The price of bitcoin
The price of bitcoin moved down about $1160 or -4.22% after the news on Binance was announced. That took the price away from its now converged 100 and 200 hour moving averages at $27,797.54 and $27,854.65. Bearish. The price low reached $26,541.
The move to the downside also broke below swing lows from March 18 and March 22 near the $26,700 level.
That should've led to more downside momentum in cryptocurrencies , but we are seeing a rebound back to the upside. The current price trades at $27,116. The swing low from March 25 at $27,228 and the swing low from March 24 at $27,043 are now resistance. Stay below both those levels and the sellers can hang on to more bearish bias. Move above, and I would be afraid that the sellers might be forced to buy back on the failed break.
Move back below the $26,700 level is needed to increase the bearish bias and have traders looking potentially down toward the 38.2% retracement at $25,632.13
