...the 100 and 200 hour MA stalls the run to the high.They may be more important for traders.
The 100 day MA (blue line in the chart below) comes in today at $11,055.94. The price has traded above and below that MA today. In fact, the last THREE days has seen the price trade above and below the MA level.
The market is stalling.
The market is thinking.
Does it go higher or lower?
The price action and technical tools applied to that price action will help tell the story. I also think the 100 and 200 hour MA will help tilt the story to more bullish or more bearish.
Looking at the hourly chart below, the price rally to the highs today moved up to those MA lines (blue and green lines). The price moved a little above them, but the break was for a short period of time and for a small amount. It seems the sellers leaned, and the price has drifted lower (back toward the 100 day MA).
When "the market" makes up it's mind regarding higher or lower, if the price is going higher those MAs need to be broken and stay broken. Right now the downside is more in control.
On the downside, the lower trend line at $10,092 will be a clue that sellers are taking more control, followed by the $10,000 level. Yesterday, the 10K level was tested and stalled the fall. It is an important "natural" level. Seeing it is also the midpoint between $0 (where some people see the value of bitcoin), and the near $20K high seen in December, that makes it more important too.
