The price of bitcoin is taking a tumble in the current hourly bar. The price has moved from a high of $29,730 to a low of $28,200.
Looking at the hourly chart, the fall has taken the price down to test the 200 hour moving average at $28,256 (green line in the chart above). The current price trades at $28,290 as buyers try to stall the fall nearly moving average level. The 100 hour moving average is down at $27,835.
Just a day ago, the price moved above the 100 hour moving average. In trading today, the price moved above the 200 hour moving average on his way to the spike high at $30,022. The last 4 or 5 hours has seen all the gains in trading today erased and then some.
UPDATE. The price has now moved to a new low of $27,723 which has taken the price below the 100 hour moving average.The fall from the high is now 7.58% or $-2273
There is no news that I can see.
This article was written by Greg Michalowski at www.forexlive.com. Source