Falls below 200 hour moving average and swing area helps to turn buyers and sellers
The price of bitcoin is currently trading down around $1700 at $47,315. The price decline was helped by some technical breaks. Specifically, the price fell back below its 100 and 200 hour moving averages (blue and green lines). The fall below the 200 hour moving average came just after breaking below a swing area around the $48,000 level. The 200 hour moving average is currently at $39,893. Stay below that area (below 39,893 to $48,076) and the sellers in play.
On the downside the 38.2% retracement of the move up from the August 5 low comes in at $45,496. That would be the next major target on further selling momentum.