Bitcoin back below MAs after weekend rally fizzles

Bitcoin back below MAs after weekend rally fizzles

Down $221 on the day

The price of Bitcoin had a weekend rally (lack of liquidity perhaps), that saw the price push above the 100 and 200 hour MAs (blue and green lines in the chart below). 

However, that move higher started to fizzle out and rotate back lower after an earlier run up above a topside trend line failed earlier today.  

The digital currency is now down -$221 at $6735, and back below the 200 hour MA at $6938 and the 100 hour MA at $6852.  Those MAs become resistance/risk once again.

The pair has the same targets as last week:

  • The swing low from April 30 at $6600
  • The swing low from April 1 at $6450.  
  • Below that the 2018 February low at $5873 (see post from Friday)

In my Friday post I talked of the longs being nervous.  The rally on Saturday, eased some of the anxiety for the longs. However, the “paper cuts” from the inability to forge a meaningful rally, have restarted with the rotation back below MA levels.  

Until the buyers can prove they mean business (and can stay above broken levels), there may continue to anxiety for the longs in the digital currency. 

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