Bitcoin staying below its 100 hour moving average. Bearish bias in the short term.

<p><a href="https://www.forexlive.com/terms/b/bitcoin/">Bitcoin</a> is trading currently at $27,379. The low price reached $27,045. The high price was at $27,998.</p><p>Looking at the hourly chart, the high prices during trading today today tested the falling 100 hour moving average currently at $27,709. Sellers leaned near that <a href="https://www.forexlive.com/terms/m/moving-average/">moving average</a> level (on 2 tests), and in doing so, kept the bias from a technical perspective to the downside. With the moving average holding, it increases the levels of importance going forward. Move above and we should see upward probing as sellers are disappointed.</p><p>Until then, however, the sellers remain more in control in the short term. </p><p>On the outside, looking at the hourly chart, the yellow area represents a swing floor area that held the support in March and on a test in early April. That area comes between $26,526 and $27,236. </p><p>The price low last week move down into that area and bounced. The low price today also entered the area and has seen a bounce. The 38.2% retracement of the move up from the March 10 low is also in the area $26,655. </p><p>So although sellers are trying to hold in with resistance against the 100 hour moving average (near $27,709 and moving lower), buyers are also trying to hold the swing area floor down to $26,526.</p><p>The battle is on with the levels defined technically. </p>

This article was written by Greg Michalowski at www.forexlive.com.