Bitcoin steps down a little more today
The price of Bitcoin stays below the 200 hour MA for the 13th consecutive day
The price of Bitcoin on Coinbase exchange (7 day week) is moving lower again today. The snapshot price is down -$133.30 at $8083.08 (see hourly chart below). Today, the price was able to trade to the lowest low since October 25th - trading below the low from yesterday at $8015 to make a new move low. The low today reached $7980.07. The current price has recovered and does trade back above the low from yesterday. A move beack below the $8015 would be eyed as a close target on the downside again.
What is the risk for shorts/sellers?
Looking more closely at the hourly chart, the digital currency has been able to trade below its 200 hour moving average (green line in the chart above) for 13 consecutive days. The price action has also found sellers against its topside trend line. Although the price moved above that trend line yesterday, it was only for a single hourly bar and the downside momentum was reestablished quickly.
The 100 hour moving average (blue line) is also a level that helps to define the bias.
With the price below each of these technical levels - and has been that way for a number of days now - it gives traders risk defining levels that also define the bias.
Simply stated... stay below the 200 hour MA, and the bears remain in control. Move above and the bias tilts more to the upside.
Until that is done, look for sellers to continue pushing more to the downside in the digital currency. After the low from yesterday at $8015, the next target on the downside comes in at the lower channel trendline at $7776 (and moving lower).
Taking a broader look at the daily chart, other targets come in at the October lows. The October 1 low bottomed at $7701, while the October 23 low bottomed at $7296.44. That level was the lowest level going back to mid-May 2019.
Sellers remain more in control in the digital currency.