Up over $2000 on the day
It is not just stocks and bond prices that are up today (you can add gold as well). The price of bitcoin is also up strongly.
Currently the prices up $2040 or 3.94% at $53,907. The high for the day reached $54,819.91. The low extended to $51,408.35.
Looking at the hourly chart, the price extended above a topside trend line late in the session yesterday, and continued that run to the upside. The move took the price above the high from March 3 at $52,666 and also the 61.8% retracement of the move down from the February 21 high at $52,502.92. Those levels are close risk now for buyers. Stay above is more bullish.
As outlined in the post yesterday (click here), the price moved back above its 100 hour moving average on Sunday. On the correction lower yesterday, the digital currency found early buyers against the moving average level (see blue line in the chart above).
The 100 hour moving average has been a barometer for buyers and sellers (move above is more bullish/move below is more bearish). Yes, the price has traded above and below the moving average line over the last few weeks. However, the market traders have been reacting to the moving average line fairly consistently. Breaking and holding was another opportunity for the break and dip buyers.
The next upside target comes against the February 23 high at $55,043.63. The all-time high price extended up to $58,367 back on February 21.
Buyers in control. Stay above the $52,500 level is the best case scenario for the longs.
