Bitcoin (on Coinbase) tests the 100 hour MA and bounces
Keep above the 100 hour MA, bull still in control. Move below and waters are muddyThe price of bitcoin on the Coinbase exchange extended to yet another high and the highest level since October 26, 2019. The high price reached $10,522.51, taking out the high price from yesterday at $10,483.86.
However the current price is down about $136 at $10,257.52. The good news for the bulls/buyers is that the dip came down to test its 100 hour moving average (blue line currently at $10119.95) and found buyers. Risk is defined and limited at the level. The price has moved higher.
That is good news for now. However should the 100 hour moving average be broken, and followed by a break of the 200 hour moving average and trendline both centered around the $9954.64, the waters would muddy (on the break of the 100 hour MA), and then more bearish (on the break of the 200 hour MA and the trend line).
For now, however, the buyers are holding onto control.
PS. The price moved back above the $10,000 level on Tuesday for the 2nd time in the last 5 trading days. The 1st attempt was on Sunday. On Monday the price move back below that natural level. Moving back above and staying above is another positive for the buyers/bulls in the digital currency