Buyers and sellers battling it out
Bitcoin ran up yesterday. Traded above September 6-8 highs at 4692, but stalled ahead of the all time high at 4921 area. The high yesterday reached 4869.
Today the price has been taking a breather and is consolidating.
Looking at the 5-minute chart below, the pair fell below the 100 and 200 bar MAs at the 4805 area. That turned the intraday bias a little more negative technically. Stay below is more bearish with a break above turning the tide back higher. A move below the trend line and the lows for the day (at 4760 and then 4739) would have traders eyeing the 4692 area (swing highs from Sept 6-8) and the 38.2% of the move up from Friday's swing low. That comes in at 4657.27.
A move back above the MAs at the 4805 area, would likely give the "all clear" signal for further upside on the failed break. The high at 4868 and then all time high at 4921 will be the next upside targets.
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