Home / News / Bitcoin sellers defend key resistance and take back control. Back below 100 bar MA level.
Bitcoin sellers defend key resistance and take back control. Back below 100 bar MA level.
<p>The price of bitcoin is moving lower with the current price trading down -$1300 or 1.64% at $77012. The move lower comes after buyers ran out of steam near resistance targets. </p><p></p><p>Technically, looking at the 4 hour chart above, the Bitcoin buyers had their shot on the move higher off of the end of June low, but the rally stalled at $82,281 last Friday. That high was within the $80,560 to $82,833 swing area but getting above the 38.2% retracement ahead of the 38.2% retracement of the move down from the all-time high reached in October at $83,916. Getting above the 38.2% retracement is a minimum target for buyers if they are to take more control. Instead sellers leaned against that resistance zone/retracement level, where risk could be defined and limited, and pushed the price back to the downside. Buyers had their shot, they missed. </p><p>The subsequent move below the 100-bar moving average on the four-hour chart at $78,850 gave the sellers more control in the short term. That moving average is now the key risk-defining level. Stay below it, and the bias remains more bearish. Move back above it, and the sellers could become disappointed on the failed break.</p><p>On the downside, the next key target is the lower swing area between $74,262 and $76,977. The rising 200-bar moving average near $73,275 is just below that zone and adds to the area’s technical importance.</p><p>Buyers need to hold the lower swing area and then reclaim the 100-bar moving average at $78,
Higher education in Financial Engineering and Money & Capital Markets. SPK (Turkey CMB) licence. 16 years across institutional markets, research, and quant-driven analytics.
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<p>The price of bitcoin is moving lower with the current price trading down -$1300 or 1.64% at $77012. The move lower comes after buyers ran out of steam near resistance targets. </p><p></p><p>Technically, looking at the 4 hour chart above, the Bitcoin buyers had their shot on the move higher off of the end of June low, but the rally stalled at $82,281 last Friday. That high was within the $80,560 to $82,833 swing area but getting above the 38.2% retracement ahead of the 38.2% retracement of the move down from the all-time high reached in October at $83,916. Getting above the 38.2% retracement is a minimum target for buyers if they are to take more control. Instead sellers leaned against that resistance zone/retracement level, where risk could be defined and limited, and pushed the price back to the downside. Buyers had their shot, they missed. </p><p>The subsequent move below the 100-bar moving average on the four-hour chart at $78,850 gave the sellers more control in the short term. That moving average is now the key risk-defining level. Stay below it, and the bias remains more bearish. Move back above it, and the sellers could become disappointed on the failed break.</p><p>On the downside, the next key target is the lower swing area between $74,262 and $76,977. The rising 200-bar moving average near $73,275 is just below that zone and adds to the area’s technical importance.</p><p>Buyers need to hold the lower swing area and then reclaim the 100-bar moving average at $78,
