Bitcoin technicals: Draghi comment on bitcoin gives the price a push higher

Technical Analysis

Author: Greg Michalowski | bitcoin

Back above trend line and hourly MAs

ECBs Draghi touched on the crytocurrency in his comments today when he said it is not in the ECB power to prohibit or regulate bitcoin.  The price has gotten a bit of a push higher since then and in the process has moved back above the 200 and 100 hour MAs and trend line.  The 100 hour MA is at $3800 while the 200 hour MA is at $3767.22 currently. Stay above those levels keeps the bulls in control.

The next target comes in at $3948.23. That is the 50% of the move down from the September 1 high.  The price did move above that level (and the MAs) last week. However, when the price moved back below the 100 and 200 hour MAs on Thursday, the buyers turned back to sellers.  

The price action is more up and down, but the technicals are still being used by traders to define bias and risk.  The break of the MAs and the trend line are turning the bias back higher after a few days of more bearishness.  Draghi's comments seem to have given the pair the boost. 
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