100 day MA still looms above

Looking at the hourly chart of bitcoin on the Coinbase exchange, what sticks out technically, is the price stalled at the 100 hour MA at the lows over the weekend (blue line on the chart below). That MA is currently at $6638.80 (and moving higher).

The price held that MA line and although the gain off the line is limited (we are up about $65 on the day), the price remains above that 100 hour MA line. By the way, the price is above the 200 hour MA at $6549.25.

Going forward, staying above the 100 hour MA and the 200 hour MA keeps the intermediate term bulls more in control. The next target is the topside trend line at $6792 (and moving lower). Above that the 38.2% come in at $6886.65. The high from last week peeked at $6890 - just above that target level - and moved back down.

Bulls would want to see those levels taken out.

Looking at the daily chart, the price from that perspective is below the 100 day MA at $6946.98. Although the levels off the hourly chart are key, they still are below the more important 100 day MA at $6946.98. That moving average is coming down and getting closer to the $6886.65, but still remains a bigger hurdle to get above for the bulls and the overall bullish or bearish bias.

SUMMARY: There is a bullish bias for bitcoin as a result of the bounce off the 100 hour MA. Stay above and the price can move higher.

However, there are targets that need to be broken to lead to a more bullish bias for the digital currency. Ultimately, the 100 day MA is a bigger hurdle for the bulls.

The battle lines are drawn.

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PS CNBC - and Melissa Lee (https://twitter.com/MelissaLeeCNBC) - will be airing a special program on bitcoin called "Bitcoin: Boom or Bust?" The teasers include the "original" Wolf of Wall Street who calls it a scam, and another millennial player called Crypto Kid - who has made millions and lives in a tree house so all his money can go into digital currencies.

CNBC says:

"This documentary is an eye-opening journey that proves to be as informative as it is entertaining and unexpected. Lee offers viewers a rare look inside the wild world of bitcoin, uncovering the unusual landscape and cast of characters surrounding it, and ultimately, allowing viewers to take their own side in the crypto craze."

In general, the digital currency "market" has criticized the trailer and is expecting more criticism after seeing the final product.

I know I will be watching and I guess that is the intention.