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Bitcoin Price Suddenly Drops to $8,400 Level After Fakeout

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  • Alex Dovbnya
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    The Bitcoin price slips below the $8,500 level for the first time since briefly touching $10,000 at the end of October

Bitcoin Price Suddenly Drops to $8,400 Level After Fakeout
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The Bitcoin price has nose-dived to $8,470 after failing to conquer the $9,000 level earlier today. The top coin by market cap is down by more than two percent at the time of writing. 

Bitcoin Price

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With its latest move, Bitcoin has once again tricked chartists who were looking for a perfect long opportunity based on the asset's technical setup. 

Earlier today, crypto trader "The Wold of Wall Street" pointed out that BTC formed a "golden retracement," which would make perfect sense to go long. 

Trading expert Josh Rager was quick to weigh in on the most recent drop, claiming that a weekly close below the $8,235 level would lead to more selling pressure. He also says that low-time frame BTC charts look "ugly."

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Meanwhile, the "100 eyes" cryptocurrency scanner has spotted a bullish divergence, which is formed when the stochastic oscillator doesn't make a new low in tandem with the BTC price. Hence, there is also a possibility that this shakeout could mark the end of the ongoing bearish trend.    

Bitcoin definitely has a penchant for unexpected moves that cannot be predicted by technical analysis (TA). As reported by U.Today, the top coin by market capitalization surged by more than 30 percent on the same day it formed a death cross on its daily chart. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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