Bitcoin spikes higher...
Moves up over $1000
The price of bitcoin on point basis spike higher and is trading up nearly $1000 on the day on the Coinbase exchange.
Looking at the hourly chart above, the digital current a 1st moved above the September 30 swing low at $7701 and then trumped that by moving above the 100 and 200 hour moving averages at $7808 and $7918 respectively. Sellers turned buyers and the run higher was in full motion.
Staying on the hourly chart, the September 26 high at $8659.40 and the 50% retracement of the move down from the September 20 high at $8837.79 are the next targets. That 50% retracement also is close to the swing hi from October 12 at $8826.
Taking a broader look at the daily chart, the price is also approaching its 200 day moving average at Coinbase at $8885.65.