Bitcoin makes a new high, and them makes a new low for the day. What next?

The price of Bitcoin whipped to a new high in the US morning session and in the process extended above the high price for the week at $71572. The high for the day was reached at $71754, but buyers turned to sellers, and the price rotated lower.

The subsequent run to the downside, next took the price below the lows for the day and in the process entered into a swing area between $68249 and $68867. THe low price reached $68557 before bouncing modestly. What next?

Buyers had their shot above the high for the week. They missed.

The sellers have moved into the support target but have additional work to do to increase the bearish bias. IN fact, buyers came in and bought on the first downside test.

Going forward, it would take a move below $68249 to increase the bearish bias followed by the break of the rising 100 hour MA around $68000 level to give the sellers more confidence. Absent that and the ups and downs continue for Bitcoin with $71572 to $71754 on the upside to get above and $68249 to $68000 as the downside target to breach to increase the bearish bias.

This article was written by Greg Michalowski at www.forexlive.com.