The bitcoin buyers vs sellers battle continues
Price is between 100 and 200 day MA but below intraday MAs
The buyers and sellers in bitcoin have fighting within a MA confined range on the daily chart. The 200 day MA (green line has stalled the rallies) on the topside. That MA comes in at $10,157.
ON the downside, the 100 day MA has confined the downside over the near term. That MA comes in at $8,843.
The distance between the 100 and 200 day MA is wide but real. At some point there will be a break and the digital currency will run free again.
To get a closer look at the bias, drilling down to the hourly chart gives a better view.
Looking at the hourly chart below, the price has been trading above and below the 100 and 200 hour MAs since the move higher stalled, and the price started to waffle back and forth.
Currently, and over the last few days, the price has stayed on the lower side of the 200 hour MA (green line). That is now the line in the sand for buyers and sellers. Stay below and the sellers are more in control. Move above, and the sellers turn to buyers.
What about that lower trend line on the hourly chart?
There is a lower trend line that cuts across at $9004. The price is about $65 from that line. If the price can keep the momentum down going, breaking that line will be a catalyst for more potential and a run toward the key 100 day MA below.
The price may bounce again off the trend line/off the 100 day MA, but traders have the roadmap.