Bitcoin gives up most of gains and moves back toward unchanged
Up about $200 after being up over $2800
The price of bitcoin was up about $2800 at the high today at $57209. However, most of those gains have whittled away. The digital currency is only up about $200 at the moment.
Looking at the hourly chart, the high price today did extend above the 100 and 200 hour MAs (blue and green lines), but for the 2nd time in 3 days, the break failed. On Monday, the price fall moved toward a retest of the March 16 low at $53,221. The price moved to $53000 before rebounding back higher. That area around the $5300 to $53200 area will now be targeted on further downside momentum.
With two shots at getting above the 200 hour MA and two fails, the sellers are making the play in the digital currency.