Summary List PlacementBitcoin’s fall below its 50-day moving average could signal more downside ahead, according to technical analyst Katie Stockton of Fairlead Strategies.
A decisive break below the key technical level would signal a potential 23% sell-off to $42,000, Stockton said in a Monday note.
Bitcoin fell 17% over the weekend, staging its biggest daily decline since February.
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Bitcoin’s decline of 17% over the weekend could set it up for further downside if a key technical support level is decisively breached, according to a Monday note from technical analyst Katie Stockton of Fairlead Strategies.
Stockton is closely monitoring bitcoin’s 50-day moving average and 10-week moving average, which sits at $56,496 and $55,555 as of Monday afternoon, respectively. Those technical levels are above bitcoin’s current price of $54,758.
Consecutive daily closes below the moving averages would signal to Stockton that bitcoin could continue falling…