A move back above the 100 hour MA will be eyed now
The price of Bitcoin moved lower today, tested the 200 hour MA, then more recently broke below that 200 hour MA at $8384. That was bearish. The price moved to a new session low of $8280.
However, the momentum lower slowed, the 200 hour MA was re-broken - this time from below to above - and the sellers, bought back. The price has moved back to $8600 (the high has so far reached $8603).
What now?
Sellers had their shot. They failed.
Are the bulls back in control?
Yes, but the 100 hour MA above at $8697 (blue line in the chart above), will need to be busted to get more upside price momentum going. Support is reestablished at the 200 hour MA.
Advantage back to the buyers.
