The price of Bitcoin has fallen below its important 100 day MA at $41544.84 today.
The price last closed below that moving average back on March 22 before breaking higher.. The break above 100 day moving average took the price up to test its 200 day moving average (green line in the chart above) only to find sellers ahead of that level on March 28 and March 29. Since then, the price has been chopping to the downside with more momentum selling seen last week.
Drilling to the hourly chart below, the price is moving back down toward the March 21 low at $40,516.86. The price on that day based near its 200 hour moving average and, on March 22, the price moved back above its 100 hour moving average staying above that moving average until March 31.
In trading over the weekend, the high price was able to move back above its falling 100 hour moving average, but could not sustain momentum and after falling back below the moving average level (see blue line in the chart below), selling momentum increased. Bearish.
A move below the $40,516 level, and then the natural support at $40,000 would increase the bearish bias going forward. There should be support buyers against the $40,000 level with stops on a break below.
