The price bitcoin is higher on the day, and in the process has been able to extend above its falling 200 hour moving average. That moving average currently comes in at $20,868.17. The current price is trading at $21,377 (as I type).
The move above the 200 hour moving average is the first since June 10. Since the last peak on May 31 at $32,375, the price declined -45.66% to the low price reached over the weekend at $17,593. Dip buyers entered, and the price has wandered back to the upside of the last few days.
Buyers have now been able to get and stay above the 100 hour moving average at $19,972, and is now trying to extend and stay above the 200 hour moving average at the aforementioned $20,868.
Short-term risk can be defined against those levels. A move below the 100 hour moving average and all bets are off for the upside in the digital currency.
On more momentum to the upside, the 38.2% retracement of the move down from the May 31 high comes in at $23,239.90. Get above that level and the door opens up for a further move toward the $25,000 level where the 50% retracement is near..
