Bitcoin Price Watch; A Short-term Cascade Effect
The cascade effect has put us on back-foot – we are expecting Bitcoin price to go further down.
So that’s it – the overlong and overdue flat range was finally broken today, but with a jolt. As the order books continued to go thin, and volatility remained lower as ever, somebody turned butter finger and shorted a massive chunk. This led to a series of speculative short positions which resulted in the invalidation of our psychological support, the 600 fiat mark.
The scenario was aptly speculated by Samuel Rae, as can be seen in his last week’s analysis. We will stick to what he said to better understand this ‘short-term cascade effect’. But before that let’s have a look at the levels we have drawn in this intraday 4H BitStamp chart.
This post was published at NewsBTC on 3:56 pm September 21, 201.