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Bitcoin Heading for a Tumble
Chart lines, price history indicate the slide won’t stop
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Bitcoin, the world’s largest cryptocurrency, may be set to fall further if trading patterns are any guide. At about $8,200, it is already almost 60 percent below the high it touched toward the end of 2017 and its 50-day moving average is dropping toward the 200-day moving average, taking the chart toward a “death cross,” according to Bitstamp pricing. Based on the token’s price history, it may tumble to as low as $2,800, according to Paul Day, a technical analyst and head of futures and options at Market Securities Dubai Ltd.