Watch these key levels in bitcoin over the next few months, Oppenheimer analyst says – CNBC

Watch these key levels in bitcoin over the next few months, Oppenheimer analyst says – CNBC

Bitcoin took another leg lower Monday after China ramped up its crackdown on crypto mining. Bitcoin mines in Sichuan shut down over the weekend with authorities worried about the environmental impact of cryptocurrency.

Bitcoin tumbled 8%, trading at roughly $32,490. At the day’s worst, it fell to a two-week low, under $32,000.

Ari Wald, head of technical analysis at Oppenheimer, says its downswing has caused damage to the charts. He pinpoints a drop below its 200-day moving average as particularly damaging to the technical setup.

“We’ve seen this before,” Wald told CNBC’s “Trading Nation” on Monday. “The similarities we see specifically for bitcoin are how it traded in 2018 and 2019, where it was really range-bound for a number of months in both those periods. A final leg lower,
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