Bitcoin trades below hourly moving averages

Bitcoin trades below hourly moving averages

Consolidation continues for the crypto currency.

Bitcoin on the Coinbase exchange, is trading down about $217 at $19,030. The high for the day reached $19,432.57. The low reached $18,901.

Consolidation continues for the crypto currency.

Looking at the hourly chart above, the crypto currency trades between trendline resistance and support levels (bull pennant?). The topside trend line cuts across at $19,348. The lower trend line comes in $18,815.

In between the two trendline sits the 100 and 200 hour moving averages.

The 100 hour moving average currently comes in at $19,138.76. The 200 hour moving averages is at $19,060.44.

With the price currently trading around $19,030, the price is below both those moving averages tilting the bias a little more to the downside. Nevertheless it will take a move below the lower trend line to solicit more selling with the 38.2% retracement – and the low from Saturday’s trade at around $18,500 – as the next key target to get to and through on further downside momentum. It would also represent the minimum target if the sellers are to start taking more control away from the buyers.

A move above a topside trend line, and traders will be looking for increased upside momentum with another run toward the highs near the $20,000 level.

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