Bitcoin technicals: Bitcoin longs get some upside relief
But works toward technical resistance targets
There is a little good news for the bitcoin longs today. As I type, the price is up $281 on Coinbase at $8532. The low for the day reached $7911, while the high extended to $8600. So the price is close to the highs for the day.
Technically, the pair was able to get back above the swing low from March 9th at $8370 after stalling near that level yesterday and again today. The break above was a relief for the sellers. New buying entered and the price is seeing more momentum to the upside.
The price may have gotten back above the March 9th low (and ceiling from the last few days), but it is starting to approach MA resistance and 50% retracement.
- The 100 hour MA is at $8650.95 currently
- The 50% of the last run lower is at $8778
- The 200 hour MA is at $8938
They are other levels that could stall the rally.
For the time being though, the break above the $8370 level is support and better news for the longs in the digital currency.
Stay above that level, and the longs are feeling better. Move below, however, and that good feeling will go away.