Huge Flash Crash Across all Cryptocurrencies

September 24, 2019 By: Lorenzo Stroe

Bitcoin

Bitcoin saw a huge 15% crash 3 hours ago breaking out of the weekly Equilibrium pattern bearish. The bears were able to break below all kinds of support levels and they clearly have the advantage now across almost all time-frames.

The monthly chart is the only time-frame that is still ok for the bulls as BTC is not trading below any EMA’s just yet. The daily chart is looking for support at $8,000 psychological level and $7,572

Bitmex saw around $600 million in Bitcoin liquidated a few hours ago.

Ethereum

Ethereum wasn’t able to hold support either and crashed more than 16% in just a few hours with huge volume. The daily RSI is close to oversold and the bulls are looking for support at $146 on the weekly chart which has now confirmed a continuation of the downtrend.

The monthly chart has formed a bearish reversal candlestick but the bulls can still set a higher low compared to $100.90

EOS

EOS, the lead bull recently is now the lead bear with a huge 27% crash trading at $2.69 and getting close to $1.55, the lowest support level in 2019 and 2018.

The weekly chart has clearly confirmed the downtrend although the volume isn’t necessarily that amazing. For the monthly chart, the bulls still have a small chance as they can set a higher low but it’s looking rough right now.

BNB

Binance Coin has finally lost the monthly 12-period EMA and it’s now trading at $16.13

It’s important to note that BNB is still the best long-term coin to hold as the monthly it’s still in an uptrend and bulls are simply looking for a higher low compared to $4.12 which is still far away.

The weekly is clearly still in a downtrend but there is a lack of volume like many other coins.

 

 

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