The high stalled ahead of the 100 hour MA keeping the sellers more in control
The price action in Bitcoin today has been somewhat muted.
The low for the day reached $8200 on the Coinbase exchange. The high extended to $8483.48. The high price did find sellers just ahead of the 100 hour MA at $8487.74 currently. The sellers keep control as long as the price stays below that MA.
We are currently trading near unchanged levels at $8303, up $12 on the day. A move below the swing low from May 12 at $8223, should see a run toward the two lows from yesterday around the $8100 level. A break below, would open the door for more selling.
Looking at the daily chart below, Bitcoin remains below the 100 day MA at $8842.10. That has been the case for the last 6 or so trading days. On more downside, swing lows at $7822 and $7310 are the next targets. A trend line cuts across at $6954
SUMMARY:
The sellers remain in control in Bitcoin below the 100 hour MA, but price action remains muted and up and down. Traders will be eyeing the recent swing lows below. Get below would be more bearish. Absent that break, the way the bulls will start to feel more comfortable, is with a move above that 100 hour MA. The one test today, found the willing sellers.
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