Bitcoin down for the 2nd day in a row, but is there a technical reason to buy?

For a trade perhaps. Here is why..

The price of bitcoin moved up to test the 200 day MA just yesterday. The 200 day MA on Coinbase came in at $9867. The high yesterday reached $9763. In the world of bitcoin, getting within $100 is close enough. The 200 day MA is at $9889.22 today.

The price fell off and it is down again today. Looking at the daily chart, bitcoin fell below the 100 day MA at $9110 currently. That is bearish.

So why is there a buy opportunity?

If you drill to the hourly chart below, the fall today (it is down about -$210 currently), the fall yesterday and today has taken the price to the 200 hour MA (green line in the chart below at $8778 currently). The price has peeked below that MA line on 4 or so occasions, but each has not been followed by any momentum. Buyers? Perhaps.

Now, the price remains below the 100 hour MA above at $9056 currently (blue line). IF this is a bottom, a move back above the 100 hour MA will give traders the clue.

So, there is a technical reason to buy, with limited risk (if the low from yesterday is broken at $8602., get out). If the 100 hour MA is broken above, that should lead to higher prices.