Trades between ceiling above and 200 hour MA below
The price of bitcoin on Coinbase moved lower from the weekend highs. The high was reached on Saturday at $6613.23. That was just below the high from last week at $6636 The swing high from August 9th reached $6633.21. So call the $6613 - $6636 as a ceiling now. Move above would be more bullish going forward.
On the downside, the lows on Saturday and again on Sunday stalled around the 200 hour MA (green line in the chart above). That 200 hour MA comes in at $6356.92. The low today has reached $6389. The high today reached $6547. Also in play is the 100 hour MA at $6435.74. We currently trade right at that level.
So there is support at the 200 hour MA at $6356. There is resistance at the $6613/$6636 area. A battle is going on with buyers buying dips and sellers leaning against the ceiling. Going forward this week, there will be a break. Look for that break with momentum to define the next trend.
