Chart of the Day | The Signaling of a Bearish Market Sentiment

[valerie_zurich]

Bitcoin is going though some strong selling pressure through today's market session. BTC/USD markets are sending ripples all around cryptocurrency exchanges with today's sudden downward spike in bitcoin's price signaling a market wide trend.



Chart Source:
https://cryptocoincharts.info/pair/btc/usd/bitfinex/today

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[cashodler]

Possible China ban on bitcoin... would make sense after ICOs ban. They know there's a lot of money in it and want to regulate it. Expect much less than 4300 during the weekend. The news hasn't spread yet.

[davis196]

The news about China are all over the forum and the newbies should stop posting the same s*it again and again,creating fake panic around the other newbies.I was expecting this,but some people here said that bitcoin will hit 5000 USD and the end or August.
Anyway,China becomes less and less important for us bitcoin users and we should focus on other big countries that are more bitcoin friendly.

[Yuuto]

It's obviously not just random market movement, it's because there was news from China about the potential of banning all chinese exchanges. Though this is completely unverified it has caused quite some panic and stir in the traders.

Price has actually gone lower than you have denoted in the charts, to around $4150 i believe. However, the prices of major Asian exchanges have been around $300 lower than western exchanges steadily.

Currently we are recovering quite quickly, and i think over the next few days the trend is going to be bullish once again.

[Herbert2020]

Bitcoin is going though some strong selling pressure through today's market session. BTC/USD markets are sending ripples all around cryptocurrency exchanges with today's sudden downward spike in bitcoin's price signaling a market wide trend.

this is exactly why i say looking at charts alone is useless. specially when you zoom in this much!
also things such as TA alone are useless. you always have to gather all the information and add them up together to analyze the market not just see a dip and make the fastest conclusion possible!

you also have to know the market and what makes it move. in this case false news.

[CryptoBry]

The news about China are all over the forum and the newbies should stop posting the same s*it again and again,creating fake panic around the other newbies.I was expecting this,but some people here said that bitcoin will hit 5000 USD and the end or August.
Anyway,China becomes less and less important for us bitcoin users and we should focus on other big countries that are more bitcoin friendly.

It is a fake news as there remains no confirmed announcement from the government on Bitcoin exchanges operating in the country. However, I also believe that maybe it is time that we put less value on news coming from China as it is not anymore the top country in terms of trading volume. Maybe the market is just looking for a reason to go down...soon after the buying spree can happen again it would slowly rise back. There would be new countries friendly to Bitcoin opening up their doors mostly by next year.

[Iranus]

Crashes like that don't happen so suddenly unless there's a whale behind it.  

It looks most likely that a whale is either attempting to manipulate the market with a sell wall or just offloading a significant amount of coins.  The chart wouldn't be justified by normal market activity.

I believe that BTC is somewhat overvalued so I won't be buying the dip, but if that kind of price movement happened a bit lower down I would certainly be buying it rather than selling.  It doesn't reflect an actual change in market sentiment.

also things such as TA alone are useless.

TA in general is bullshit, but it's extremely hard to find what the value of Bitcoin's few fundamentals is.

[YuginKadoya]

Crashes like that don't happen so suddenly unless there's a whale behind it.  

It looks most likely that a whale is either attempting to manipulate the market with a sell wall or just offloading a significant amount of coins.  The chart wouldn't be justified by normal market activity.

I believe that BTC is somewhat overvalued so I won't be buying the dip, but if that kind of price movement happened a bit lower down I would certainly be buying it rather than selling.  It doesn't reflect an actual change in market sentiment.

also things such as TA alone are useless.

TA in general is bullshit, but it's extremely hard to find what the value of Bitcoin's few fundamentals is.

This is bitcoin and crashes like that may occur you can never stop it, but there is a possibility that there is something or someone behind this kind of crashes, if it is from the big whales they surely sell a lot of their bitcoin to make this happen, but if it is from a lot of users this is in an effort of selling out of fear, because big whales don't worry much if the price would go down in a small inch, I think they had a plan in doing this.