Bitcoin moves toward support targets
18 May 2021
Trend line. Retracement level approached
The price bitcoin is currently trading down around $1300 or -2.94% of $43,500. The low price reached $42,535.16.
The move to the downside has taken the price closer to a lower channel trendline which cuts across at $42,389. Yesterday the price did dipped below that trendline level, but found support against the 61.8% retracement of the 2021 trading range at $41,929.59.
A move below both of those levels would open the door for further downside in the digital currency. Traders would start to eye the rising 200 day moving average at $39,695.48. You have to go back to April 2020 for the last time the price of bitcoin traded below its 200 day MA (albeit at a much lower level). The 200 day MA at that time? Around $7986.