Trades back below $10,000 after a corrective move higher earlier in the day.
The price of bitcoin has had an down and up type of day. The low extended to $9514 - the lowest level since the January 17th low - rebounded back above the $10,000 level to a high of $10,324, but is now back below the $10,000 level at around $9,900 area.
Technically, looking at the hourly chart, the price yesterday moved away from the 100 and 200 hour MAs (currently at $11,023 and $11,037 respectively). It also fell below a lower trend line (see hourly chart above). The price has been waffling above and below the MAs. The break away was more bearish.
Drilling to the 5 minute chart below, the price correction off the lows today did get above the 100 bar MA (blue line in the chart below) and tried to stay above that line.
However, over the last hour or so, the price has moved back below that MA line AND the 200 bar MA as well (green line). Those MAs will be close trading barometers for the bullish and bearish bias. Stay below, the sellers are in control. Move above and more bullish. The 100 bar MA is at $10,122 while the 200 bar MA is at $9991.
Next key target below on more selling come in at the low for the day at $9514, and then the low for the year at $9222
