Buyers jumping in.
The price of bitcoin on the Coinbase exchange is trading up another $471 at $8177 on the day and in the process is moving away from the 100 day MA at $7606 (blue line in the chart below), above a trend line connecting highs going back to January, March and May and above the $8000 for the first time since May 23rd. The low for the year reached $5777 (on Coinbase) on June 24th. Since then the price is up 41%. Not a bad run.
Up ahead is the next technical hurdle at the 200 day MA at $8666.51 (green line in the chart below). The price has not been above the 200 day MA since March 14th.
Drilling to the hourly chart below, the price has been stepping higher since breaking above the 100 and 200 hour MAs on June 16th (blue and green lines in the chart below). The price stalled at a topside trend line (see red circles 4 and 5), but found support buyers near the 100 hour MA (blue line).
Over the weekend and into Monday's trading the price did take a peeks below the 100 hour MA line, but could not solicit sellers. When the price moved back above the line yesterday, it started to take off (it was running from the 100 day MA too).
Today, the price has cracked above the topside trend line at $7894 (risk level now for longs looking for the run to continue to the next target), and ran higher again.
We currently trade at $8192 as I type. The high for the day at $8360 and the 200 day MA at $8666 are the next key targets. Risk is the broken trend line on hourly down at $7894 (and moving higher).
They crypto bulls are back in town.
