Below MA on intraday charts. Support at $6929-41 area
The price of bitcoin tested the lows from November 3rd at $6941 yesterday and again today. The low extended to $6929 on the fall but rebounded back above the $6941 level and moved higher.
The highs in trading today stalled at $7224 area not once, twice but three times. New ceiling for the traders now.
So on the wide, $6929 is the floor and $7224 is the ceiling.
In between sits the converged 100 and 200 bar MAs at the $7132 level currently. Stay below is more bearish. Move above is more bullish.
The sellers are more in control with price below the 100 and 200 bar MA and trading in the lower half of the shorter term trading range.
Helping the bearish bias for the cryptocurrency, is that the price is now back below the 100 hour MA at $7122.95 (see blue line on the hourly chart below). That MA is near the 100 and 200 bar MA on the 5-minute chart, and as a result, increases that area ($7122.95 to $7132) as a key level to stay below for the bears to keep control. A move above weakens that control and swings the pendulum in favor of the bulls.
