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Keeps the bears more in control
The price of bitcoin has seen a rebound today after the sharp fall lower yesterday. That fall, took the price below the 100 and 200 hour MAs (blue and green lines). The low reached near the end of trading yesterday, fell short of the lows from September at $6116 to $6191. They remain targets for sellers. The low reached $6207.
Today, the price was kicked higher after a period of sideways trading. That move higher stalled just ahead of the 200 hour MA (green line) currently at $6393.63. The high today reached $6384.04.
Sellers leaned. The price moved lower. We currently trade at $6317 up $101. We are still higher but that hold against the 200 hour MA is telling. It increases the levels importance and keeps the bias bearish.
Going forward, the bias changes only if the price is able to get above the 200 hour MA and then the 100 hour MA (blue line). Absent that, the sellers are holding the bias cards with the lows of the month, the targets.