The price of bitcoin is lower on the day trading to a session low of $43,312.83. Yesterday the price closed near $44,500.
Although lower technically, the price has been able to hold support against its 200 hour moving average currently at $43,298. The low price today reached $43,312, just above that level.
Going forward, as long as the moving average is holding support, the technical bias is more to the upside. The price is also above its 100 hour moving average of $43010. It would take a moove below both to increase the bearish bias.
I know it's short term. I know bitcoin can zip around in huge trading ranges, and picking a bottom near a technical level may seem foolish, but traders do lean against levels especially instruments that or more volatile. If risk can be defined and limited, that decreases the risk in what is a volatile instrument.
As a result, as long as the price can remain above the 100 and 200 hour moving averages, the bias is more positive. Break below - and stay below - and the storyline changes, and the bias tilts more to the downside.
