Tests lower trend line on the hourly.

Adam pointed out in an earlier post that the price of Litecoin was down over 8% on the day (see post). Ouch.

Bitcoin - the biggest of the cryptocurrencies - is down as well but at a slower pace. The current price (as I type) is at $7443, down -$471. That still is a >5% decline on the day.

The talk from a technical perspective is how the 50 day MA at $9396, is getting closer to crossing the 200 day MA at $9373. That cross is called the Death Cross and is supposed to be a bearish precursor for traders. In reality it works sometimes and sometimes it does not, but it has a fear-induced name.

For me, the price is below both MAs (and has been since the breaks). So it is bearish, but I will continue to eye other technical clues too. So don't just sell and forget it (although who knows).

One thing I am looking at is the closer-in hourly chart.

Looking at that chart below, the price stalled near a topside trend line on March 24th, fell below the 100 hour MA at the end of that same day (see blue line), and retested that MA on the 25th. The holding below that line was more bearish. The fall below the 200 hour MA on March 26th has led to more downside momentum.

Yesterday, the pair consolidated in a $361 trading range. That is narrow and could be a precursor to bigger days to come. Today's range is $571 so far. Activity is picking up.

The price low today did reach a lower trend line at $7430. The low reached $7427. Buyers are trying to hold the pair up against the key trend line (see red circles). Key support today. A move below will target the March lows at $7310. Holding above keeps the buyers hopeful for a bounce. I would expect those buyers to give up on a break lower however. Be aware.

The low price back in February on Coinbase, did extend all the way down to $5873 area. It is a long way off, but in the wild west of the Bitcoin market, anything is possible.

UPDATE. The price is breaking to a new low and trades below the aforementioned trend line on the hourly. The low just extended to $7329. The March low at $7310 is next. The trading range is up to $669. Sellers are more and more in control.