Bitcoin falls below trendline support, tests 100-hour moving average

Author: Justin Low | Category: Cryptocurrency

Can buyers hold on?


Bitcoin is now almost down by 4% on the day, as the trendline support highlighted earlier has given way.

Price is now testing the 100-hour MA (red line), and this test will be a good indication of whether or not the recent run up is a false dawn for buyers.

Bitcoin has been trading rather sideways since bouncing off the lows under $6,000, but if buyers continue to find it difficult to firmly break above resistance levels then the outlook could start to look a little gloomy from hereon.

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