Bitcoin trades down into moving average support

Bitcoin trades down into moving average support

Yesterday, the 200 day MA stalled the rise. Today, the 100 and 200 hour MAs are being tested.

There is a battle going on in bitcoin and the battle lines have been drawn.

Yesterday the price moved higher but stalled with $40-$50 of the key 200 day MA (green line in the chart above) at $9241.71 today.

Today, there has been a continuation of the rotation down. Bitcoin is down about $304 at the moment at $8590. The low reached $8467.26. 

The move lower has taken the price back toward the 100 hour MA- blue line currently at $8581.76 – and the 200 hour MA at $8359.75 (see blue and green lines in the chart below).  The low extended between those levels and is seeing some stall. 

The battle lines are drawn. Of course in bitcoin, those lines can be wide. On the downside, the 100 and 200 hour MAs at $8359-$8581.  Stay above is bullish. Move below is more bearish.

Buyers who like bitcoin, this area is an entry area (with risk on a break below). 

If the price does bounce, the longs will battle the 200 day MA above at $9231.71. Get above, would give the buyer/longs in the digital currency more relief. 

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