‘Classic Top Setup’? Bitcoin price flash crashes on the crack after all time high

Bitcoin (P.D.C.) New in all exchanges on November 30 rose all the time, but one record, in particular, hit the headlines for a different reason.

Data from cryptocurrency exchanges show that Cragan has reached its highest price for PTC / USD in its order book – then in pigeon seconds, at 6 16,600.

Cragan PTC price drops to $ 3,000

The cause of this accident is the dissolution of a large number of levels, which can cause considerable pain to many speculators, which is called the “stop-loss run”.

Large-scale traders on stop-loss runs deliberately place large sales orders at a certain price point and then target where they think there are the highest number of stop-loss positions. In this case, the target was 6,16,600, close to last week’s local base.

The result is a layer of sales pressure that, if successfully valued, will return to the market once the process is complete.

The Cracken XBT / USD 1 minute chart shows the downtime. Source: Business Vision

Cash flow risk has always been a given factor in transaction trading, and the one-minute drop of $ 3,000 by the crocodile demonstrates why traders should be wary of significant price points.

Another explanation, or one that contributed to the event, was that investors abruptly opted out of the $ 20,000 to avoid the costs of resistance.

Bollinger warns about “classic top creation”

“Well, it’s time to focus, $ BTCUSD. Warned.

“Not yet confirmed and can easily override the system, but smart traders need to wash their glasses.”

When asked by a Twitter user if it was a local top or the price of Bitcoin would drop from here, he replied, “For now, a local top …”

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