February 3, 2023

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Bitcoin defines topside resistance and lower support

1 min read

100 hour MA stalls the rally in Bitcoin. Swing area stalls the fall

The price of bitcoin is trading down about $1500 lower at $53,400.  That is up from the swing low on the hourly chart $52684. That low tested the low from earlier today at $52603.  The  $53123 level is also a support target making the swing area between $52600 and $53123 as support.  

100 hour MA stalls the rally in Bitcoin. Swing area stalls the fall

On the topside, the high today stalled just below the falling 100 hour MA (blue line) currently at $55501.90 (and moving lower).  The price rally yesterday also stalled just under that MA line. The resistance against the MA on both days increases that MAs importance going forward.  

With support at the swing area between $52600 and $53123 and resistance set at the 100 hour MA at $55502 (and moving lower), the $2900 range is set.  That may be wide, but it was only 9 days ago, that the price was up near $65000.  It certainly helps to know risks and targets in something so volatile.

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