Bitcoin on the hourly chart

The price of bitcoin is trading near it's low levels for the day which came in at $46,588.61. The current price is trading at $46,615.

The price action is looking vulnerable as the market moves toward the weekend where there can the extra volatility.

Recall from December 4 (a Saturday), the price tumbled lower to near $42,000 from about $57000 on December 3rd. So far the move lower is a more measured and slow, but the bias is tilting to the downside.

Looking at the hourly chart, there have been some bearish tilts.

  • There have been lower highs going back to December 7.
  • The highs this week have also been below a downward sloping trendline on the hourly chart.
  • The price is back below its 200 and 100 hour moving averages (green and blue lines)

The digital currency has also moved into a swing area between $45,750 and $47,111 (see green numbered circles). A move below that area would open the downside for further momentum. The $47,111 level will then become resistance ahead of the falling 100 and 200 hour moving averages.

Conversely, if the price can move back above the $47,111 level, the pressure will ease in the short term, with the 100 and 200 hour moving averages as targets on the topside to still get to and through. However until then, the sellers remain more in control.