Bitcoin up on the day but stays below the 200 day MA
The price is below the 200 day MA on Coinbase for 5 days now
The price of Bitcoin on Coinbase is up on the day but is staying below the 200 day MA for the 5th straight day (green line on the chart below).
The 200 day MA comes in at 8403.58. The high today reached 8393.23.
Drillng to the hourly chart, there is some reason(s) for some bullish optimism.
Looking at the chart below, the low today was near the low from lat week. So a double bottom is in place.
The 2nd bullish development is that the price was able to move and stay above its 100 hour moving average (blue line in the chart below). That moving average comes in at 8079.86. The current prices at 8266. Staying above that moving average will give the dip buyers some solace (and encouragement). However, they still need to get the price back above that 200 day MA at 8403.58.
There is a little bit of something for the bulls and bears in bitcoin today. On the daily, things still look relatively bearish below the 50 day MA. However, the shorter hourly chart is giving buyers some hope that a low might be in place. Stay above the 100 hour MA though.