Bitcoin continues to push lower

Technical Analysis

Runs away from its 100 hour moving average now

The price of bitcoin tried to move above its 200 hour moving average earlier in the day. Yesterday, there was another attempt above that moving average but both tries failed.

Since failing today, the price has been stepping down in a steady fashion. More recently, the price fell back below its 100 hour moving average at $33,228.79. It also fell below the 38.2% retracement at $33,467.28. Those levels are now risk levels for sellers. Stay below is more bearish.

Overall for the day the price is down around $2800 or -8%. The price currently trades just above $32,000.

This week the low price extended all the way down to $28,800 on Wednesday before snapping back higher. The high price today reached around $35,500. That high in addition to extending above its 200 hour moving average, also also extend above the 50% retracement of the move down from last week’s high at $34,970.79. 

Typically, a break above the 200 hour moving average and the 50% retracement is a bullish signal that leads to increased momentum to the upside. However the failure of the break can also be telling of the buyers strength. Today, the buyers failed and the sellers took over.

Articles You May Like

AUD/USD pressured as Fed officials hold firm on rate policy
Gold price drops by Rs 2,900 in just 10 days. What should investors do?
Something strange has been happening with jobless claims numbers lately
Oil – private survey of inventory shows a draw vs. the build that was expected
Fed’s Goolsbee: Makes sense to wait to get more clarity before moving