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.

The price reached above $9000 today, but the price is back below the 100 hour MA
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.   

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose