Bitcoin has been stopped dead at the 200 daily moving average

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Bitcoin has been stopped dead at the 200 daily moving average (DMA) which was lost last week and now acts as resistance. If the bulls can break this key level and find support it will go some way to confirming that the bulls are back in business. Looking at the order book can be of some use as it helps to determine if there is any pent up demand. It can be somewhat misleading as large traders are unlikely to ‘show their hand’, but generally speaking it is useful to see if there is growing demand versus supply.