A couple steps in the bullish direction
The price of bitcoin on the Coinbase exchange has seen a run higher in trading today.
As posted earlier in the week, a move above the 100 hour MA and then the 200 hour MA would be needed to shift the bias back to the upside. That has happened in trading today.
The 100 hour MA (blue line) was broken and is currently at $3845.38. The 200 hour MA was also broken (green line currently at $4114.38). Sellers have turned to buyers on breaks of each level today. Bullish.
Targets?
The $4370 was the high from November 24th. Above that, and the $4500 level will be eyed.
The close risk now is at the 100 hour MA (green line). A move below that level takes some of the bullish momentum back out of the market. It represents a key support and bias level for the buyers and sellers now.
On a break, the 100 hour MA will then be eyed (at $3845).
The buyers are making a play today and have the technicals shifting in their favor for a change. Can that momentum continue? Stay above the MA levels.
