Sellers getting the upper hand in bitcoin. Can they keep control?
Below 200 hour MA and trend line
The price of bitcoin on Coinbase has moved below the 200 hour MA at $10,932 and an upward sloping trend line at $10,893. That is more bearish.
What is trying to hold up the bulls are:
- The 38.2% of the move up from the February 25th low, and the
- Swing lows from March 2nd (see red numbered circles).
That area comes in at $10,759.12. The low for the day reached $10731 and bounced.
We are at a key crossroad for the technical bias (at least in the intermediate term). If the price can remain below the aforementioned levels, AND get and stay below the 38.2% and the swing lows, the selling should intensify.
Key test for the sellers.