Bitcoin trades to highest level since November 12
The digital currency is up $625 on Coinbase
The price of bitcoin is moving sharply higher. It is up $625 currently at $8755. The high price extended to $8859.17 today. The low reached $8101.
Technically, the price is moving away from its 100 day moving average down at $7944.35. The 200 day moving average is ahead at $9095.18. The price has not been above its 200 day moving average since November 8.
The price today also moved above a topside trend line. That trend line comes in at $8331. Stay above keeps the bulls/buyers in control.
On a break above the 200 day moving average, the 38.2% retracement comes in at $9271.48.
Getting above the 100 day moving average and moving away today, and extending above the topside trend line gives the buyers/bulls more confidence.