Bitcoin Is Facing Major Crossroad as Sell-Off Proves Relentless

By: Vildana Hajric

Bitcoin is nearing a critical juncture as its recent sell-off shows few signs of abating.

The largest digital token is nearing a crucial inflection point as its price inches closer to the lower band limit of the Trading Envelope Indicator. The gauge smooths moving averages to map out higher and lower limits, with a break below the lower band potentially preceding a retreat similar to the one seen on Sept. 24, when the coin fell 12% in one day. A bounce off the lower limit, on the other hand, could signal support at that level and, possibly, a rally similar to the one seen on Oct. 25, when Bitcoin posted a 15% gain.

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