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Author: Elliot Smith
Forex News, Technical Analysis & Trading Tools
The price of Bitcoin on the Coinbase exchange (weekend trading included), saw the price move sharply lower on Sunday, and in doing so, saw the price test a upward sloping trend line and 100/200 day MAs (blue and green lines. The low reached $8106. The 100 and 200 day moving averages were within $100 of that level at $8044.75 and $8013.83. Close enough for the volatile bitcoin.
Finding early support buyers against those moving averages is more bullish for the digital currency
Drilling down to the hourly chart, the rebound seen in trading today did find resistance sellers against its 200 hour moving average. That moving average currently comes in at $9177.57 the high price for the day reached $9182.66. Sellers came in against that moving average level and overwhelm the buyers at least for now.
So the dip buyers on the daily chart kept the bullish bias intact, while the sellers off the hourly chart against the moving average, kept the sellers in play.
The price currently trades around the $8900 level and awaits the next shove above resistance or below support.
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Author: Arno Venter