Bitcoin tests its 100 day MA on dip. Key barometer for buyers and sellers
Key level tested on move lower today
The price of bitcoin on Coinbase is trading down about $80 at $3708 currently.
Looking at the hourly chart above, since Feb 24, the digital currency has been able to stay below its 200 hour MA (on every bar with the exeption of one bar on Feb 28th). Over the weekend, the price waffled above and below its 100 hour MA in a narrow range. That 100 hour MA currently comes in at $3797.06. Stay below it and the 200 hour MA at $3807.91 is more bearish.
Today, the buyers gave up on moving above those MAs, and the price tumbled lower.
That low reached $3672.39 which was close to the low from Feb 27th at $3655. The price moved quickly off that low on that day. As a result, there has been a stall today against that level as traders leaned with stops likely on a break below. More downside was averted.
Also helping to stall the fall comes from the daily chart below. Looking at it, the 100 day MA (blue line) comes in today at $3680.96. The low today did dip below that key moving average line but it was short lived. If the price is to go lower - and the bias barometer move more to the downside - breaking and staying below that key MA will be eyed. Be aware.
Until then, this fall can just be a dip to key support as traders trade the ups and downs.
- The 100 and 200 hour MA above is key for a more bullish bias. Sellers leaned against them, keeping sellers more in control.
- The 100 day MA at $3680.96 is key for a more bearish bias. Today that MA was tested but the price is back above it currently.
In between the buyers and sellers are battling it out.