Bitcoin technical analysis: Break higher yesterday...stalled.
Selling intensifies on break of converged 100 and 200 hour MAs
Yesterday, bitcoin moved above the 200 hour MA and a trend line and I commented "Is Bitcoin making a bullish break?"
The answer was "Yes", but the price had to:
- Stay above the trend line, the most bullish.
- Test and stay above the 50% at $3948.2317, still bullish
- Test and stay above the 200 hour MA (green line in the chart below)
- The price fell back below the trend line. Less bullish.
- The price fell back below the 50% at $3948.2317 (and stayed below). Getting bearish.
- The price fell below the 200 hour MA (and stayed below) at 3889.487 currently. Bearish.