Bitcoin traders draw the high and low battle lines
The battle is on
The price of bitcoin passed move higher since the last swing bottom on March 5. The price from the low to the high has moved some $11800 higher or 25.4% (from low to high). The high price today reached $58,113 (on Coinbase). That price got within a few hundred bucks of the all-time high from February 21 at $58,367. Getting above the highs now - and topside trend line - is the obvious upside battle line for the buyers and sellers. Get above, and look for more upside momentum. Stay below and the sellers take back control.
The subsequent moves to the downside and low for the day at $55,050, found buyers ahead of its rising 100 hour moving average currently at $55,007.45. That moving average level represents the downside battle line for the buyers and sellers. Move below, and look for more downside probing. Stay above, and the buyers remain in control.
So the battle lines were drawn by the traders today. With the price trading between levels, it can be a coin toss. However, I have to give the buyers a little more control. The sellers did take back some control on the hold of the high resistance levels, but they need to prove that they can get below some lower corrective targets like the 100 hour MA, before claiming more control.