Bitcoin back below the 100 day MA after weekend rally stalls. Bearish.
Also below the 50% retracement
As NA bitcoin traders enter the trading battle, the price of the digital currency has move back below its 100 day MA at $10,950.08 and 50% retracement at $10,748. The price of bitcoin traded below both key technical levels last week, only to rally before the close and avoid a close below. If the price can close below the 100 day MA today, it would be the first time since July 2017. For now, the bias is more bearish (using Bitstamp exchange prices).
Drilling to the hourly chart below what are the technicals tell us there?
The price did rally over the weekend, breaking with momentum above the 100 hour MA (blue line on the chart below) and the 200 hour MA (green line). However, the price momentum could not be sustained in trading on Sunday, and the price fell back to the 100 hour MA, bounced a touch, and then cracked below that key 100 hour MA (see action around the blue line in the chart below).
In trading today, the price stalled near a floor area at $11,025-$11,080 (that was a support target to get below), retested the underside of the 100 hour MA ,and over the last few hours, fell to new session lows. Sellers are in control.
The closest risk for traders now is the 100 day MA at $10,950. Stay below and the sellers are in full control.
Other traders may use the $11,025-$11,080 floor from the hourly. Still other will eye the 100 hour MA at $11,857.
Putting it another way, if the bulls/buyers are to take more control in bitcoin today and going forward, those levels need to be re-broken on the upside. If not we are on our way to lower levels with $10,000 and the lows from last week targeted.
SUMMARY: Overall, bears are in control on both the daily and the hourly chart. A close below the 100 day MA would be a new bearish development in the cryptocurrency. Be aware.