Bitcoin moves away from $10K and 100 hour/day MAs
Lower trend line eyed now
The price of bitcoin on Coinbase exchange is down about $230 on the day at $9774. The high price reached $10,077.47. The low extended to $9665.39. The price has moved away from the natural $10k level.
Looking at the hourly chart above, on Friday the price fell below the 100 hour MA (green line) and then tested that MA line before moving lower. Over the weekend (Saturday and Sunday), the 100 price fell below the 100 hour MA (blue line).
In trading on Sunday and again in the early hours of trading today, that 100 hour MA line was tested, only to find sellers again.
The fall today extended toward a lower trend line at $9644 but found early buyers against the trend line level. The price has rebounded modestly higher so far. It will take a break of that trend line to increase the bearish bias technically for the digital currency.
On a corrective rally, watch the $9848 area.. That area was the low from the weeekend trading. On the way down today, the price stalled near that level before cracking the level over the last few hours. Stay below keeps the sellers more in control. A move above, however, would muddy the bearish waters.
Taking a broader look from the daily chart below, the price has closed below 100 day MA for the last 8 days of trading (today is day 9). That MA is up at $10,535.42. The next target on the daily chart comes in at a lower trend line at $9473.
So, sellers are in control on the hourly chart being below its 200 and 100 hour moving averages. Sellers are also more in control on the daily chart. The fall below its 100 day moving average (and a topside trend line) tilt the bias in a bearish direction.