Bitcoin has trouble on dips below the 100 day MA
The price moved below the MA today but could not keep downside momentum
The price of bitcoin has dipped below the 100 day MA at the $9884.14 level on two occassions this month.
- On August 15, the price fell below the MA at $9639. The low reached $9470 before rebounding. The price closed at $10374
- Today, the price dipped to $9759 with the 100 day MA at $9884.14. Like on August 15, the price has rebounded. The digital currency trades at $10151
You have to go back to February for the last times below the 100 day MA. As a result, the digital currency is having some apprehension on going below.
Technically, we will need a break and stay below the key MA to give the sellers more confidence. Failure to do that, and the buyers maintain most of the control - at least on the daily chart.
Drilling to the hourly chart below, the price on the hourly chart fell back below the 100 and 200 hour MAs yesterday (they were converged) and ran lower.
The price is now working back toward the 200 and 100 hour MAs at $10307.82 and $10409.39. (see blue and green lines on the chart below. I would expect sellers on a test....