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View of the Goozlebug float during the 1925 Hudson's Thanksgiving Day parade. Spectators line street. Stamped on back: "Spencer & Wyckoff, photographers, Detroit." Handwritten on back: "The Goozlebug." Typed on sheet: "(K) This is the Goozlebug -- a great big animal twenty feet long operated on a tractor. It crawled along the street never following a straight line and you could hear the children cry with delight as the bug attempted to go through a crowd." 1925-11-26
Burton Historical Collection, Detroit Public Library
#goozlebug#detroit#thanksgiving#parade#float#floats#spencer & wyckoff#parade floats#detroit history#hudson's thanksgiving day parade#thanksgiving day#thanksgiving parade#vintage#1925#1920s#bugs#detroit public library
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$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
After weeks of consolidation, Bitcoin decisively broke below $9,000 just minutes ago. The cryptocurrency dipped as low as $8,840 on leading spot exchanges and slightly lower on margin-enabled exchanges like BitMEX.
BTC price chart of the drop from TradingView.com
This move caught many traders off guard, according to derivatives data.
Skew.com reported that more than $20 million worth of longs on BitMEX alone were liquidated during this move lower. This adds to the approximately $50 million in longs liquidated earlier this week as the cryptocurrency slid from ~$9,400 to $9,000.
Bitcoin position liquidation chart for BitMEX from crypto derivatives tracker Skew.com
BitMEX’s Ethereum market has also sustained damage. The derivatives tracker has reported liquidations of $1 million worth of ETH contracts.
Considering that these are just two markets of a broader crypto derivatives industry, there were likely dozens of millions more liquidated.
Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal
A Bigger Bitcoin Drop Is on Its Way
Analysts say that this weakness could be a precursor to an even greater drop.
Blockroots founder Josh Rager said last week that Bitcoin breaking $9,100 will lead to a move to $8,900 and $8,500. Should Rager’s analysis continue to hold true, a move towards $8,500 will follow in the coming hours and days:
“BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below.
Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com
There are others expecting a further move to the downside.
One trader argued on June 25th that Bitcoin is currently trading in a textbook Wyckoff Distribution. A Wyckoff Distribution is a bearish chart and volume pattern that appears near the tops of bull trends.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume. We break to the downside, I’m not interested in $7ks. Much lower,” the analyst wrote, referencing Bitcoin’s recent weakness.
BTC distribution analysis posted by “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com
Corroborated by Fundamentals
The bearish analyses shared by these traders can be corroborated by fundamental trends.
As reported by NewsBTC previously, on-chain analyst Cole Garner noted that BTC’s next “big” move is likely to be to the downside. He attributed this sentiment to growing sell-side pressure from miners, weak buy orders on Bitfinex, and institutions being net short on Bitcoin via the CME.
Not to mention, the multi-billion-dollar crypto scam, PlusToken, has distributed cryptocurrency to wallets. DTC Captial’s Spencer Noon has reported that the sum PlusToken is trying to liquidate is cumulatively worth $450 million.
Featured Image from Shutterstock Price tags: xbtusd, btcusdt, btcusd $20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
from Cryptocracken Tumblr https://ift.tt/3g1yVYL via IFTTT
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Text
$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
After weeks of consolidation, Bitcoin decisively broke below $9,000 just minutes ago. The cryptocurrency dipped as low as $8,840 on leading spot exchanges and slightly lower on margin-enabled exchanges like BitMEX.
BTC price chart of the drop from TradingView.com
This move caught many traders off guard, according to derivatives data.
Skew.com reported that more than $20 million worth of longs on BitMEX alone were liquidated during this move lower. This adds to the approximately $50 million in longs liquidated earlier this week as the cryptocurrency slid from ~$9,400 to $9,000.
Bitcoin position liquidation chart for BitMEX from crypto derivatives tracker Skew.com
BitMEX’s Ethereum market has also sustained damage. The derivatives tracker has reported liquidations of $1 million worth of ETH contracts.
Considering that these are just two markets of a broader crypto derivatives industry, there were likely dozens of millions more liquidated.
Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal
A Bigger Bitcoin Drop Is on Its Way
Analysts say that this weakness could be a precursor to an even greater drop.
Blockroots founder Josh Rager said last week that Bitcoin breaking $9,100 will lead to a move to $8,900 and $8,500. Should Rager’s analysis continue to hold true, a move towards $8,500 will follow in the coming hours and days:
“BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below.
Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com
There are others expecting a further move to the downside.
One trader argued on June 25th that Bitcoin is currently trading in a textbook Wyckoff Distribution. A Wyckoff Distribution is a bearish chart and volume pattern that appears near the tops of bull trends.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume. We break to the downside, I’m not interested in $7ks. Much lower,” the analyst wrote, referencing Bitcoin’s recent weakness.
BTC distribution analysis posted by “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com
Corroborated by Fundamentals
The bearish analyses shared by these traders can be corroborated by fundamental trends.
As reported by NewsBTC previously, on-chain analyst Cole Garner noted that BTC’s next “big” move is likely to be to the downside. He attributed this sentiment to growing sell-side pressure from miners, weak buy orders on Bitfinex, and institutions being net short on Bitcoin via the CME.
