Bitcoin eyes $10K. Above the 38.2% of the move down from the all-time high
$10,000 in traders view
The price of bitcoin on Coinbase is currently trading up about $228 at $9789. The high reached $9929. The low extended to $9460.97. The $10K level is in traders sites. The price has not traded above the $10,000 level since March 8, 2018 on Coinbase.
Technically, the price has moved above the 38.2% of the tumble from teh December 2017 high (at $19891.99) to the December 2018 low (at $3128.89). That level comes in at $9532.39. That level is the closest risk level on the daily chart for longs now. This week's move above that level is good news for the buyers. Moving back below would not be so great.
The digital currency today, did disappoint by stalling ahead of the May 5, 2018 high at $9948.12. That level is the first upside target before the $10,000 level.
The price of Bitcoin moved first above the $10000 back on November 29, 2017. The price traded above and below the key level for a few days. On December 2, 2017, the price traded above the level for the day and did not look back until falling below the level on January 17th 2018. In the meantime it raced (and I mean raced) to the all time high.
Drilling down to the hourly chart, the digital currency moved above a topside trend line earlier today AND held corrections down to that broken line. That trend line comes in at $9670 currently. That level is the closest risk level on that chart. A move below would tilt a little of the bias back down. However, it will take a move back below the 38.2% on the daily at the $9532.39 to hurt the bias more.