A move back above the 50% at $15145 (on Coinbase) would be more bullish
The price of bitcoin (on Coinbase) moved above a trend line and the 200 hour MA yesterday, and that helped to push the digital currency higher in yesterday's trading. The break occurred at the $14293 area. The momentum took the pair above the 50% level at $15145.99, to a high of $15400. The price has since traded above and below the 50% level. We currently trade right around that level.
The good news for the buyers/longs (and the vast majority of the players in the bitcoin are either long or square) is the price remains above the 200 hour MA at $14294 today. That MA is the barometer for bullish above and bearish below.
If the price can extend back above the 50% retracement level at $15145.99 (and stay above), that would be more bullish. A move above that level would next target the 61.8% at $16266.
Admittedly, activity in bitcoin has been more up and down since the plunge lower that ended at $10400 on December 22. The range is still pretty wide with $12700 as a floor and $16300 (roughly) as a ceiling. In between sits the 100 and 200 hour MAs. Perhaps the December swoon, that saw the price move from roughly $20K to roughly $10K has tempered the enthusiasm, and we can expect a quieter/gentler market for this cryptocurrency at least.
Whether it happens or not, the technical tools will still help in defining the bias - and the risk - for traders.
PS the price is trading at around $15250, above the 50% retracement again.
