Bears leaning....
The price of bitcoin took it on the chin earlier today - falling below the 100 hour MA and the 200 hour MA in the process (blue and green lines in the chart below). The low extended to $13900 on the low. That was a bit short of some targets including the $13465 and $12488 swing levels (see chart below). The low in December reached $11159 (on bitstamp exchange). That too is a downside target on further weakness.
The bounce off the lows today, did see the price rally up back toward the 200 hour MA at $15060 (green line in the chart below). The high price on the rebound reached $14946 - about $100 from that key MA level. Close enough for an instrument at near $15K.
So the sellers remain more in control ahead of the MA level. A move above would take some of the bearishness seen today, out of the digital currency, with a subsequent move above the 100 hour MA at $16004 turning the sellers back into buyers.
