Range-trading sees downside stall near $11,000 while upside capped by the 100-hour MA
That pretty much says it all. Recent talks of regulatory crackdown on cryptocurrencies in South Korea and China has pretty much dominated the headlines in the last week and keeps Bitcoin prices trading in a tight range.
Prices did jump a little higher over the weekend to near $13,000 but we're back in line with things again as the new week begins. The upside near $13,000 was also capped by the previous support level - now turned resistance.
Buyers failed their first test back to the upside, and now must build further conviction to try and break above the 100 and 200-hour MAs again. There's still some good support levels holding, especially closer to the $10,000 level.
But for now, as the 100 and 200-hour MAs narrow, that will be the battleground for buyers and sellers and so far, sellers are winning out. As long as it stays below the MAs, sentiment remains bearish. Break above, and it'll be bullish again.
