Stays below the 100 hour MA
The price of Bitcoin is mired in a narrow trading range ($109 from low to high) and is trying to stay below the 100 hour MA at $6147.66 (blue line). The current price is down -$28 at $6098. Stay below the 100 hour MA and the sellers remain in full control.
Move above the 100 hour MA, and the 200 hour MA at $6272.44 becomes the next key target (green line) . Near that MA is also a downward sloping trend line on the hourly chart. Key level.
Failure to get above the 100 and then 200 hour MA (and trend line), and the sellers are still in control. The buyers are simply hoping.
Taking a broader look at the daily chart, what gives the longs/buyers perhaps a little more than a fighting shot, is that the low from Sunday’s trading fell below the February 2018 low at $5873. The low for the day extended to $5778, but quickly rebounded.
A failed break? Yes indeed and the price did reward the buyers with a move above the 100 hour MA on Monday and Tuesday (see blue line on hourly chart above).
However, the price moved back below the 100 hour MA yesterday.
So there is a battle going on with the sellers holding on to the control, but as always in the digital currency, the price action and technicals can turn the bias around. Nevertheless, it still needs that push higher and above the 100 hour MA at the least, to take the frown off the buyers faces.