Bitcoin holds most of the gains from the surge higher
Coinbase price moves above the 200 day MA
The price of bitcoin surged higher in trading today. The low today was at $4127.20. The high extended to $5121. This is on the Coinbase exchange.
The move higher (using a 7 day week) extended above its 200 day MA at $4614.63. The current price is at $4731, up $602 on the day. That is the first move above that MA since March 2018 (not shown).
Recall in the post from yesterday, I put up the following chart and talked how the price based against the 100 hour MA (bullish - click here for the post). Little did I know, the bullish bias would lead to a $1000 move higher today (about 25%). Here is the chart from that post showing the bounce off the 100 hour MA (and trend line).
Drilling to the 5 minute chart, the correction off the high has been able to stay above the 50% midpoint of the trend run higher at $4643.71. Stay above that level and the buyers are still more in control. Move below and the buyers all above the midpoint, start to feel uneasy. PS the 200 bar MA on the 5 minute chart (green line) is at $4659.47.
One day does not make a trend but it was like the old days in Bitcoin today and the price is above that key 200 day MA.