Up 27% on the week...
The price of bitcoin surged yesterday but also fell sharply - trading above and below its 100 and 200 bar MA on the 5-minute chart.
Today, after a dip earlier in the session, the price broke higher with momentum and the price marched higher. The cryptocurrency moved above the spike high from yesterday at around $7400 on it's way to $7460 (double top).
The price has rotated lower, and we are coming into the weekend when liquidity conditions are lower, but for the rest of the day and into next week, the market will continue to take clues from the technicals.
Yes.... there will be times when the market breaks a support level, but then reverses. However, we simply don't know when will see the sky rocket gains, turn to a corrective tumbles lower. It is ok to sell and buy back if momentum lower does not materialize and the price breaks topside levels again.
For the week right now , the gain is 27.12%. Yikes. The 200 bar MA comes in at 7250.62. A lower trend line is below that level. Moves below each turns the tide a little more negative.
Looking at the hourly chart, the price has raced away from the 100 hour MA in the surge higher and has tracked above a lower trend line. That Trend line comes in at $7117 now (and moving higher). If that trend line is broken, it also would be more bearish for bitcoin (see chart below).
