Bitcoin trades to a new year high but backs off. What would hurt the bullish bias?
Takes out last week's high at $5345, but high can only reach $5352
Bitcoin on Coinbase is up about $70 at $5216. The high for the day reached $5352.50. That was high enough to take out the high from last week (and the year) at $5345. The failure to run higher, has led to a rotation lower, but the digital currency remains up on the day.
Looking at the daily chart, the price moved above the 38.2% of the move down from the July high. That comes in at $5176.07. Staying above that level keeps the bulls in control. A move below would be a small tilt to the bearish side.
Drilling down to the hourly chart below, the price on Saturday dipped below the 100 hour MA and quickly failed. The 100 hour MA currently comes in at $5075.59 (and moving higher). If the bullish bias is to tilt even more to the downside, breaking below that MA line would weaken the buyers, and should lead to more selling momentum.
Until then, however, the buyers remain in control.