View Bitcoin has dropped more than 25 percent in the third quarter, neutralizing the bullish setup on the monthly chart.
With the weekly and the three-day charts biased bearish, the cryptocurrency risks falling to $7,500 in the short-term.
A break above July's low of $9,049 is needed to invalidate the bearish setup on the long duration charts.
Bitcoin is again flashing red, having hit a 3.5-month low earlier today and is on track to post the first quarterly loss of 2019.
The cryptocurrency had dropped by 44 percent, as seen in the chart below.
The long-term technical charts had turned bullish following the second quarter's triple digit price rise and many observers were convinced that BTC may see a brief correction in the third quarter before challenging record highs near $20,000 in the final thee months of 2019.
The three-day chart indicators are also reporting bearish conditions.
The daily chart RSI continues to report oversold conditions, but would gain credence if and when signs of seller exhaustion emerge on the price chart.
On the 4-hour chart, the indicator is charting higher lows, contradicting lower lows on price.
Bitcoin image via CoinDesk Archives; charts by Trading View.
Bitcoin Price Hits 3.5-Month Low, Set to Post Quarterly Loss
gepubliceerd op Sep 30, 2019
by Coindesk | gepubliceerd op Coinage
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