Bitcoin consolidates gains after dip finds buyers
Trades to highest level since December 23rd
The price of bitcoin on Coinbase, has moved to the highest level since December 23rd. The high price reached up to $7615.68. The low for the day reached down to 7312.22. That low approached but really didn't test, the converged 100 and 200 hour MAs at $7262. The price did get to within $50 of the key moving averages. Finding early buyers against that support kept the bulls/buyers in control.
The high from December 9 comes in at $7659.38. The more recent high from December 23 comes in at $7688.99. Those are topside targets.
On the downside, the rising 100 hour MA at $7336.17 are risk levels. Stay above keeps the buyers more in control in the digital currency.
Taking a broader look at the daily chart below, the falling 100 day MA comes in at $7946.08. If the price can extend above the recent highs on the hourly chart, the next key target will be the 100 day MA at $7946.05 (close enough to $8000). That would be a key, key, level for bitcoin. Get above the MA and then the $8000 level and there should be more upside momentum.