The digital currency fell in trading yesterday but did recover
The price of bitcoin moved lower in trading yesterday but did find some support buyers near the lows from April 28th at $8863.42 on the Coinbase exchange. The fall took the price below the 100 and 200 hour MAs. That tipped the bias more to the downside for the digital currency. If the buyers are to take back control, they will need to get the price back above those MAs.
The price in the early trading today is up about $55 to $9069. That is still below the 200 hour MA at $9170 and the 100 hour MA at $9202.
Taking a look at the daily chart, the price continues to trade around the 100 day MA at $8972. Yesterday the price dipped below that MA line, but stalled near the level. The price has been hanging around the MA line (blue line on the chart below) over the last 9 or so trading days.
Today we are still trading in a very narrow trading range but we are trading above that 100 day MA level. A little bullish.
If the price is to go higher from here and get above the 100 and 200 hour MA in the process, the next key target will be the 200 day MA at $10,009 currently (green line in the chart below). That MA line stalled the rally in last week's trading. IN March there was another test that held. Needless to say that MA will need to be broken for more upside potential. Be aware.
Overall, the bulls and bears are fighting it out.
- On the hourly, the price below the 100 and 200 hour MAs is bearish, but
- On the daily chart, staying above the 100 day MA gives the buyers some life
If the price goes higher the 200 day MA is a key, key level. Get above and there could be a quick run higher.
