Below 200 hour MA and trend lineThe price of bitcoin on Coinbase has moved below the 200 hour MA at $10,932 and an upward sloping trend line at $10,893. That is more bearish.
What is trying to hold up the bulls are:
- The 38.2% of the move up from the February 25th low, and the
- Swing lows from March 2nd (see red numbered circles).
That area comes in at $10,759.12. The low for the day reached $10731 and bounced.
We are at a key crossroad for the technical bias (at least in the intermediate term). If the price can remain below the aforementioned levels, AND get and stay below the 38.2% and the swing lows, the selling should intensify.
Key test for the sellers.