Bitcoin's weekend run higher runs into resistance. Bears in control.
The weekend high on Coinbase stalled at the 200 hour MA. Bears sold
The price of bitcoin on Coinbase exchange, ran higher over the weekend but in the process ran into the 200 hour MA (green line). The inability to get and stay above that 200 hour moving average, gave sellers a reason to push lower and indeed they did.
The price fell below its 100 hour moving average (blue line) today at $8970 and ran down to a low of $8590 before stalling the fall. Since then, the price has consolidating.
Sellers are in control. Close risk comes in at the falling 100 hour moving average at $8908 and the 50% retracement of the move up from the October 23 low to the October 26 high comes in at $8918.46. That area would need to be broken (and stay broken) for the buyers to take more control. Above that, and the 200 hour moving average remains another key barometer for the bulls and bears (at $9096.24 currently and moving lower).
On the downside, the 61.8% retracement comes in at $8535.67. A move below that level should solicit more selling pressure in the digital current a