16 days. Tries to move above this week but could not keep momentum going
The price of bitcoin on Coinbase closed below its 200 day MA on September 26. Since then, the price has waffled back and forth with a low of $7701 on September 30th. The high was today at $8826.00. That high took the price back above the 200 day MA at $8639.10.
However, like on Wednesday, the move above the 200 day MA has not led to increase momentum. The next target on the daily chart was the July low at the $9071 level. The price cannot get to that level.
The price has move back below its 200 day moving average and currently trade down -$284.94 at $8294.24. The run above the 200 day MA seems to be failing again. A close below the MA will be the 16th day in a row where the price closed below the MA. It remains a barometer for the bulls and the bears. Stay below is bearish. Move above is bullish.
Now, the good news is that price is not runnin lower (on a relative basis). The price is largely consolidating up and down. Sellers are not really squeezing the longs.
That gives the longs some hope. However, the technical bias is still to the downside. It will take a move above the 200 day moving average (and close above) to change that bearish sentiment.
