Bitcoin touches a low of $10,125 on the GDAX exchange
The recent upside move looks to have come to an abrupt end, after stalling at a test of the 100-day MA as Greg pointed out here yesterday.
Looking at the hourly chart, buyers tried to hold out by supporting prices at the 200-hour MA at the end of trading yesterday. That helped to send Bitcoin higher to $10,900 levels earlier today before falling short in a bid to get above the 100-hour MA (red line).
The rejection there sees price tumble further falling below the 200-hour MA (blue line) to fresh lows on the day.
The $10,000 psychological level will be one to watch out for as price action settles here. There isn't much news on the day apart from the UK deciding to launch an inquiry into cryptocurrencies. Eamonn had that earlier here. While not exactly negative news, the meddling of governments/central banks isn't something that's been taken kindly by cryptocurrency enthusiasts as they seek for decentralisation.
