Price staying above hourly MAs
The price action in Bitcoin was slow and relatively tame today. The low today reached $4091.18. The high reached $4256.53. The price is currently trading at $4226.81.
Technically, the tumble on Wednesday took the price below the 200 hour MA (green line in the chart above). That fall did quickly snap back (after nearly covering the last gap from the August 11th weekend).
Yesterday the price moved back above both the 100 and 200 hours (blue and green lines).
Today the 100 hour MA was tested (blue line in the chart above), and the price has traded mostly in the NY session above both the 100 and 200 hours (blue and green lines).
Staying above those MAs keep the technical picture bullish for bitcoin. A move below and you can't rule out another flush out to the downside like what was experienced on Wednesday. By the way the correction from the August 17th high to the August 21 low was nearly a 20% decline. Be aware. The 100 hour MA currently comes in at 4074.43 and the 200 hour MA comes in at 4160.46.
On the topside, the highs at $4449 and $4500 are obvious targets. Closer in, the high from yesterday at $4260 is a target to get through. The high today fell short of that target at $4256.53.
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