BREAKING: $100 million liquidated as Bitcoin dives below $7,000
November 22 2019 - 4:51AM
Coin Rivet
More than $100 million in Bitcoin long positions have been
liquidated on derivatives exchange BitMEX following a ferocious
move below $7,000. The world’s largest cryptocurrency has now
obliterated the $7,900 and $7,400 levels of support, with the next
key level coming in at $6,750. This morning’s dramatic move to the
downside means that a death cross on the daily chart will happen
during tonight’s daily candle close. A death cross is where the 200
EMA gets crossed by the 50 EMA to the downside, which has only
happened twice since 2014. On both occasions, Bitcoin slumped by
more than 60%, which in this case would drive BTC well below yearly
lows of $3,150. Bitcoin is now down more than 30%
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