Ordinals

<p>Friday’s decline finds willing buyers</p><p>Bitcoin sellers pushed the price to its lowest level since September 17 on Friday as stocks fell sharply. However, the decline stalled against key technical support near $76,052, where the 100 day moving average and the 38.2% retracement of the move up from the July 1 low converged.</p><p>That support gave buyers a defined level to lean against, and the price rebounded over the weekend. The recovery extended above the 100 hour moving average and reached approximately $78,740 before rotating back to the downside.</p><p>The price is currently trading near $77,741, back below its 100 hour moving average at $77,912. That puts the sellers back in the stronger position in the short term.</p><p></p><p>What would give buyers more control?</p><p>The first step for buyers is to get and stay above the 100 hour moving average at $77,912. Without that break, the weekend recovery remains vulnerable.</p><p>Above that, the next key hurdle comes near $79,120. The swing lows from October 24 and October 26, along with the falling 200 hour moving average, are clustered around that level.</p><p>Getting above that resistance—and staying above it—would strengthen the bullish bias and give buyers more control. Until then, sellers have technical levels to lean against on a rebound.</p><p>Sellers still have work to do below</p><p>Although sellers retain the short-term advantage, extending the downside requires breaking a series of support targets:</p><ul><li><p>$76,545: Current 100 day moving average.</p></li><li><p>$76,052: The 38.2% retracement of the rally from the July 1 low.</p></li><li><p>$74,925: September lows.</p></li><li><p>$73,161: The 200 day moving average.</p></li></ul><p>The rising 100 day moving average is the first key barometer. A break below it would shift attention back toward $76,052. Getting below both would increase the bearish bias and open the door toward the September lows, followed by the 200 day moving average.</p><p>A bounce, but buyers still need to prove themselves</p><p>Friday’s support held, but the rebound has yet to shift control to the buyers. Below $77,912, sellers retain the near-term advantage. Above that, $79,120 becomes the next target.</p><p> </p> This article was written by Greg Michalowski at investinglive.com.