Break fails, so be aware
The price of bitcoin on the Coinbase exchange fell below its 100 day MA at $7575 today. That is more bearish. Remember, the high from last week sniffed, but could not get above the 200 day MA (green line). So the bearish break should have sent the price lower. It did, but only to a low of $7460.
The price has rebounded and trades back above that MA now at $7605 (down -$84 on the day).
It is not racing higher, but traders will have some doubt about lower now, and that can lead to some buying.
So be aware.
Drilling to the hourly chart below, the fall moved down to, and through the 38.2% at $7566.24 (just below the 100 day MA at $7575). We are back above that technical level. Like the 100 day MA, being above, puts some doubt in the downside. It will take a move back below to take that doubt away.
