Bitcoin sellers defend key resistance and take back control. Back below 100 bar MA level.

The useful part

The price of bitcoin is moving lower with the current price trading down -$1300 or 1.64% at $77012. The move lower comes after buyers ran out of steam near resistance targets. Technically, looking at the 4 hour chart above, the Bitcoin buyers had their shot on the move higher off of the end of June low, but the rally stalled at $82,281 last Friday.

How it works

• Getting above the 38.2% retracement is a minimum target for buyers if they are to take more control.
• Instead sellers leaned against that resistance zone/retracement level, where risk could be defined and limited, and pushed the price back to the downside.
• The subsequent move below the 100-bar moving average on the four-hour chart at $78,850 gave the sellers more control in the short term.
• Move back above it, and the sellers could become disappointed on the failed break.
• On the downside, the next key target is the lower swing area between $74,262 and $76,977.

What to take from it

The rising 200-bar moving average near $73,275 is just below that zone and adds to the area's technical importance. Buyers need to hold the lower swing area and then reclaim the 100-bar moving average at $78,850 to start to take back more control. For sellers they now need to keep the price below the 100-bar moving average and push through the lower swing area.

Details worth keeping

That moving average is now the key risk-defining level. Stay below it, and the bias remains more bearish.