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: Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Selloff May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Blows Past $7K in Sudden 14% Jump

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving

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

• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic
• As Crypto Prices Reeled in Q1, These Coins Stood Out

• 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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving

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: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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

• As Crypto Prices Reeled in Q1, These Coins Stood Out
• Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

• 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: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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 Crypto Prices Reeled in Q1, These Coins Stood Out

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

• Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch
• Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

• 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 Crypto Prices Reeled in Q1, These Coins Stood Out

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: Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

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 Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis
• Bitcoin All-Time High in 2020? Chances Are Only 4%, Options Market Signals

• 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: Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

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 Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

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 All-Time High in 2020? Chances Are Only 4%, Options Market Signals
• Bitcoin’s Lightning Becomes Latest Protocol to Court Publishers With Micropayments

• 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 Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

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 All-Time High in 2020? Chances Are Only 4%, Options Market Signals

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 Lightning Becomes Latest Protocol to Court Publishers With Micropayments
• Bitcoin’s Recent Recovery Won’t Salvage a Terrible Month for Prices

• 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’s Recent Recovery Won’t Salvage a Terrible Month for Prices

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: Crypto Markets Can Never Close, and That’s a Good Thing

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

• Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal
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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: Crypto Markets Can Never Close, and That’s a Good Thing

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: Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal

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 Follows Stock Markets Higher; How Long Will They Move in Lockstep?
• How Bitcoin’s Price Slump Is Changing the Geography of Mining

• 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: Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal

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 Follows Stock Markets Higher; How Long Will They Move in Lockstep?

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

• How Bitcoin’s Price Slump Is Changing the Geography of Mining
• Bitcoin Diverges From Falling Equities With $500 Price Rise

• 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 Follows Stock Markets Higher; How Long Will They Move in Lockstep?

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: How Bitcoin’s Price Slump Is Changing the Geography of Mining

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 Diverges From Falling Equities With $500 Price Rise
• Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

• 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: How Bitcoin’s Price Slump Is Changing the Geography of Mining

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 Diverges From Falling Equities With $500 Price Rise

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

• Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

• 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 Diverges From Falling Equities With $500 Price Rise

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: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

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 and Ether Prices Stagnate as Traders Take Wait-and-See Approach
• Strange Days: S&P 500 Volatility Enters Bitcoin Territory

• 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: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

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 and Ether Prices Stagnate as Traders Take Wait-and-See Approach

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

• Strange Days: S&P 500 Volatility Enters Bitcoin Territory
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

• 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 and Ether Prices Stagnate as Traders Take Wait-and-See Approach

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: Strange Days: S&P 500 Volatility Enters Bitcoin Territory

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 Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• 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 and Ether Prices Stagnate as Traders Take Wait-and-See Approach

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: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

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 Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• 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: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

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 Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

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 Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests
• UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

• 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 Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

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 Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

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: UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

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: US, European Stocks Up but Crypto Traders Remain Cautious

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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