Bitcoin trades up and trades down this week. Trades marginally higher with a tilt in the favor of the buyers
Closed last Friday at $57222.
Bitcoin trades 24 hours a day, 7 days a week. If you go back to last Friday, the price closed at $57,222. The high price reached $61,788.45 on Sunday. That was the all time record. The low extended to $53,221 on Tuesday. With the price currently at $58,821.43, the price is higher by $1599 or 2.79%. Relatively speaking for Bitcoin, that is not a whole lot of change for the week.
Technically, the price low stalled near the swing low from March 10 at $53,025 but comfortably above the 50% retracement of the move up from the February 28 swing low at $52,402.23. The subsequent low from Wednesday's trade stalled right at a upward sloping trendline on the hourly chart (twice). That rising trend line currently comes in at $55,704. On the topside a downward sloping trendline on the hourly chart cuts across at $59,700. Over the weekend traders will be looking for a break of one of those trend lines (they are rising and falling so pay attention).
In between the trend lines, sits the 200 and 100 hour moving averages. The 200 hour moving average is currently at $57,700. The 100 hour moving averages at $56,949. WIth the price currently back above those levels, the tilt is in the favor of the buyers. If the price moves back below, the sellers take control.