Runs into a topside trend line
The price of of bitcoin is running higher today. The price is up about $580 currently at $9713.65. The low today was down at $9126.76. The high reached $9769.70.
The run to the upside has taken the price outside a consolidation box that's all the price trade between $9078 and $9619 over the last 8 trading days. There were a number of ups and downs during those a trading days.
The high today has however run into some overhead resistance defined by a topside trend line. That trend line currently comes in at $9768.22 (and moving higher). As mentioned, the high for the day reached $9769.70. Close enough for bitcoin technicals. The price has backed off a little, but that topside trend line will be eyed going forward. A break above should solicit more buying with traders likely looking toward the nice round $10,000 level on more upside momentum.
Close risk for intraday/short-term traders would be the old highs over the last 8 trading days at $9619 (high from February 3) and $9574 (high from January 30/31). Stay above keeps the bulls in control. Move below and the run higher should start to lose some momentum with a potential move back down toward a retest of the 100 and 200 hour moving averages (blue and green lines) after the failed break.
