Bitcoin chops up and down, but stays below 200 day MA

The price of bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term over the last 9 trading days has seen a high price of $48234 at the high and $44,244 at the low. More recently, the range over the last four trading days has seen a high price of $47,458 and a low price of $45,124.79.

Current price is trading between both those ranges at $45,951 moreover there is a lot of alternate up and down trading days. Over the nine trading days four days have been down and five days higher. Over the last four days two days have been lower in two days have been higher.

Technically, what sticks out on the daily chart is at the high price going back to March 28 at 48,234 stalled just below the 200 day moving average of $48,274 (it got within $40 of the key moving average). The price of bitcoin has not traded above its 200 day moving average since January 1, 2022 - the very first day of the calendar year.

If the prices to go higher, getting and staying above the 200 day moving average would certainly be a positive/bullish development. Absent that, and the sellers still remain in control.

Having said that, the price has traded above its 100 day moving average (blue line) for 14 consecutive days. It also extended above the 38.2% retracement of the move down from the November all-time high at $46,721.54.

However the last six trading days has not been able to close above that 38.2% retracement (bearish).

So traders seem to be baffled as to which way the price should go at least over the last nine trading days but more recently, there is indications the sellers are putting a lid on the price rise..

So what next?

When traders are baffled and the price remains in an up and down range, traders need to pay attention to the nuances of the market price action and technicals.

If the price is currently below the 38.2% retracement, stay below that and sellers are more control. The price can then get below the nine day low price of $44,244, that would open up the door for a potential moved down toward the 100 day moving average of $41,860.92.

Conversely, if the price bar starts to trade back above the 38.2% retracement, and then close above it, the 200 day moving average at $48,294.27 would be targeted.