Bitcoin’s steep decline in the fallout of the FTX bankruptcy may not be over soon, according Fairlead Strategies’ Katie Stockton.

Stockton wrote Monday that bitcoin had fallen below $18,300 in the midst of the crypto selloff. This puts the popular cryptocurrency at risk of falling further to levels not seen in 2019

Stockton specifically targets $13,900 as the next level of support for bitcoin. This represents downside potential at 13% below current levels.

Stockton stated that the breakdown is a bearish intermediate term bias. He also noted that a loss of upside momentum in the weekly [moving Average Convergence Divergence] and a stochastic decline increase the risk to downside. Technical analysts often follow momentum indicators are beginning to lose their value.

This is not a good sign to crypto investors. Stockton will look for secondary support at $10,000 if $13,900 is not enough to hold the support level. This would be close to the February 2020 high. A drop to this price could mean a downside of 38% from the current levels. This would be a major blow for crypto investors hoping to contain the FTX bankruptcy contagion.

Stockton stated that the breakdown “reaffirms bitcoin’s long-term downtrend with our monthly gauges supporting an ongoing bearish bias.”

If bitcoin does manage to recover, traders need to be aware of resistance levels at $17600 (the June low) and $18,900 (the falling 50-day moving mean).

Stockton says the outlook for ether is equally grim. According to Stockton, the technical analyst believes the second-largest cryptocurrency in the world will retest the $1,000 mark. Stockton stated that a breakdown below would place next support at $500 in a bearish trend.

A further drop in bitcoin and other ether prices will only make matters worse for the crypto industry as it recovers from a difficult downturn that has shaken investor confidence in the emerging asset class.