Bitcoin remains below the 200 day MA. No risk on flows so far today.

  


The price remains below its 200 day moving average for the 8 consecutive day

Eight  days ago, the price of bitcoin traded below its 200 day moving average for the 1st time since April 2. The last 8 trading days has been able to stay below that level, keeping the sellers more in control.  It will take a move back above the moving average to shift the bias back to the upside.

The price remains below its 200 day moving average for the 8 consecutive day_

Looking back in time on the chart above, the 200 day moving average tends to be a barometer for the bulls and bears. If the price moves and stays below, the bears remain in control.  On a move above, the bias shifts higher. 

Being below now gives the digital currency a bearish bias. It is as simple as that.

Admittedly, the price is not running to the downside. There is a near double bottom at the $7700 area (lows came in at $7701 and $7712 respectively).   A move below would increase the bearish bias.
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