BTC: Price: $7,650 | MCAP: $138 Billion | 24-Hr Volume: $17.18 Billion
Short-term trend: Bearish
Bitcoin is witnessing a corrective bounce. The short-term bearish outlook would be invalidated if prices close above the former support-turned-resistance of $7,714 (Sept. 30 low).
A rejection at that level would bolster the bearish setup and could yield a deeper drop to $7,200 and $7,000.
The odds of another big sell-off appear low, as bitcoin has charted a death cross – a bearish crossover of the 50- and 200-day averages. The lagging indicator trapped sellers on the wrong side of the market in 2014, 2015 and 2018.
Note that the U.S. Federal Reserve is expected to deliver 2019's third 25 basis point rate cut next week. The narrative that BTC is a hedge against monetary easing may bode well for the cryptocurrency over the next few days.
The outlook would turn bullish if and when prices rise above the Oct. 21 high of $8,314, invalidating the lower highs setup.
Long-term trend: Neutral
Short-term trend: Bearish
Bitcoin is witnessing a corrective bounce. The short-term bearish outlook would be invalidated if prices close above the former support-turned-resistance of $7,714 (Sept. 30 low).
A rejection at that level would bolster the bearish setup and could yield a deeper drop to $7,200 and $7,000.
The odds of another big sell-off appear low, as bitcoin has charted a death cross – a bearish crossover of the 50- and 200-day averages. The lagging indicator trapped sellers on the wrong side of the market in 2014, 2015 and 2018.
Note that the U.S. Federal Reserve is expected to deliver 2019's third 25 basis point rate cut next week. The narrative that BTC is a hedge against monetary easing may bode well for the cryptocurrency over the next few days.
The outlook would turn bullish if and when prices rise above the Oct. 21 high of $8,314, invalidating the lower highs setup.
Long-term trend: Neutral
Money isn't real
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