- The Bitcoin (BTC) price fell unexpectedly as it dips towards $18,000.
- As the price continues to fall, a crypto enthusiast shares their analysis for the masses.
- The analysis goes into detail on what needs to happen for the price to stop dropping.
A closer look at the Bitcoin (BTC) charts could reveal why the crypto market took a sudden downward plunge today. In particular, one analyst shares their point of view and diagnoses the crypto market for the crypto community.
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The price of Bitcoin (BTC) fell hard today, it went from a price close to $20,000 to a price closer to $18,000 in less than 24 hours. To many, the sudden price dip was unexpected. As usual, the price of altcoins have dipped and continue to dip along with the price of Bitcoin (BTC).
According to one Reddit user, the reason behind the crypto market dip is very obvious. They go on to share their technical analysis on the CryptoCurrency thread on Reddit. The post begins by stating the obvious — Bitcoin price has dropped by 26% over the last 3 weeks.
After sharing a close up of the Bitcoin (BTC) price chart, the user says that the reason behind the latest crypto market dip is “clear and simple”. The user then begins to explain that the clear cause of this is because the Stoachstic indicator failed to build a head and shoulders pattern.
Adding on, they said it failed to form the head and shoulders pattern because the Difficulty Ribbon Compression was above the MACD. More so, it closed just under the Bollinger Bands. Ultimately, this led to a Death Cross built by the RSI.
Therefore, the post continues to say, as soon as the Alpha-Beta Trend channel crosses this line another time, then and only then, will the price feel free to move to either of the two options of down or up in the Klinger Oscillator. Finally, when this state of affairs will occurs, then the crypto market will stop dropping.
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