Bitcoin tries to hold near 200 day MA support
Price moved below the MA today but rebounded.
The price of bitcoin moved below its 200 day MA today at the 8779.84 level on the Coinbase exchange today.
The low price extended to $8602.00, but has bounced back higher. We currently trade at $8809.48,. That is still down $-568.54. So it is not a bullish day (the sellers are control).
Having said that, the move higher has taken the price back above its 200 day moving average. If the buyers can keep the price above that level, there is hope for a rebound back higher.
Looking at the daily chart, the high price in February stalled right near the high price from October 2019. The inability to extend above that level from a technical perspective, weakened the picture, and led to traders tilting the bias more to the downside for the rest of the month. Although, the last few weeks have seen the price move up and down, there has been more of a downward bias.
That move lower has the digital currency retesting not only the 200 day moving average, but also getting closer to the the 50% retracement of the move up since December (that level comes in at 8476.25), and below that level, the 100 day moving average (blue line) at 8264.62.
So this area is a key area for bitcoin and bitcoin traders.
Holding support, and we should see a rotation back to the upside with the 10,522.51 as a key target above.
Conversely if the price moved back below the 200 day moving average and is able to crack below the 50% and then the 100 day moving average, the technical picture will turn more bearish.
Right here with the price above its 200 day moving average, the buyers/bulls are hanging on to control.