Bitcoin Technical Analysis: Plunges to the lowest level since Oct. 2017, looks set to extend the ongoing slump

   •  The digital currency added to last week's bearish breakthrough a two-month-old consolidative trading range and plunged to its lowest level since Oct. 2017.

   •  A sustained weakness below the $4,725-$4,700 region was seen as a key trigger for the bearish traders and the latest leg of a sudden slump since the Asian session.

   •  However, near-term oversold conditions helped recover a part of early steep losses, though seemed lacking any strong follow-through beyond $4,400 round figure mark.

   •  The price action suggests that any attempted recovery is more likely to get sold into and a fall to Sept. 2017 lows, around the $2,975 region, remains a distinct possibility.
 

Bitcoin daily chart