The price of bitcoin as a a lot of up-and-down action today. However, a pattern that arising is sellers leaning against or near its falling 100-hour moving average. The moving average currently comes in at $68,142 and is now a key bias-defining level for the digital currency at least in the short term. If the price can stay below the moving average, the sellers remain “in play” (if not in control).
What would give the sellers more control, would be if the price could get below the 38.2% retracement of the trend move up from the February 24 low. That level comes in at $64,927. During Sunday’s trade, the price dipped below that retracement level but only briefly. A more sustained move below that retracement level is needed to increase the bearish bias and have traders probing more to the downside.
So although there are reasons to be short-term bearish on bitcoin below the 100-hour moving average, it is also true technically that the buyers are showing their strength by holding support nearly 38.2% retracement. So the battle is on. Traders know what needs to be done to either increase the bullish bias or increase the bearish bias. The roadmap is ahead
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