Break above 100 hour MA today, gave buyers the go ahead to take the price higher.
The price of bitcoin on Friday stalled near the 61.8% and the swing high from June at $3000. The low reached 2975 (see chart below).
The snap back on Friday took the price toward the key 100 hour MA (blue line on the hourly chart below)..
Today, that 100 hour MA was broken and that gave the buyers to go ahead to take the price higher.
The momentum has taken the price to the 200 hour MA on the hour chart (green line) currently at 4094.19. Sellers have come in against the level and we are seeing a rotation lower. As I type we trade at 4007 area.
What's next?
The run up today was above to get back above the midpoint of the move down from the September 1 high. Stay above that level (at 3948.23) is more bullish (risk for longs). Move below and the 100 hour MA at 3754.47 (blue line on the hourly chart above) may be retested.
