Bitcoin's 'death cross' looms as strategist eyes $2,800 level

The strategist studied the virtual currency's 2013 tumble for clues on how it may act this time round

The tea leaves don’t bode well for Bitcoin.

Traders who look for future price direction in chart patterns are finding more indicators suggesting the world’s largest digital currency may have further to fall.

Bitcoin’s 50-day moving average has dropped to the closest proximity to its 200-day moving average in nine months. Crossing below that level — something it hasn’t done since 2015 — signals fresh weakness to come for technical traders who would dub such a move a "death cross." Another moving-average indicator of momentum has already turned bearish.

While many cryptocurrency investors don’t follow technical analysis, the digital-coin universe