Trend line support holds support on the dip today.
Yesterday in a post, I outlined a rising trend line on the hourly chart as a key support level. The line was just above the $50000 level. There were 3 points on the line. See the post and the chart HERE.
Today, at the Asian session low, the traders tested that trend line and held that trend line (twice actually). The holding of the line, kept the control firmly in the buyers hands. They took the price higher.
The price has extended above the swing high from earlier the week at $52,640.35. That is now a close risk level for longs. The all time high price has now been extended to $53,796. The next topside target comes against the topside channel trendline currently at $54,590 (and moving higher).
The inability to move below the lower trendline at $51,424, staying above the $50,000 level, and also having the price above its rising 100 hour moving average at $50,548.29 (and moving higher) are all bullish for the digital currency. Close risk might be the high from earlier this week of $52,640.35, but getting below the other levels is still important if the sellers are to start to take back some control. Until then, the trend to the upside remains the dominant bias. The buyers remain in firm control
