Bitcoin corrects to 38.2% retracement. Bounces back above 200 hour MA.
Can the price find support buyers at the 200 hour MA now?
The price of bitcoin, is down sharply on the day after reaching a weekend new all time high at $61788.45 (on Coinbase exchange). The price today fell back below the rising 100 hour MA (blue line) and rising trend line from the March 6 low and the buyers turned to sellers.
The run to the downside, saw the price tumble below its 200 hour moving average (green line in the chart above), but find support buyers against the 38.2% retracement at 54617.38. The low for the day reached just below that level at $54568 and bounced.
The price is now back above its 200 hour MA. Can the buyers keep the price above that MA? That is what dip buyers want to see now. If it can, a rotation back toward the 100 hour MA (and underside of the broken trendline) would be eyed.
Break back below, and the sellers will likely take another run at the 38.2% retracement. Get below that level and the lower upward sloping trendline cuts across at $53386, and would be the next target...