Bitcoin remains below its 200 day moving average

The price of  bitcoin  moved up to test its 200 day moving average during Monday's trading session, and found sellers against the risk defining level.

Since then the price has rotated back down but has found buyers near it's broken 38.2% retracement at $46,721. The price today did dip below that level to $46,572, but has since moved back above. It currently trades at $47,240.

Technically if the the price can remain below the 200 day moving average, sellers against the level are hopeful for a rotation back to the downside. Getting below the 38.2% retracement level at $46,721 would give sellers some comfort.

Conversely a move above the 200 day moving average should open up the door for further upside with the natural resistance at $50,000 and the 50% retracement at $50,975 as the next upside targets for the digital currency.