Not to mention, the multi-billion-dollar crypto scam, PlusToken, has distributed cryptocurrency to wallets. DTC Captial’s Spencer Noon has reported that the sum PlusToken is trying to liquidate is cumulatively worth $450 million.
Featured Image from Shutterstock Price tags: xbtusd, btcusdt, btcusd $20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
from CryptoCracken SMFeed https://ift.tt/3g1yVYL via IFTTT
0 notes
Text
$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
After weeks of consolidation, Bitcoin decisively broke below $9,000 just minutes ago. The cryptocurrency dipped as low as $8,840 on leading spot exchanges and slightly lower on margin-enabled exchanges like BitMEX.
BTC price chart of the drop from TradingView.com
This move caught many traders off guard, according to derivatives data.
Skew.com reported that more than $20 million worth of longs on BitMEX alone were liquidated during this move lower. This adds to the approximately $50 million in longs liquidated earlier this week as the cryptocurrency slid from ~$9,400 to $9,000.
Bitcoin position liquidation chart for BitMEX from crypto derivatives tracker Skew.com
BitMEX’s Ethereum market has also sustained damage. The derivatives tracker has reported liquidations of $1 million worth of ETH contracts.
Considering that these are just two markets of a broader crypto derivatives industry, there were likely dozens of millions more liquidated.
Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal
A Bigger Bitcoin Drop Is on Its Way
Analysts say that this weakness could be a precursor to an even greater drop.
Blockroots founder Josh Rager said last week that Bitcoin breaking $9,100 will lead to a move to $8,900 and $8,500. Should Rager’s analysis continue to hold true, a move towards $8,500 will follow in the coming hours and days:
“BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below.
Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com
There are others expecting a further move to the downside.
One trader argued on June 25th that Bitcoin is currently trading in a textbook Wyckoff Distribution. A Wyckoff Distribution is a bearish chart and volume pattern that appears near the tops of bull trends.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume. We break to the downside, I’m not interested in $7ks. Much lower,” the analyst wrote, referencing Bitcoin’s recent weakness.
BTC distribution analysis posted by “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com
Corroborated by Fundamentals
The bearish analyses shared by these traders can be corroborated by fundamental trends.
As reported by NewsBTC previously, on-chain analyst Cole Garner noted that BTC’s next “big” move is likely to be to the downside. He attributed this sentiment to growing sell-side pressure from miners, weak buy orders on Bitfinex, and institutions being net short on Bitcoin via the CME.
Not to mention, the multi-billion-dollar crypto scam, PlusToken, has distributed cryptocurrency to wallets. DTC Captial’s Spencer Noon has reported that the sum PlusToken is trying to liquidate is cumulatively worth $450 million.
Featured Image from Shutterstock Price tags: xbtusd, btcusdt, btcusd $20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
from Cryptocracken WP https://ift.tt/3g1yVYL via IFTTT
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best insurance wyckoff nj
best insurance wyckoff nj
best insurance wyckoff nj
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View of the Old Mother Goose float during the 1925 Hudson's Thanksgiving Day parade. Woman in costume rides on the back of a goose on the horse-drawn float. Sign on float reads: "Old Mother Goose." Stamped on back: "Spencer & Wyckoff, photographers, Detroit." Handwritten on back: "Twenty-five years ago, Old Mother Goose." Typed on sheet: "(D) The first float of the parade -- Old Mother Goose -- eighteen feet long and about fifteen feet high." 11-26-1925
Burton Historical Collection, Detroit Public Library
#old mother goose#detroit#thanksgiving#parade#float#parade float#spencer & wyckoff#detroit history#thanksgiving day parade#parades#floats#1925#vintage#detroit public library
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View along wet street with buildings on both sides; cars, trucks, and pedestrians. Signs include: Walkers Lunch; Majestic Theatre; MacDiarmid Candies; auto supplies, hardware; Morris & Travis Drug Co. Written on photograph negative: "S & W-11." Stamped on photograph back: "Spencer & Wyckoff, commercial photographers, Detroit." Handwritten on photograph back: "Looking down Woodward from Willis, c.1921. Woodward below Morris, Travis Drug Co."
Courtesy of the Burton Historical Collection, Detroit Public Library
#detroit#woodward#detroit history#spencer & wyckoff#1921#1920s#woodward avenue#detroit public library
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Sensation : fox trot / by Stanley Coscia and J. McElliott. For piano. Cover title. Cover ill.: Floyd Hickman's Orchestra, photo by Spencer & Wyckoff, Detroit, Mich. Introduced with great success by Floyd Hickman--Cover. Ads for other song titles on back cover. Twomac Pub. Co., 1920.
Courtesy of the E. Azalia Hackley Collection of African Americans in the Performing Arts, Detroit Public Library
#sensation#sheet music#music#floyd hickman#jazz#fox trot#orchestra#jazz orchestra#vintage#1920#1920s#vintage sheet music#stanley coscia#j. mcelliott#floyd hickman's orchestra#spencer & wyckoff#detroit#song#songs#old song#old songs#musicians#detroit public library
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