Bitcoin corrects up to the 100 day MA and backs off as traders gather in NYC
Above the 100 hour MA though
The price of bitcoin has spiked higher.
There are a number of Bitcoin conferences going on in NYC this week, highlighted by the Coinbase Concensus Conference which is said to cost $2,000 and is expected to attract 4,000 attendees.
According to CNBC, there are other events that are piggybanking off that signature event in and around the city.
- The Ethereal Summit is selling tickets for $1300
- The Token Summit charging a $979
- The "Women on the Block" which was held on Mother's Day and charged $299 or $599 for a VIP access
- NYC Blockchain Tech and Invest Summit is charging $899
- ADI Cryptocurrency Mining Summit is at a relatively cheap at $499 to $699
Technically, the price of the digital currency did first fall today. Looking at the hourly chart below, from the Coinbase exchange, The price moved toward the lows from the weekend trading, but did stall ahead of those lows.
That started the run higher. The price moved up to a new session high at $8824. That move on the hourly took the price back above the 100 hour MA at $8634. That MA stalled the high in earlier trading today. The break above is a bullish play. Stay above will have traders thinking the lows may be in place.
The problem with the run, however, is that the high at $8824 crossed just above the 100 day MA (blue line in the daily chart below) at $8819.63 by about $5, but stalled. The price is down modestly, but there is a technical battle now going on between the 100 hour MA below and the 100 day MA above.
The bitcoin stories, the hype, the trading crypto- testosterone is all going on this week in NYC. Just because of that I would expect the buyers have the advantage. If not, the digital currency may be in more trouble.
Let the technical's tell the story. The 100 hour MA below should attract some buying if the bulls are to take control. On the topside though, the buyers do need to show their love for bitcoin above the 100 day MA. Get above and they can cheer each other to even higher levels.
If it all fails, there were be some sad faces in the Big Apple.