Bitcoin In Bearish Territory - Forex News by FX Leaders
Bitcoin

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 

Ripple XRP                               +4.24%                $0.30

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.

October Bitcoin Futures (BTC), Daily Chart
October Bitcoin Futures (BTC), Daily Chart

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!

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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