CoinDesk Crypto

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Whale Watching: Exchange Data Contained Early Warning of Thursday’s Bitcoin Dump

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Bitcoin Price Briefly Dips to 12-Month Low in Overnight Trading

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Investors Can Hedge Long-Term Risk With New 2-Year Bitcoin Derivatives
• Bitcoin Falls Below $5K as Market Pain Deepens

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Price Briefly Dips to 12-Month Low in Overnight Trading

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Investors Can Hedge Long-Term Risk With New 2-Year Bitcoin Derivatives

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoin Falls Below $5K as Market Pain Deepens
• Makeup Mogul Michelle Phan’s Coronavirus Strategy Is Educate and HODL Bitcoin

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Recovers 40% From 12-Month Low Below $3.9K

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Investors Can Hedge Long-Term Risk With New 2-Year Bitcoin Derivatives

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoin Falls Below $5K as Market Pain Deepens
• Makeup Mogul Michelle Phan’s Coronavirus Strategy Is Educate and HODL Bitcoin

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Investors Can Hedge Long-Term Risk With New 2-Year Bitcoin Derivatives

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Bitcoin Falls Below $5K as Market Pain Deepens

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Makeup Mogul Michelle Phan’s Coronavirus Strategy Is Educate and HODL Bitcoin
• In Echo of 2008, Fed Pledges $1.5 Trillion Injection to Aid Reeling Markets

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Falls Below $5K as Market Pain Deepens

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Makeup Mogul Michelle Phan’s Coronavirus Strategy Is Educate and HODL Bitcoin

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• In Echo of 2008, Fed Pledges $1.5 Trillion Injection to Aid Reeling Markets
• Cash Is the New Safe Haven as Crypto, Gold Continue to Tank

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Makeup Mogul Michelle Phan’s Coronavirus Strategy Is Educate and HODL Bitcoin

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: In Echo of 2008, Fed Pledges $1.5 Trillion Injection to Aid Reeling Markets

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Cash Is the New Safe Haven as Crypto, Gold Continue to Tank
• US Charges Dutch National With Running Crypto-Funded Child Porn Site

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: In Echo of 2008, Fed Pledges $1.5 Trillion Injection to Aid Reeling Markets

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Cash Is the New Safe Haven as Crypto, Gold Continue to Tank

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• US Charges Dutch National With Running Crypto-Funded Child Porn Site
• Down 26%: Bitcoin Sees Worst Sell-Off in 7 Years as Coronavirus Spurs Flight to Safety

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: US Charges Dutch National With Running Crypto-Funded Child Porn Site

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Down 26%: Bitcoin Sees Worst Sell-Off in 7 Years as Coronavirus Spurs Flight to Safety

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoin’s Crash Triggers Over $700M in Liquidations on BitMEX
• Ether Suffers Record-Setting 33% Drop Amid Global Market Turmoil

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Hits 10-Month Low Below $6K as Stocks Plunge in Massive Sell-Off

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: As NY Fed Promises More Cash, What Will Christine Lagarde Do?

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Why Energy Experts Are Watching Crypto as Oil Wars Emerge
• US Homeland Security Charges LocalBitcoins Seller With Money Laundering

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Hits 10-Month Low Below $6K Alongside Stock Markets Plunge

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: As NY Fed Promises More Cash, What Will Christine Lagarde Do?

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Why Energy Experts Are Watching Crypto as Oil Wars Emerge
• US Homeland Security Charges LocalBitcoins Seller With Money Laundering

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: As NY Fed Promises More Cash, What Will Christine Lagarde Do?

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Why Energy Experts Are Watching Crypto as Oil Wars Emerge

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• US Homeland Security Charges LocalBitcoins Seller With Money Laundering
• Bitcoin News Roundup for March 11, 2020

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin News Roundup for March 11, 2020

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Bitcoin Price Is Now Up Just 9% This Year

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• That Noise You’re Hearing? Central Banks Struggling to Evolve
• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Price Is Now Up Just 9% This Year

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives
• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Price Is Now Up Just 8% This Year

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives
• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads
• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens
• Bitcoin News Roundup for March 10, 2020

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoin News Roundup for March 10, 2020
• Bitcoin Back Over $8K as Traditional Markets Rebound

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Bitcoin News Roundup for March 10, 2020

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

• Bitcoin Back Over $8K as Traditional Markets Rebound
• Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Bitcoin Back Over $8K as Traditional Markets Rebound

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

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• A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
• A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
• A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
• A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest single-day drop since Sept. 24, when prices had declined by 11.83%.

Related: Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

The range breakdown indicates the sell-off from highs above $10,000 seen on Sept. 23 has resumed and prices could test support at $7,200 – the 100-period moving average on the three-day chart. That MA line was last put to test at the end of April.

The drop to the key support, however, may be preceded by a minor corrective bounce, as the intraday chart indicators are reporting oversold conditions.

As of writing, BTC is changing hands at $7,470 on Bitstamp, representing a 46 percent loss from 2019’s high of $13,880 registered on June 26.  That said, the cryptocurrency is still reporting a 100 percent gain on a year-to-date basis and is the best performing asset of 2019.

Related: You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

Wednesday’s range breakdown (above left) is backed by an uptick in trading volumes to the highest level since Sept. 26 and looks to have legs.

The 14-day relative strength index (RSI) has dived below the ascending trendline, invalidating the bullish divergence confirmed on Oct. 6. A failed bullish divergence is widely considered as a powerful bearish signal.

As a result, the cryptocurrency appears on track to test the three-day chart 100-candle MA at $7,200 (above right). A violation there would expose the 200-candle MA, currently located just below $7,000.

The sell-off may stall around the aforementioned crucial support levels, as the 50- and 200-day moving averages (MAs) are about to produce a death cross – a bearish, but a lagging indicator, which trapped sellers on the wrong side of the market in April 2018 and September 2015.

The RSIs on the hourly and 4-hour charts are reporting oversold conditions with a below-30 print. So, a corrective bounce cannot be ruled out.

The former support-turned-resistance of $7,714 (Sept. 30 low) could come into play if the immediate resistance at $7,534 (horizontal line on hourly) is scaled in the next 24 hours.

The outlook would turn bullish if and when prices rise above the Oct. 20 high of $8,352, invalidating the bearish lower highs setup on the daily chart.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via CoinDesk archives; charts by Trading View

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