Bart” formations, in reference to the shape of Bart Simpon’s head matching the price pattern.

These patterns arrive when liquidity is low, and market manipulation runs amok. They’ve become notorious amongst the crypto community.

The drop doesn’t necessarily mean that Bitcoin’s rally is over, or new lows are in the cards. This could be a retest of resistance turned support that needs to confirm and hold for more upside to happen.

Breakout out above $10,000 was never going to be easy, but when it finally happens and holds, all bets are off for the next bull market.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.