Bitcoin trades down 6% on the day

The price remains below the 200 day moving average above and above a key retracement level below

The price of bitcoin is ending Friday on a down note. The price is currently down around $2300 or 6.04% at $35,483. The low price just reached $35,153.16.

Looking at the daily chart, the price cracked below its 200 day moving average toward midmonth of May and has stay below that moving average throughout the month of June. 

The price remains below the 200 day moving average above and above a key retracement level below_

On the downside, there has been support near the 61.8% retracement of the move up from the October 2020 low. That level comes in at $30,877.27. There were swing lows in May and again in June that stalled near that retracement level.

So the battle lines are drawn on the wide in bitcoin.

  • Resistance up at the 200 day moving average near $42,885.28 (the 50 day moving average is moving down toward that level as well).
  • Support is at the 61.8% retracement at $30,877.27.

Those battle lines may be wide, but when talking about bitcoin, there is a lot of up-and-down volatility..

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