Bitcoin down on the day, but stalls at a key support area.
Key technical support level stalls the fall..
The price of bitcoin (using Coinbase), is down about $550 at $11,000 currently. The low for the day extended to $10,811 while the high reached $11,590.
Technically, the fall took the price of the digital currency to a support area defined by the 200 hour moving average (green line in the chart above) at $10,912, a trend line that started on February 6 at $10,864 (see red numbered circles in the chart above), and the 38.2% retracement of the move up from the February 25 low at $10,759. The low for the day stalled in that area and we are seeing a modest bounce.
Overall, the buyers are making a play to keep control against the cluster of support. Stay above and they can feel comfortable. Move below, however, and the buyers may look to exit. Be aware.