The price of bitcoin on December 4 tumbled to a low of $41,967.50 (it was on a Saturday liquidation trade), but also rebounded smartly a few hours later. The low price since that extreme low has reached $46,201 on December 4. A higher swing low was reached on December 6 at $47,111. The high corrective price since the crash low, reached $51,991 on Tuesday. Since then, the price has been wandering up and down but with a downside bias the.
The last few hours has seen the price move below the low from yesterday at $48,656.20. That was near the 38.2% retracement of the move down from the November 30 high at $48,569.43. A trendline connecting recent lows on the hourly chart cuts across at $48,716
The last few hours has seen the price dipped below those levels on its way to a swing low today of $48,111. In the process, the price is moving further away from the 100 hour moving average at $49,848.27 as well.
Sellers are making a play. Can they keep the momentum going?
On the downside, the swing low from December 6 comes in at $47,111 below that, the swing low from December 4 at $46,201 is another target. Move below each, increases the bearish bias for the digital currency.
The sellers would love to see the price stay below 38.2% retracement/broken trendline to give the maximum bearish technical look. Absent that, and the 100 hour moving average would be targeted as topside resistance. Move back above the 100 hour moving average would take some of the steam out of the selling (blue line currently at $49,848.48). That moving averages just below the natural resistance at $50,000 so it represents a pretty significant resistance/bias defining level now. Stay below is more bearish.