Bitcoin sellers had their shot. They missed.

<p>Bitcoin sellers had their shot. They missed.</p><p>The price of bitcoin broke above a swing area between $81,517 and $82,833 on September 21. After that break, buyers largely held support near the top of that area—until yesterday.</p><p></p><p>Sellers pushed the price back into the swing area and then below its lower boundary at $81,517, opening the door for further downside momentum. However, after moving toward the September 20 low at $80,106, just above the natural support at $80,000, the selling stalled. Sellers turned back to buyers, and the price snapped higher.</p><p>In trading today, that recovery has taken bitcoin back above the swing area high at $82,833. Buyers have regained some control, but they still have work to do.</p><p>The next upside targets are:</p><ul><li><p>$83,963: The falling 100-hour moving average.</p></li><li><p>$84,522: The 200-hour moving average.</p></li></ul><p>Getting above those moving averages—and staying above—would strengthen the bullish bias and open the door for another run toward the late-September and early-October highs, including $87,374, reached on September 23.</p><p>For now, the same technical area that helped define the bias coming into the week remains the key barometer: $81,517 to $82,833.</p><p>Stay above $82,833, and buyers keep the recovery alive. Move back into the swing area, and that recovery loses some traction. Break below $81,517, and sellers regain more control.</p><p>The lesson for traders is that a break needs follow-through. Sellers got their break yesterday, but they could not sustain the momentum. Buyers now have their opportunity. The hourly moving averages are the next test.</p> This article was written by Greg Michalowski at investinglive.com.