Price is still supported by the 100 and 200-hour MAs
Earlier in the day, cryptocurrencies took a bit of a hit - which pretty much took away all of yesterday's rally to the topside for Bitcoin. The upward move is still capped by last week's high near $11,690 and the recent leg lower today stalls at the 100 and 200-hour MA.
It's been a level that has attracted the price over the last week with buyers finding it difficult to find momentum to firmly break through it. As long as price stays above, sentiment is still bullish but buyers still need to find a way to break above last week's high.
Otherwise, it's another case of a failed breakout and we could be heading for a retest of $10,000 again if buyers fail to hold.
Last week we didn't have much news apart from the Coincheck saga. That sent prices lower, but we've seen a rebound as Coincheck offered to reimburse customers out of their own pocket. You can't really guess what's going to happen next in the cryptocurrency space, but you can try to limit your risk through the charts.
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