Bitcoin tumbles but keeps above key 100 day MA
Down over $350 on the day
The price of bitcoin is trading down -$369 on the day at $6989. The high reached $7384 earlier in the day. The low extended to $6903.
At the low, the price stalled just above the key 100 day MA (blue line in the chart above). That MA line is a key barometer for bulls and bears going forward. It comes in at $6891 today. The low got within $12 of that key MA at the lows today (close enough for bitcoin).
Drilling to the hourly chart below, the run lower today was helped by the stall ahead of the topside trend line (see green circled numbers in the chart below). The momentum lower was increased on the fall below the 100 and 200 hour MA (blue and green lines). Staying below the 200 hour MA will be eyed by bears now. A corrective move that can stay below that level, keeps the downside in play (so it is a risk level for shorts now). The 200 hour MA is at $7126 currently.
Right now, the 100 day MA at $6891 is key. The 200 hour MA at $7126 is also key. The battle is on between those two key technical levels.