But still hanging just above the 200 day MA
The price of bitcoin moved back above the 200 day MA over the weekend. That MA comes in at $9046. The current price is at $9158.44.
The price is still above that key MA, after spending time below it over the last few days.
That is the good technical news for the bulls/buyers..
The not-so-good news for the bitcoin bulls, is the price has moved back below its 100 hour MA in the last few hours. That MA which currently is at $9201.08.
In addition, in the rally higher earlier today (the high today reached $9890), the price stalled ahead of the 200 hour MA at $10,032.68. The inability to get above that level, is not great news for the buyers.
So....as we sit right now, the price of bitcoin has some good and some not so good from a technical perspective.
If the price can hold above the 200 day MA at $9046, and get back above the 100 hour MA at $9201, the buyers/longs will breathe better.
If, however, the 200 day MA is broken at $9046, the longs/buyers will be gasping a little and may look to exit to ease the pain.
