Yesterday MAs held on the dip

Bitcoin on Monday shot pushed higher and in the process, moved back above both the 100 and 200 hour MAs. Since then, the price has been able to stay above both MA levels. Yesterday, the price dipped, but bounce against both (see blue and green lines in the chart below).

Traders leaned. That was bullish.

At the highs this week, the digital currency has held resistance at $6807, $6829, and 6817. Today, the high could only get to $6787. The low today reached $6682. The $105 dollar range is narrow.

Technically, being above the 100 and 200 hour MA - and holding above over the last 3+ days is positive/bullish. The not so great is that the market is not exactly running. In fact, the high his lower the last two days, the price is lower today and it is below the 38.2% at $6762.244. Get above the $6762.24 and then the highs and price can continue to corrective move higher.

Move below the 100 hour MA at $6642, the 200 day MA t $6562 (and the trend line a little higher than the 200 hour MA) and the sellers jump back on the selling bandwagon.

Until then, the buyers/bulls might not be running higher, and they may be jogging in place, but they have a little edge that they are holding onto.