Hard to keep the cryptocurrency down
A week ago (on Monday), bitcoin fell to a low of $5605.
Today bitcoin traded to high of $8290.99.
From low to high that is $2,685.99
On a % basis the rise from the low was equal to a gain of 47.9%.
Technically, the price last week moved back above the 100 and 200 hour MA and that was the invitation to go higher. The price moved above the $8000 level today. Going $290 is nothing for the cryptocurrency.
Drilling to the 5 minute chart below, the move higher today did see the price fall below the 100 bar MA (blue line in the chart below). That break could not reach the 200 bar MA (green line). When the price moved back above the 100 and 200 bar MAs, sellers turned more to buyers. The price based and raced higher.
We have come off the highs over the last hour or so, and retests the rising 100 bar MA (blue line at 8180.55). That line is a short term trading barometer for buyers and sellers. Stay above (so far it is doing that), is bullish. Move below the MA line, and it the buyers might become a little more cautious. The 200 bar MA at 8097.17 will be eyed as the next target (on the downside).
