The good and bad (technically) of Bitcoin
The price reached above $9000 today, but the price is back below the 100 hour MA
The price of bitcoin on Coinbase today pushed above the $9000 to a high of $9090.00. That was the highest level since May 2018. Good news for the bulls/buyers of the digital currency.
Not so good news is that at the highs traders leaned against a topside trend line on the hourly chart and stalled. Also, the price fell back below the 100 hour MA (currently at $8687.57). Stay below that MA and longs may be inclined to take some profit. Be aware.
On the downside on the hourly chart, a lower trend line cuts across at $8442.40 (and moving higher). Below that is the 200 hour MA at $8303.47 (and moving higher). Both would need to be broken to weaken the technical picture further. Be aware of that too.
There is a lot of good in bitcoin this month. For the month, the price is up some 68% which is not too shabby. However, the price action today - and technical tools applied to that price action - is showing some cracks that may lead to a corrective move.
Watch the 100 hour MA.