Remains in the middle of the 100 and 200 day MAs
The price of bitcoin moved above the 200 hour MA (green line in the chart below) and found some momentum (after a move above the MA line at the end of yesterday stalled quickly). The move higher was quick, but eventually slowed as the price tested the 61.8% of the move down from the Feb 20 high at $10839.00. The high price reached $10845 (close enough) before moving back lower.
The move lower - since peaking - has moved back toward the 50% area at $10549.87. The last three hourly bars has been able to stay above that level.
Look for that 50% to be a barometer for bulls and bears. Right now, the buyers are trying to keep control. If there is a move below, the seller may be taking back a little control, but the 200 hour MA (at $10352.23 currently) will be another hurdle for the price to get back below in order to show the sellers are back in control.
Looking at the daily chart, the price remains between the 100 day MA at $12210 and the 200 day MA below at $8646. You can drive a truck between those two moving averages, but over time, those levels will help to drive the price action for the digital currency. The high price in February (from last week) did get close to the 100 day MA, but found early sellers.
SUMMARY: Buyers remain in control above the 50% on the hourly and the 200 hour MA.
ON the topside the 61.8% at $10839 and then the 100 day MA at $12210 are the big bullish steps for the digital currency.
If the 50% on the hourly at $10549 is broken and then the 200 hour MA at $10352, the bears would take more control.
