Was close to $20K on December 17th

The price of bitcoin is tumbling and trades below 11K now and quickly approaching the 10K level.

In the process, the price has moved below the 50% retracement and the 61.8% of the move up from the mid November low at $5511. Those levels came in at 12701 and 11,004 respectively.

It was on Dec 17 that the price was testing 20K (high reached $19891). This week the price fell below the 200 hour MA (green line in the chart below) and that started the tumble. ON Wednesday, the corrective move stalled against that level and opened the door for more bearish technical selling.

The below chart is from Coinbase exchange.

Traders will be eyeing the 50% as a risk level now. Stay below and the longs will continue to feel the pressure.

Looking at the price action from Bitstamp (see hourly chart below), the tumble is a little more contained. The low has so far reached $11159 - that is just above the 61.8% retracement. The low on Coinbase reached $10400 as a point of comparison.

Yesterday, I warned of more bearish technical sentiment (See "Bitcoin tests key floor level - and falls below. More bearish for bitcoin"). Earlier in the week, I expressed technically bearish concerns after the break of the 200 hour MA ("Bitcoin technical analysis: Sellers more in control after break below MA").

For your guide, the 100 day MA on the Coinbase exchange for bitcoin comes in at $8026.98 today (see blue line in the chart below).