Daily and hourly levels being cracked
The price of bitcoin (using Bitstamp as the proxy) is cracking in more than one way.
Looking at the daily chart, the price has moved below the 50% retracement of the move up from the July 2017 low at $10,770 area. The price is also now below the 100 day MA at $10613.19. Both are key breaks technically).
On the hourly chart, the digital currency's price has moved below a lower trend line at $10,010 (currently). That is more bearish from that perspective too.
Add the natural $10,000 level and the price is cracking a lot of levels.
A move back above the $10,000 area may attract dip buyers, but I can imagine the fall has taken some of the courage away from a lot of traders.
Citi is jumping on the sell bandwagon. They said today:
BITCOIN MAY HALF AGAIN IN VALUE AMID CURRENT CRYPTOCURRENCY ROUT - CITI
BITCOIN'S POSSIBLE FALL TO $5,605-$5,673 AREA "LOOKS VERY LIKELY TO BE VERY SPEEDY" - CITI
