\* On October 31, 2019, [BTC ](https://uk.tradingview.com/symbols/BTCUSD/)speculators witnessed a flash crash on Deribit, a [futures](https://uk.tradingview.com/ideas/commodities/) and options exchange for [BTC ](https://uk.tradingview.com/symbols/BTCUSD/). [Futures](https://uk.tradingview.com/ideas/commodities/) prices slumped from $9,150 to $7,720 and then bounced back to above $9,000 within a couple of minutes.
\* As a result, Deribit will reimburse over $1.3 million in losses from the [BTC ](https://uk.tradingview.com/symbols/BTCUSD/)index calculation data issue witnessed at 21:00:00 [UTC ](https://uk.tradingview.com/symbols/NSENG-UTC/)on October 31, 2019.
\* Nevertheless, there is another, major factor that should predetermine [BTC ](https://uk.tradingview.com/symbols/BTCUSD/)price dynamic in the nearest months. Namely, [Bitcoin ](https://uk.tradingview.com/symbols/BTCUSD/)may experience more price boost as May’2020 halving is getting closer.
\* In the short-term, the price is wedged within the minor contracting triangle on H1-H4. The breakdown of the triangle suggests a [drop ](https://uk.tradingview.com/symbols/GPW-DRP/)to $8,500 – $8,600 area.
\* A [bearish](https://uk.tradingview.com/ideas/bearish/) invalidation could be in evidence if the price rises above $9,300. Overall, opening **Shorts** appears very tricky in the current situation.


*DisclaimerThis report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*

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1 Comment

  1. [deleted] on 22. May 2022 at 13:16