Coinbase January low at $9005 and lower channel trend line eyed
The price of bitcoin is continuing the fall that got going on Tuesday on the move away from the 100 and 200 hour MAs and the 100 day MA (around the $11,000 area). The low today reached $9113.21. The high - near the open - reached $10,166. We are currently trading down around $640 at $9310.
Technically, the pair is approaching the Jan 17th swing low at $9005 (on the Coinbase exchange - see chart above). Also in that area is a channel trend line just below that level around $8990 (and moving lower). Those levels are the next key targets on the downside.
Looking at the daily chart, as mentioned the price low from January was at $9005. Below that, the pair will target the 61.8% of the move up from the July 2017 low.
If there is another run even lower, the 200 day MA (green line in the chart below) comes in at $7800 currently.
The last time the price closed below the 200 day MA?
You have to go back to October 2015 when the 200 day MA was at $246. Of course, not only a lot of time has gone by, but the 200 day MA is much higher at $7800.
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