Stays below the 100 day MA and 100 hour MA
The price of bitcoin fell below the 100 day MA at $7474 at the end of last week, and stayed below that key MA line (see blue line in the chart below). The digital currency currently trade at $6924, down -$124.67 on the day. At that level, the price is still well above the lows from July (at $6075) and June (at $5777). So there is room to roam on the downside as long as the price remains below that 100 day MA.
Drilling to the hourly chart, the bias is also more bearish. Looking at that chart, the price moved below both the 100 and 200 hour MAs last week (blue and green lines) and trended lower. The price has been able to stay below the 100 hour MA since that break. The MA is at $7196.38 and moving lower. Bearish.
What is slowing the market is the stall at the $6880 area. There have been three lows in that area over the last two trading days. Traders can get comfortable leaning against a floor. If it can't be broke, sellers give up and turn to buyers. If the 100 hour ma can be broken (blue line in the chart below), that is a bullish invitation. We could see a spike higher.
So for now, the bias is indeed bearish below the 100 day MA and the 100 hour MA. However, if there is a break about each, the buyers will be felling more confident that a low is indeed in place. Failure to do that and with a break of the $6880 level, the digital currency can head on down to test the July and June trading lows.
