Bitcoin trades between its 100 and 200 hour moving averages
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.
