Bitcoin has $50000 "indigestion", but staying bullish technically
Above 100 hour MA after dips yesterday and today, but remains above 200 hour MA
The price of bitcoin is having some "indigestion" above the $50,000 level (the the high price reached $50,645 but could not sustain momentum above), but is not losing any shorter-term technical bullishness.
Looking at the hourly chart above, the price dipped below its 100 hour moving average in trading yesterday (see blue line), but found support ahead of its 200 hour moving average (green line) and also near a lower upward sloping trendline.
The digital currency has not traded below its 200 hour moving average since February 1 when the pair stalled near the level and started the most recent bullish run to the upside. That run started around $32,200, and took the price to the high price of $50,645 today (57% gain).
Going forward, the minimum needed to tilt the bias more in the bears direction would be to get below the 100 hour moving average (blue line) at $48,053.55 AND 200 hour moving average currently at $46,954.22 (and moving higher). There is also a rising trend line just below the 200 hour moving average.
Failure to breach those levels (they are moving to the upside) and the buyers/longs are still comfortably in control.
On the topside, getting back above the natural $50,000 level and the topside trend line at $50,316 (and moving higher) would likely increase the bullish bias and lead to further upside probing.
The trend trajectory may be flattening given the up and down price action, but it is still more in favor of the buyers. Stay above the moving averages keeps the bulls firmly in control.