Technical analysis: the price of bitcoin risks falling to the level of $ 7200

Despite some consolidation after yesterday’s collapse , sellers still exert significant pressure on the BTC.

#BTC EU Daily Chart Snapshot

Bollinger band breakdown

RSI has invalidated bull divergence

Price risks falling to $ 7.2K

Death cross confirmation likely over next 48 hours.

Note: BTC has bottomed out with death cross confirmation in the past (April 2018, September 2015). pic.twitter.com/25SPsYiyDf

– CoinDesk Markets (@CoinDeskMarkets) October 24, 2019

According to the observations of CoinDesk Markets analysts, the lower Bollinger band and the trend line of the RSI indicator are broken on the daily chart. A "death cross" is also formed for moving averages. All this indicates a clear predominance of bearish sentiment.

However, technology analysts note that in April 2018 and in September 2015, shortly after the “death cross”, the price showed steady growth.

Against the background of the current market situation, the cryptocurrency “fear index” has reached extreme values:

Data: alternative.me

It is noteworthy that during the fall in prices, the volume of trading in deliverable futures on the regulated Bakkt exchange jumped:

So far, the top ten CoinMarketCap ratings (with the exception of Tether) are in the red zone:

The total market capitalization is $ 205 billion, the Bitcoin dominance index is 66%.

Earlier, CoinDesk analyst Omkar Godboul expressed the opinion that Bitcoin will resume growth after the $ 7430 mark .

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