Bitcoin sellers regain the short-term advantage ahead of weekend trading

The useful part

The lower boundary comes between $75,688 and $76,229, while the upper boundary is between $81,517 and $82,281. Those areas continue to define the larger battle between buyers and sellers. Sellers had their shot at the range floor Earlier this week, Bitcoin tested the lower support area between $75,688 and $76,229.

How it works

• Sellers had their shot to push through the floor, but they could not sustain a break.
• When a market tests an important support area and fails to break it, short sellers may begin covering positions while dip buyers step in.
• Buyers had their shot—but also fell short The buyers then had their opportunity to take greater control.
• The price moved toward the week's high near $80,500, but the rally stalled ahead of that level and just below the psychologically important $80,000 mark, reaching a high of $79,837.
• That failure was significant because Bitcoin could not sustain its momentum above the nearby hourly moving averages.

What to take from it

The price subsequently rotated back below the 200-hour moving average at $79,104 and the 100-hour moving average at $78,218. The moving averages define the near-term bias The 100-hour moving average at $78,218 and the 200-hour moving average at $79,104 now define the shorter-term bias. Staying below both moving averages keeps the bias tilted more to the downside and gives se...

Example or evidence

• With Bitcoin currently trading near $77,277, the market is back below both technical barometers.

Details worth keeping

What is Bitcoin's price action telling traders? Bitcoin has been trading in an up-and-down range since August 21. That combination helped propel Bitcoin higher during today's trading.