Bitcoin sellers lean against the 200 hour MA.GIves the sellers the go-ahead to push lower.

The price of bitcoin is trading lower with the price now down around -2.7% to $94,700.The low price has reached $94,578.

The move lower was foreshadowed by the break and inability to extend back above the broken 200-hour MA at $98244. Buyers turned to sellers.

What next?

The next target support area comes between $90742 to $93480. The 38.2% of the move up from the November low comes in at $89566 and that target can not be ruled out given the run higher from the November low at $66798. The price moves sharply to the upside. It can correct hard too.

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