{"id":397221,"date":"2019-09-26T16:13:39","date_gmt":"2019-09-26T16:13:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=397221"},"modified":"2019-09-26T16:13:39","modified_gmt":"2019-09-26T16:13:39","slug":"bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown\/","title":{"rendered":"Bitcoin Price Breaks Below $8,000 Just Days After Triangle Breakdown"},"content":{"rendered":"

Bitcoin price<\/a> is currently below $8,000 just days after breaking down from a multi-month triangle pattern where it was consolidating.<\/span><\/p>\n

With Bitcoin now trading below $8,000, where could the leading crypto asset by market cap go next for targets?<\/span><\/p>\n

Bitcoin Price Trades Below $8,000, Breaking Through 200-Day Moving Average<\/span><\/h2>\n

Bitcoin price<\/a> is currently free-falling, trying to find support after it broke down from the tight trading range it has been consolidating within for the last few months.<\/span><\/p>\n

Bitcoin price topped out at roughly $14,000 before the crypto asset began consolidating, and the market watched and waited for the asset to choose its next direction. The direction was down, and now the question is where Bitcoin might bounce, or what the ultimate target is.<\/span><\/p>\n

Related Reading | Inverted BTC Price Chart Is Bear Market Bottom Flipped Upside Down\u00a0<\/a><\/strong><\/em><\/p>\n

Crypto analyst, traders, and investors alike are all shocked by the recent bearish price action after expecting that Bitcoin would break up from the structure and proceed along its bull run. But now that Bitcoin has broken down, selling momentum is picking up and the price keeps plummeting further and further.<\/span><\/p>\n

Not even $8,500 – a support level cited as being a prime place to buy the dip \u2013 or the 200-day going average were able to offer Bitcoin much needed support.<\/span><\/p>\n

\"\"<\/p>\n

Bearish downside targets range from $7,000, to under $5,000, to as low as $1,000. This type of irrational exuberance isn\u2019t uncommon in a speculative market like crypto, but most are sure that Bitcoin price will not break below its bear market bottom at around $3,100.<\/span><\/p>\n

If for some reason it does break below, investors may begin to question the crypto asset\u2019s long term longevity as a respected financial asset. It would also cause Bitcoin to join in the negative sentiment surrounding the altcoin market for the better part of the last two years.<\/span><\/p>\n

Related Reading | Investor: We\u2019ll Never See $10K Again After Next Cycle Low\u00a0<\/a><\/strong><\/em><\/p>\n

Throughout the year, Bitcoin began to become considered by institutional investors as a safe-haven asset, and the ICE-owned Bakkt exchange launched this week. Neither event was able to provide the crypto-asset with the bullish boost it needed to break up from the multi-month triangle.\u00a0<\/span><\/p>\n

Realistic downside targets considering the height of the triangle pattern Bitcoin was trading in reside at around $6,800 or $5,800. However, there’s still always a chance this is a dramatic fake out, and the crypto asset could bounce back into the triangle formation, although the situation is unlikely given how strong the sell pressure has become.<\/p>\n

Now, crypto investors will be left wondering if the bear market is back on, and fearful that the crypto asset may never recover again if it falls to new lows.<\/p>\n

Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently below $8,000 just days after breaking down from a multi-month triangle pattern where it was consolidating. With Bitcoin now trading below $8,000, where could the leading crypto asset by market cap go next for targets? Bitcoin Price Trades Below $8,000, Breaking Through 200-Day Moving Average Bitcoin price is currently free-falling, trying to find support after it broke down from the tight trading range it has been consolidating within for the last few months. Bitcoin price topped out at roughly $14,000 before the crypto asset began consolidating, and the market watched and waited for the asset to choose its next direction. The direction was down, and now the question is where Bitcoin might bounce, or what the ultimate target is. Related Reading | Inverted BTC Price Chart Is Bear Market Bottom Flipped Upside Down\u00a0 Crypto analyst, traders, and investors alike are all shocked by the recent bearish price action after expecting that Bitcoin would break up from the structure and proceed along its bull run. But now that Bitcoin has broken down, selling momentum is picking up and the price keeps plummeting further and further. Not even $8,500 – a support level cited as being a prime place to buy the dip \u2013 or the 200-day going average were able to offer Bitcoin much needed support. Bearish downside targets range from $7,000, to under $5,000, to as low as $1,000. This type of irrational exuberance isn\u2019t uncommon in a speculative market like crypto, but most are sure that Bitcoin price will not break below its bear market bottom at around $3,100. If for some reason it does break below, investors may begin to question the crypto asset\u2019s long term longevity as a respected financial asset. It would also cause Bitcoin to join in the negative sentiment surrounding the altcoin market for the better part of the last two years. Related Reading | Investor: We\u2019ll Never See $10K Again After Next Cycle Low\u00a0 Throughout the year, Bitcoin began to become considered by institutional investors as a safe-haven asset, and the ICE-owned Bakkt exchange launched this week. Neither event was able to provide the crypto-asset with the bullish boost it needed to break up from the multi-month triangle.\u00a0 Realistic downside targets considering the height of the triangle pattern Bitcoin was trading in reside at around $6,800 or $5,800. However, there’s still always a chance this is a dramatic fake out, and the crypto asset could bounce back into the triangle formation, although the situation is unlikely given how strong the sell pressure has become. Now, crypto investors will be left wondering if the bear market is back on, and fearful that the crypto asset may never recover again if it falls to new lows. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":397222,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,4227],"class_list":["post-397221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-triangle"],"acf":[],"yoast_head":"\nBitcoin Price Breaks Below $8,000 Just Days After Triangle Breakdown<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently below $8,000 just days after breaking down from a multi-month triangle pattern where it was consolidating. 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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\u2019s 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\u2019s 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\u2019s 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.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/ktsl888.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Breaks Below $8,000 Just Days After Triangle Breakdown","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/09\/bitcoin-price-crash-crypto-shutterstock_775028209.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/09\/bitcoin-price-crash-crypto-shutterstock_775028209.jpg?fit=5184%2C3456"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","crypto","triangle"],"dateCreated":"2019-09-26T16:13:39Z","datePublished":"2019-09-26T16:13:39Z","dateModified":"2019-09-26T16:13:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Breaks Below $8,000 Just Days After Triangle Breakdown\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-breaks-below-8000-just-days-after-triangle-breakdown\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/09\\\/bitcoin-price-crash-crypto-shutterstock_775028209.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/09\\\/bitcoin-price-crash-crypto-shutterstock_775028209.jpg?fit=5184%2C3456\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"crypto\",\"triangle\"],\"dateCreated\":\"2019-09-26T16:13:39Z\",\"datePublished\":\"2019-09-26T16:13:39Z\",\"dateModified\":\"2019-09-26T16:13:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/09\/bitcoin-price-crash-crypto-shutterstock_775028209.jpg?fit=5184%2C3456","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/397221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=397221"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/397221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/397222"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=397221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=397221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=397221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}