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.

Moves up over $1000
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.

What now?

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.

Bitcoin  on the daily chart

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