The Bitcoin ups and downs continue but with the sellers taking back short term control

<p>Bitcoin spent the last few days trying to break through the upper swing area between $85,578 and $87,374, but buyers could not get the price above the ceiling.</p><p>Friday’s high reached $87,144, just short of the upper extreme. Monday’s high was a little lower at $86,969, and yesterday’s high stalled at $86,677 before rotating to the downside. Those progressively lower highs suggested the upside push was losing momentum.</p><p>Buyers had their shot. They could not finish the job.</p><p>The moving average breaks gave sellers the shove</p><p>Despite the failed attempts near the highs, buyers continued to lean against the rising 100-hour moving average — the blue line on the chart below — and the rising 200-hour moving average, shown in green. Those levels helped keep the recovery alive.</p><p>That changed today.</p><p>The price broke below both moving averages, shifting the short-term bias in favor of the sellers. With support giving way, downside momentum accelerated and took bitcoin to $82,734. That low was just inside the upper boundary of the next swing area between $81,517 and $82,833.</p><p>See the hourly chart below.</p><p></p><p>Sellers have control, but another hurdle remains</p><p>The moving average breaks were a win for sellers. However, extending that control requires more work.</p><p>The $81,517–$82,833 swing area is the next key test. Trading near its upper boundary puts the area in play, but sellers still need to push through the zone and get below $81,517 — and stay below it. That would strengthen the bearish bias and open the door for further downside momentum.</p><p>Conversely, if buyers can hold support within the area and move back above $82,833, they would have a foothold for a recovery. The broken moving averages would then become the upside targets and resistance:</p><ul><li><p>200-hour moving average: $84,799</p></li><li><p>100-hour moving average: $85,269</p></li></ul><p>Moving above the 200-hour MA would begin to repair the technical damage. Getting above both moving averages and staying above them would shift the short-term bias back toward the buyers.</p><p>Until then, sellers retain the advantage.</p><p>Trader education: Support defines risk, but buyers need follow-through</p><p>For newer traders, the lesson is that failed attempts at resistance become more meaningful when support finally breaks. The lower highs were a warning. Today’s move below the moving averages supplied the shove.</p><p>The lower swing area now gives buyers a place to lean and define their risk. However, holding support is only the first step. Buyers also need to reclaim broken levels to show they are taking back control.</p><p>Hold the swing area and buyers have a chance to regroup. Break below $81,517 and stay below, and sellers strengthen their grip.</p> This article was written by Greg Michalowski at investinglive.com.