Below hourly technical levels. Below 100 day MA
The price of bitcoin on Coinbase, is trading down about $50 at $6250 area. The low reached $6176 today, and the high extended to $6405. Although lower, the pair is consolidating near recent lows.
From a technical perspective, looking at the daily chart above, the price last week moved below the 100 day MA (blue line) at $6819.48 (currently). The lows since then, remain above the swing lows from 2018 at $5900 (low from August), $5873 (low from Feb) and $5777 (low for the year in June). Each are targets to get to and through from an even more bearish bias for the pair.
Drilling to the hourly chart, the price moved above the 100 hour MA earlier in the day. That was the first break above since the tumble last week on September 5th.
However, that move higher, pushed into a topside trend line and that line stalled the rise (sellers leaned). Since then, the price has moved back below the 100 hour MA (blue line) at $6323.69. Bearish.
The 100 hour MA and the trend line, are now risk areas for shorts. Stay below is more bearish. Move above, and the bearish waters become a little more muddy. Be aware.
Targets on the hourly chart?
The low from the weekend reached $6116. That is the next target to get to and through for the bears.
SUMMARY: Sellers in control but there is also some consolidation. Nevertheless, stay below the 100 hour MA at $6323 and the trend line at $6373 is more bearish. The next target is the low from the weekend at $6116.
A move above the 100 bar MA and the trend line will shift the bias more to the upside. If broken, the 200 hour MA at $6628 and the 100 day MA at $6819 will still need to be broken to turn the bias fully around to the bullish side.
