Buyers and sellers in control
The price of bitcoin is waffling up and down in trading range today. The low remains above the 100 and 200 hour moving averages (blue and green lines). It is also above an upward sloping trendline. The moving averages come in at $49102 and $48,781 respectively. The trend line is just below the 200 hour moving average (see green line).
On the topside, trendline resistance cuts across at $51,725 (and moving lower).
Over the weekend on Saturday, the price stayed mostly below the 100 hour moving average, but on Sunday that trend reversed with the break back above the 100 hour moving average level (blue line in the chart above).
The 100 hour moving average has been a barometer of late for buyers and sellers, but has also seen a number of moves above and below in the near term. Nevertheless, it is being reactionary to price action around the level. If it doesn't hold support or provide resistance, it starts momentum in the direction of the break above or below
