7 of the last 8 days the price traded above and below the 100 day MA
The price of bitcoin on the Bitstamp exchange continues to waffle higher and lower.
Looking at the daily chart above, 7 of the last 8 trading days has seen the price trade above and below the 100 day MA (currently at $11,336.97). Yesterday (Sunday) was the only day that the price did not. The low was above the 100 day MA.
Today, however, the market could not sustain any upside momentum, and the current price is back below the MA line. The price trades at $11,221.30 currently with the MA at $11,336.97.
Drilling to the hourly chart, the price is also wandering above and below the 100 and 200 hour MAs (blue and green lines at $11,298 and $11,199 respectively in the chart below). With the price at $11,221, it trades between those two MA lines.
Overall, that technical picture paints a neutral picture as the volatility comes out of the crypto market following the sharp fall from the December high near $20,000.
At some point, we should get a break and run - along with an increase in volatility. The topside trend line at $11,693 is a break target above (it is coming lower), while the $10,696 trend line below is a lower target (that line is moving higher).
In between are the MAs which so far, can't sway buyers or seller much.
What we do know - or at least it seems - is the inaction has taken bitcoin out of the news after the domination from the ups in 2017, and the sharp down into the middle of January.
