Bitcoin (on Coinbase) extends further above its 200 day moving average
Up $230 on the day
The price of bitcoin (on Coinbase - 7 day week) has moved above its 200 day moving average over the last few days and is extending higher in trading today.
Looking at the daily chart above, the price on Monday close above the 200 day moving average for the 1st time since early November 2019. Bullish. That 200 day moving average is currently at $8890.08. Yesterday the price continued the move higher and today we are seeing even more upside momentum.
The current price up about $231 to $9272.23. The high price extended to 9439.83. The low reached 9033.93.
Close risk is now probably the $9000 level. A more conservative risk level would be that 200 day moving average. Stay above and the bulls remain in control.
On the topside the price has extended above the 38.2% retracement at $9271.48, but has rotated back down toward that line. The next target on the topside would be the November high price at $9600. Above that is the 50% retracement of the move down from the June 2019 high at the $10,149.22 level.
Of course the $10,000 level will be a natural target as well to the upside.