Bitcoin down on the day but still above $50,000
Price action takes a breather in the digital currency
The price of bitcoin is currently trading down around $-880.02 to $51,522. The high for the day reached $52,545.95. The low reached $50,889.43.
Yesterday the price reached above $50,000 and stayed above that level. That is still key for the short-term traders.
Looking at the hourly chart, a upward sloping trendline cuts across at $50,029 currently (and moving higher). That increases the areas importance (see green numbered circles).
On the topside, the hi from yesterday at $52,631 is the next upside target to get to and through. Above that, and traders will be eyeing the topside channel trendline which currently cuts across at $53,175 (and moving higher). Break above that level and its open road ahead (SEE post from yesterday).