Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low

Bitcoin's price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate.

The price action indicates BTC lacks clear bias, but could also be considered a sign of bearish exhaustion, as the prices have already made a 21 percent slide from the recent high of $8,507.

On the other hand, a slide below the previous day's low of $6,890 would revive the bearish view.

The above chart shows, BTC created a doji candle on Sunday at the 50-day moving average support, making today's close pivotal.

A bull doji reversal would be confirmed if BTC closes today above $7,090.

A close below $6,890 would signal a continuation of the sell-off from the July high of $8,507.

A move below $6,820 would invalidate the bearish-to-bullish trend change confirmed by the inverse head-and-shoulders breakout on July 17 and would shift risk in favor of a drop below the rising trendline.

As seen on the above chart, the long-term bullish view has been invalidated by BTC's close at $7,025 yesterday.

View BTC could rise back to 100-day MA of $7,474 if prices close today above $7,090.

A close today below $6,890 would increase the risk of a drop below the key rising trendline support, currently seen at $6,700.