Bitcoin Trading- BTC/USD Technical Analysis, Sept 18: Bitcoin falls to $400, shows bearish signals

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) has continued its slump into bearish territory, losing over 9% and hitting another 4-month low of $400 minutes ago on BTC-e.

This level breaches the bottom tip of BTC’s flat trading range immediately prior to the May rally. It was really the last line of defense before you get into unknown territory. Any meaningful decline beyond this point can have significant implications.

BTC has actually slipped below $400 on two occasions this year: once during a volatile period in April following negative China rumors, and again during the Flash Crash Flash Crash The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j Read this Term. Both drops were not representative of stable trading conditions and lasted less than 24h.

One has to look back prior to the great rise in November to find any semblance of support below $400. The rapid multifold rise at the time makes this is difficult to gauge, but $200 had offered some stability. This is a potentially ominous signal for Bitcoin investors.

Since breaking through its short-term support point of $460 48h ago, BTC has shed an additional 13%, suggesting that these pivot points are of significant technical relevance.

Interestingly, the spread between BTC-e and Bitstamp has widened to $12 (2.9%), wider than normal. The spread has increasingly widened as the price has gone down.