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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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 to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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

• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal
• Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

• 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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

• 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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

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 Network Is Growing ‘Increasingly Centralized,’ Researchers Find
• Oil Prices Are Now More Volatile Than 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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

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’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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

• Oil Prices Are Now More Volatile Than Bitcoin
• Bitcoin News Roundup for Feb. 20, 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’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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: Oil Prices Are Now More Volatile Than 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

• Bitcoin News Roundup for Feb. 20, 2020
• Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

• 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: Oil Prices Are Now More Volatile Than 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: Bitcoin News Roundup for Feb. 20, 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 Traps Buyers With Biggest Daily Price Loss in Three Months
• Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

• 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 Traps Buyers With Biggest Daily Price Loss in Three Months

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 Slides Back Below $10K Amid Quick Bearish Sell-Off

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

• OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)
• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

• 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 Slides Back Below $10K Amid Quick Bearish 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: OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

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

• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’
• UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

• 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: On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driver’s Seat as Price Crosses $10K
• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

• 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 Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driver’s Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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 Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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 Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network

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

• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline
• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

• 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 Coders Confront an Old Quandary: How to Upgrade an Entire Network

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: Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

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

• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’
• Derivatives Exchange Deribit Launches Daily Ether Options

• 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: Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

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: Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

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

• Derivatives Exchange Deribit Launches Daily Ether Options
• Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

• 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: Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

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: Derivatives Exchange Deribit Launches Daily Ether Options

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

• Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist
• Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K

• 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%.

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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.

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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: Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K

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: From Crypto Self-Custody to Music Rights, This Mother-Daughter Dev Team Does It All

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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