Bitcoin continues to wait for a push one way or another
5 days where the price has traded above and below the 200 day MA
The price of bitcoin is trading near unchanged on the day at $9036.74 (up $16.79 for the day). The low reached $8855. The high reached $9472.88. The 200 day MA is at $9069.
That makes today the 5th day in a row that the price has traded above and below the 200 day MA. The market is unsure. It is still looking for a push - one way or the other - away from the key 200 day MA.
Looking at the hourly chart, it is saying the same thing. The difference is that instead of trading above and below the 200 day MA, the pair is trading above and below the 100 hour MA (blue line in the chart below at $9202.53 currently).
With the price trading at $9036, the price is below the 200 day MA at $9069 and the 100 hour MA at 9202. So the bears more in control.
However, as the charts above show, the momentum is not exactly taking the price screaming lower.
I would still not be long given the choice, but selling can easily turn to buyers on a rotation back above $9202.
Traders who are short, will be looking for the selling push that leads to more downside momentum that takes the price away from these key MA levels.