The price of bitcoin has moved back down below the $19,000 level. Currently trades at $18,983..
Looking at the daily chart, the rally early this week to the price back toward a downward sloping trendline going all the way back to December 2021 (see red numbered circles), but the rally stalled ahead of that level. The price also remains below its 100 day moving average (blue line in the chart above). The trend line currently comes in at around $20,300 and moving lower. The 100 day moving averages at $21,201.44. It would take moves above those levels to give the buyers some comfort. Absent that than the sellers remain in control.
Drilling to the hourly chart below, the price of the digital currency has moved back below its 100 and 200 hour moving averages (blue and green lines in the chart below). The 100 hour moving average is at $19,260. The 200 hour moving average is at $19,151. Stay below those levels keeps the bias to the downside in the short term.
Focusing on the hourly chart, the price has been trading up and down since mid-September. The up and down price action has seen the 100 and 200 hour moving averages flatten, with the moving averages converging, and going sideways.
That dynamic is indicative of a non-trending market.
Non-trending markets transition to trending markets. The question is which way will the market break?
With the technicals now leaning more toward the negative below the 100 and 200 hour moving averages (and the trendline and 100 day moving average holding resistance on the daily chart), the bias is to the downside.
However, moving back above those hourly moving averages would reverse that short-term bias. Risk for sellers are those moving averages.
If the sellers are to take more control, the price would need to get below the September swing low $18,153. Below that, and swing low from July (and the low going back to November 2020) at $17,592 would be the next key target to get to and through.