Bitcoin update: Cracks below the MA on the 5- minute and runs lower

Technical Analysis

Author: Greg Michalowski | bitcoin

Sellers below Intraday moving averages

In an earlier post, I talked of the support the 100 and 200 bar MAs on the 5-minute chart were holding and giving a bullish bias. Stay above, more bullish. Move below more bearish.

Well, the price fell below the MAs and has run lower.  The digital currency is still above the low for the day at $7800 but being below the moving averages is a warning for longs/buyers. The bias would turn back higher on a move back above the MA levels. 

The 200 bar MA comes in at 8180.34. The 100 bar MA comes in at 8270 currently.