Trades at lowest level since September 15, 2017
The price of Bitcoin on Coinbase took another run lower today. The price of the digital currency is trading down about $200 and $3398. The low price reached $3290.99. We high today extended to $3624.26. The price fell below the November low at $3456. That is now close risk for shorts. Stay below keeps the sellers in firm control.
On the daily chart above, the September 15, 2017 low bottom that $2975 before starting the surge up that ended way up near $20,000. The end of year 2017 was at $14,067. That is a 76% decline. Ouch.
The swing low below the $2975 comes in at $1758. At $3394, the $1758 is $1636. To put things into perspective, on November 7th (about a month ago), the price of Bitcoin was at $6500. The price is down $3110 since that high. Now it might not get there - the bias needs to stay negative technically - but it is doable.
What would turn the bias back positive?
Drilling to the hourly chart below, the getting back above the $3456 low from November 25 would be the minimum move to turn the bias back higher (if stays above) Above that the 100 hour MA (blue line at $3737.66 and moving lower), and the trend line just above that level (moving lower too) are other hurdles. Above that and the falling 200 hour MA (green line at $3921) will need to be breached.
Failure to get above those hurdles, keeps the sellers more in charge (with varying degrees - each hurdle broken above, gives buyers some upside potential).
For now though, below the $3456 is another bearish step for Bitcoin.
