Bitcoin extends narrow range but runs into MAs

Bitcoin extends narrow range but runs into MAs

$189 range for the day

Bitcoin has extended to a new session high. That is the good/bullish news.

The not so good news for the digital currency is the trading range is at a very low $189 range. That is very narrow relatively to recent history. The market is simply not trading.

What is also of concern to the buyers/longs is the rally higher has so far stalled right against the 100 hour MA at $6859. The high price reached $6850 so far on the Coinbase exchange.  

So the extension of the rally moved right to to the closest target resistance and stalled. 

What next?

Seller remain in control below the 100 hour MA and below the 200 hour MA (green line in the chart above) at $6928.97 currently.  On the downside a trend line cuts across at $6572. Below that swing lows at $6518 and $6450. Below that, the downside opens up, and gets out of the sideways price action seen since March 30. 

On the topside, a move above the 100 and 200 hour MAs will look toward the topside trend line at $7098. The high yesterday reached $7165.  The 38.2% comes in at $7490.56. That was near the swing high from April 3rd.  

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