Key MA puts a lid on it into the weekend
In an earlier post on bitcoin I asked "What now?". The answer:
"Looking at the hourly chart below, the move higher has taken the price up to the low from Wednesday's trading at $3736 (the high reached $3732 so far). A move above that level will look toward a test of the key 100 hour MA at $3866 currently (it is moving lower). The move below the 100 hour MA last Friday (see blue line on Sept 8th) started the bearish run). That will be a key level. Be aware."
So what happened?
The 100 hour MA came down. The price moved higher. As they approached, the sellers came in and stalled the rally (see blue line in the chart above).
Last Friday, the price fell below the 100 hour MA with momentum. The price broke at $4507 and ran to a low today at $2975. That is a big move.
The low on the sell off this afternoon, tested an earlier day high (see red numbered circles). The price trade between.
Next week, that 100 hour MA will continue as a key level on the topside. Stay below, more bearish. Move above, more bullish.
