On July 22, the price of Bitcoin reached a high of $68,364 and retested that level during Monday’s trade on July 24. After this retest, Bitcoin experienced a downward move, dipping below its rising 200-hour moving average. However, the momentum on these dips was limited.
Recently, Bitcoin’s price has settled between its 100-hour moving average above, currently at $66,945, and its 200-hour moving average below, currently at $65,992. The current price is trading between these levels at $66,300.
Buyers and sellers have settled in this range, waiting for the next significant movement, whether higher or lower. When a break occurs, expect momentum to follow in the direction of the break.
The price action and the technical tools are foretelling the next momentum move. Look for the break.
This article was written by Greg Michalowski at www.forexlive.com.
