Bitcoin looks like it may have based out for now

Yesterday, the drop back in Bitcoin was clearly led by the move below $3,300 in Ether. Notwithstanding that fact, the lead cryptocurrency fell back below 49k and then gave up on 48k as it slipped back to as low as 47,770 as the European markets drew to a close. Earlier today it fell further during the Asian session, just surpassing that previous interim low, dropping to as low as 47,615. However, since then it has been grinding its way higher again and that means for now it is has resisted any temptation to test the 200 day moving average lower down. That is in place today at 45,943, but of course it is shifting all the time. The thing to note is that this moving average is still in an upward trend. The rebound this morning has taken BTC back above 48,600 a little earlier and it is not far removed from that level right now. The immediate price action on the chart does suggest it may have based out for the time being, but without yet making any substantial progress. Clearly a drop below 47,600 from here would wipe that prognosis out, whereas a move back above 50k would tend to endorse it further. Bitcoin is just now trading at 48,465