100 day MA at $11,111 (nice round number). 100 and 200 hour MA at $11,066 and $11,369 respectively
Something is happening to bitcoin... it's stalling.
The high today reached $11,741 on Bitstamp and the low extended down to $10,890. That is ONLY a $851 range. That's a lot for a most markets, but for bitcoin it is a bit narrow. The digital currency is currently down about -$300 on the day or -2.4%
Technically, the price is consolidating around MA levels.
On the daily chart above, the 100 day MA (blue line in the chart above) is at a easily remembered value of $11,111 on the Bitstamp exchange.
The pair is also trading around the 100 and 200 hour MAs (blue and green lines in the chart below) at $11,066 and $11,369 respectively. The 100 day MA is between those two moving averages.
With the current price trading at $10,955, it is below all those MAs, which gives more of a bearish bias (it is also at the low for the day). However, the momentum is not racing the price to the downside. In fact it is trading kind of slowly..
Meanwhile on the hourly chart, the downward sloping trend line and upward sloping trend line are getting closer as each hour passes, but there is room between them too.
The topside line cuts across at $11,750. The lower trend line cuts across at $10,198.
If the momentum does start to pick up - one way or the other - those lines will be eyed for more bullish or bearish bias clues.
Right now, we trade between those line BUT below the MAs which gives a little more bearish bias in a relatively quiet bitcoin market.
