Bitcoin moves to new lows and dips below the 200 hour MA

The price of bitcoin is continuing its run to the downside today, and has now traded below the rising 200-hour MA at $96883. The low just reached $96296. Traders will be eyeing that 200 hour MA level for bias clues. Stay below is more bearish. Fail on the move below the MA, and it could signal a short-term bottom.

On a break lower, the next targets come in at $94,306 followed by a swing area and 38.2% retracement between $92.092 and $92.442.

Earlier today, the price moved below the 100-hour MA (blue line) at $99059. Last week, the price stayed above that MA on the way to the high reached earlier today. If the buyers are to take more control, getting and staying above that MA is needed to be broken. Absent that, and the sellers are still in play and holding more control at least in the short and intermediate term

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