Bitcoin In Bearish Territory
Shain Vernier • 1 min read
The consolidation phase in Bitcoin (BTC) continues today, with prices hanging just above the $8000 level. Crypto traders have yet to move the needle in BTC, as an exceptionally quiet October has been the story for 2019. At this point, it is unclear if or when Bitcoin is going to move significantly.
In total, the past seven days have been so-so for cryptocurrencies. Here is a quick look at the cash market performance of the major coins:
Coin % Gain/Loss Key Number
Bitcoin BTC -0.12% $8250
Bitcoin Cash (BCH) -4.07% $225
Litecoin LTC -2.45% $55
Ethereum ETH -0.39% $180
For the most part, cryptos are trading sideways. There have been very few market drivers hitting the newswires and prices are in a relative holding pattern. For Bitcoin, this means values continue to rotate between $7500 and $8500.
Slow Trading Conditions Continue To Define Bitcoin
At press time (1:30 PM EST), BTC is rotating near the $8250 handle. Prices are in bearish territory on the daily chart and a move beneath $8000 appears to be setting up.
Here are two levels to watch for the remainder of the week:
- Resistance(1): 38% Current Wave, $8780
- Support(1): Swing Low, $7710
Overview: For the time being, it looks like Bitcoin is preparing to challenge the Swing Low at $7710.00. In the event this comes to pass, we may have a buying opportunity come into play for the mid-week. Be sure to stay tuned to FXLeaders for details on how to get in on all the action!