Also below the 100 and 200 hour MA
The price of bitcoin has moved back below the $8000 level (again) and in the process, has moved below the 100 and 200 hour MAs at $8127 and $8052 respectively.
The fall below the 200 hour MA is the first break since July 16th. What has not happened is the price has not been able to get below the $7787.29 level. That was the low from last week's trading and is the next target to get to and through. The 38.2% of the move up from the July 13 low is $7566.24. That is another target on the downside.
Taking a broader look at the daily chart, the price remains in a neutral area. The price is still above the 100 day MA at $7599.44. That is more bullish. However, it also remains below the higher 200 day MA at $8458.48. Last week, the high sniffed that 200 day MA, but fell short of the level (and certainly did not break above).
Overall, the hourly view is a bit more bearish and that turns the trading bias a little lower. Stay below the 200 and 100 hour MA is a bearish switch today.
From the daily chart, the verdict is still open ended. Being above the 100 day MA suggest the move lower is corrective on the inability to get above the 200 day MA.
For traders, look for buyers on a dip toward the 100 day MA going forward. If broken, the sellers and bias turns more negative. I would expect stops on a break.
If the price rallies and gets above the hour MA, the sellers below those MAs, are likely to cover (buy).
