Benzinga
Published Sep 06, 2022 20:02
Updated Sep 06, 2022 20:40
Bitcoin Takes The Lead, Drags Ethereum, Dogecoin Lower: What Happened?
Bitcoin (CRYPTO: BTC) began a sharp decline at 1 p.m. Tuesday and Dogecoin (CRYPTO: DOGE) followed suit.
On Friday, Benzinga called out that a bullish or bearish break was likely to occur Tuesday because Bitcoin was nearing the apex of a symmetrical triangle pattern, which the apex crypto consolidated over the Labor Day long weekend.
After breaking down from the triangle, Bitcoin plunged almost 4%, Dogecoin plummeted almost 5%, while Ethereum (CRYPTO: ETH) was holding up relatively stronger, sliding about 1% lower.
A bearish day in the general markets didn’t help the situation, with the S&P 500 showing early signs of indecision before beginning to decline about 0.6%.
The bearish action in the stock market and the crypto sector likely came as a disappointment to many retail traders who hoped the onset of the fall trading period may bring big money back to their trading desks for a bullish finish to the third quarter.
Below is a look at the three crypto charts.
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The Bitcoin Chart: Bitcoin began trading in a symmetrical triangle pattern on Aug. 28, making a series of lower highs and higher lows as volatility decreased and the daily trading range tightened. The break down from the triangle has set the crypto into a new downtrend, with the most recent lower high formed on Monday at $20,060 and a new low formed on Tuesday.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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