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