Bitcoin continues teetering near $11,250, and there's a downside bias heading into Monday.
Bitcoin made an attempt on Sunday to break out above the daily 89 SMA (simple moving average), but failed. Since first trading below the 89 SMA on 1/16/2018, the Bitcoin price has not been able to retake the 89 SMA. While the daily MACD (moving average convergence divergence) crossover looks ready to support a move higher, the price hasn't responded with a move higher.
The 4-hour chart tells a similar tale. The price attempted to break above the 89 SMA, but couldn't hang on. Bitcoin now trades below the 89 SMA and below the 34 EMA (exponential moving average). The 4-hour MACD indicator is rolling over.
Price is king, and price action will tell us when Bitcoin is ready to resume its bullish trend. That time is not now, and lower prices can be expected into Monday.
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