Bitcoin moves back toward unchanged levels


Remains below the $10,000 level

The price of bitcoin has moved to the lowest level since June 19 after sellers took the price lower yesterday on the back of the continued unwind of the Facebook Libra euphoria.  

Remains below the $10,000 level

Technicals also play role in the decline yesterday. The high for the day tested its 100 hour moving average (blue line – see the chart above) and found willing sellers against the risk defining level).  The price move lower has seen the price extend below the 61.8% retracement at $9938.16 and the swing low from July 2 (low for the month) at $9651. The $9651 level is close risk for shorts.  Stay below keeps the bears firmly in control. Currently trade at $9595.

Taking a broader look at the daily chart, the price low today tested the end of May high at $9090.  That level will need to be broken and stay broken for more downside potential. 

The 50% at $8613.62 and the 100 day MA at $8105.81 are downside targets on more weakness.  A move below the 50% and the 100 day MA would weaken the technical picture materially for the digital currency.

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