The price of Bitcoin has been trading more up and down of late but with the price action below the $40000 level. The last time the price traded above the $40000 level was on April 28th. On that day the price spiked up to $40400 and rotated back to the downside fairly quickly. Since then, the falling 200 hour moving average (green line in the chart above) has been acting as resistance.
On April 29, the price tried to move above the 200 hour moving average, but quickly rotated back to the downside. During yesterday's trading, traders made two attempts to move above the 200 hour moving average only to find willing sellers on each attempt. Sellers are more in control.
In trading today, the lower 100 hour moving average (blue line) was breached on a few hourly bars, but like the 200 hour moving average momentum to the upside was quickly stopped, and the price rotated back to the downside.
The last five or six hours has seen the price move below swing levels on April 26 and May 1 near $37,697.13. The low price has reached $37,560 (it is trading at the low as I speak). On the downside, the swing low from May 1 comes in at $37,400 and is the next downside target. A move below that level opens up the door for further downside momentum.
Looking at the daily chart below, swing lows for the year came in at $34,324 on February 24 and $32,950 on January 24. Also watch $36,369 as an interim support target on weakness.
Of note from a bearish technical perspective on the daily chart, is that the last swing high from April stalled right near the 200 day moving average (green line in the chart below).
Also since April 11, there have only been two closes above its 100 day moving average (currently at $40,995). It would take a move back above the 100 day moving average to shift the bias in the long-term more toward the upside. Until then, the sellers are more in control on the daily chart.
