Bitcoin makes break for it
The breaks are not like the old days but....
The price of bitcoin on Coinbase is making a break for it. That is the price is moving away from the 100 and 200 hour MAs - puttting the bears in control.
Looking at the hourly chart below, the price on Sunday stayed below both MAs. Today after a final test of the converged MA (blue and green lines) at $3980 area, the sellers said "enough", and the price fell about $100 to $110 to the low. That is not like the go-go moves of "day's gone by" when the price would move $100 in a minute, it was good for the "new" less volatile bitcoin.
The fall took the price below a trend line target, and to the next target at the 50% midpoint of the move up from the March low. That is where the fall stalled (at $3855.67 area) . We currently trade around the underside of the broken trend line around $3900 level.
Can the $3900 level hold resistance? That is the immediate question for traders. If so, we could see a reversal back toward that 50% retracement level. If not, we look toward $3915 (low from last week) and if the price gets above that, the $3950 area will be targeted.
Right not... right here....It is about the $3900 level and test. Sellers....are you out there? Can you keep control?