Caution on the correction lower.
The price of bitcoin has moved below its 100 hour MA at 4258.18. The price is not running but the break is a bearish for the cryptocurrency (see blue line in the chart below).
Drilling to the 5 minute chart below, the pair gapped higher from Friday's close but momentum started to fade. The price fell below the 100 dn 200 bar MAs (blue and green lines) but momentum lower was limited. In the Asian session there was a more momentum break above the MAs but on the subsequent fall back below, the market gapped lower.
Judging from the chart below, the activity seems to be very choppy today. I don't know if that is feel issues or gapping/choppy markets. However, the currency has been able to stay below its 100 bar MA (blue line) at 4287.57 currently. Stay below is more bearish.
Adam posted a great post on bitcoin as it relates to a collapse of a fiat currency. Interesting stuff. CLICK HERE.
