Bitcoin bounces off the 100 hour MA/trend line support
Is it a high for the year?
The price of bitcoin is higher on the day and according to Bloomberg, reaching a high for the year. The problem is Bloomberg uses the weekday trading data. Coinbase, a leader in digital currency, has the highs for the year on Feb 23 and 24. Those highs came on a weekend.
One of the problems with bitcoin is price transparency. It bills itself as open at all times. Hence, I tend to use Coinbase as the benchmark (but it is open for discussion). However, there may be others that chop out the weekends.
The price is up $43.94 currently on the day at $4137. The high for the day reached $4149.50. The low extended to $4051.53. At the low, a trend line and the 100 hour MA (blue line) was tested and held support. Holding the level was more bullish. The price moved higher.
Staying on the hourly chart, the high for the day did stall against a trend line connecting the March 16, March 30 and high for the day. Above that is the topside trend line at $4210. Those are targets. Before that trend line, the high for the year comes in at $4188.79 (on Coinbase - see chart below). Keep that level in mind as a target.