The price of Bitcoin move up to a topside the swing area during yesterday's trade between $30,505 and $30,753 (see red numbered circles). Sellers leaned against that area and yesterday push the price back down through the near converged 200 and 100 hour moving averages (green and blue lines in the chart above). Since then, the price has remained below those moving average lines with the low price today reached down to test swing lows going back to April 14 and April 19/20th at $28,600 (see green numbered circles). The low price today reached $28,632.40 - just $32 away from that key swing level.
The subsequent bounce higher saw the price of bitcoin stall near the 100 and 200 hour MAs at $29,568 and $29,706 respectively. The high price stalled at $29,603, between the MA levels
What now?
The technicals have defined the high vs the 100/200 hour MA (up to $29,706) and the low (at the swing area at $28,600). Buyers and sellers are battling it out between those levels, and awaiting the next shove.
- Move above the moving average and I would expect further upside momentum. Traders will look to target the high swing area between $30,505 and $30,754. Get above that level and the $31,000 level would be the next major target
- Move below the $28,600 floor plan I would expect further downside momentum . Below that watch the $27,700 level. That is the 61.8% retracement of the move up from the May 12 low. Below that and traders will start to look toward the May 12 low near $25,400.
In between the moving averages above, and the floor below, and the market bias is neutral and awaits the next shove..
