December 7, 2022

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Bitcoin rebounds to 50% midpoint of the run lower from last week’s high

1 min read

Traded above and below its 100 hour moving average

The price of bitcoin moved to a low yesterday of $28,800. That took the price below the close from 2020 at $28,992. However, the momentum could not be sustained the price snapped back higher. 

Traded above and below its 100 hour moving average_

The run back to the upside stalled at $35,000 (at Bitstamp at least – other highs may be a bit different). At the high, the digital currency was testing its 50% midpoint of the move down from the June 15 high at $34,970.  Sellers leaned against the midpoint and the price has since moved back down.

The 100 hour moving average is currently at $33,774.94. The price over the last couple hours has traded above and below that level.  I would look at it as a barometer for the short-term.  The price is currently trading right near the level at $33,700.  

The next downside target would be a move back below the broken trendline. That level comes in around $33,200. Move below that level and traders will start to look toward the 50 hour moving average at $32,742.14.

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