Can the 100 hour MA hold now?
In an earlier post, the price of Bitcoin was working above the 200 hour MA and 50% retracement. It was looking better (see: “Bitcoin is putting some lipstick on…and looking better.”)
That bullish look, has lost some of its allure on a move back below those technical levels.
Now the question becomes, “Can the price stay above the 100 hour MA now?” (blue line in the chart above).
A move below that 100 hour MA, and the bearish side becomes more attractive for traders.
Right now with the price between, I am not sure about the bull or the bear side, but I can say the bull side has been downgraded on the back of the break failure.