Some sideways stall for the cryptocurrency
Bitcoin has waffled higher and lower and higher in a relatively narrow trading range today.
The low extended to $4112. That was lower than the low from Friday, but not the low from last week at $4098.
If you look at the hourly chart, the $4098 low from September 5th was also above the swing low of $4078 going back to August 24. So there are corrective lows but the lows are so far higher. A break below the $4098 and then $4078 would be more bearish for bitcoin. I would expect dip buyers though to lean against those lows with stops on a break below.
As outlined in prior posts, the 100 and 200 hour MAs are key barometers for bullish/bearish. The price fell below those MAs (blue and green lines) on Friday and have been able to stay below. That is bearish. It looks as if those MAs might start to swing back to the downside after going sideways to higher.
So on further downside momentum watch the prior swing lows. Get below should open the door for more downside momentum.
On rallies, the 100 hour MA at 4482.86 currently and the 200 hour MA at 4526.06 is risk for traders. Stay below keeps the sellers in control. Move above and the buyers can be expected to pile back in.....
