Bitcoin staying below its 100 hour moving average. Bearish bias in the short term.

Bitcoin is trading currently at $27,379. The low price reached $27,045. The high price was at $27,998.

Looking at the hourly chart, the high prices during trading today today tested the falling 100 hour moving average currently at $27,709. Sellers leaned near that moving average level (on 2 tests), and in doing so, kept the bias from a technical perspective to the downside. With the moving average holding, it increases the levels of importance going forward. Move above and we should see upward probing as sellers are disappointed.

Until then, however, the sellers remain more in control in the short term.

On the outside, looking at the hourly chart, the yellow area represents a swing floor area that held the support in March and on a test in early April. That area comes between $26,526 and $27,236.

The price low last week move down into that area and bounced. The low price today also entered the area and has seen a bounce. The 38.2% retracement of the move up from the March 10 low is also in the area $26,655.

So although sellers are trying to hold in with resistance against the 100 hour moving average (near $27,709 and moving lower), buyers are also trying to hold the swing area floor down to $26,526.

The battle is on with the levels defined technically.

This article was written by Greg Michalowski at Source