The price of bitcoin is trading at $19337. That is down about $200 on the day but the bias is still tilted in the favor of the buyers.
Looking at the hourly chart above, the price came down to test the 100 hour MA near the lows. The low for the day reached $19169.00. That took the briefly below the 100 hour moving average. However the price quickly bounce back higher. The 100 hour moving average currently comes in at $19,204.92. The 200 hour moving average (green line) is currently at $19,256.43 .
With the price currently at $19,337 which is a above both of those moving averages tilting the bias in the direction of the buyers . Stay above is more bullish. Move below those moving averages and the bias tilts back to the downside (and in the favor of the sellers).
Taking a broader look at the hourly chart, the price has been within a up and down trading range between $18,157 on the downside and $20,469 on the topside. The topside has a ceiling near the 50% midpoint of the move down from the September 13 high (see green numbered circles in the chart above) him. The lows were defined by lows from September 21 and again on October 13 (see red numbered circles).
In between sits the aforementioned 100 and 200 hour moving averages. Those moving averages are the barometer for the shorter-term bias. On the topside, traders will watch near the $19,650 area high ahead of the 38.2% retracement $19,923.37. Move above both those levels would open up the door for further upside momentum with the 50% midpoint at $20,469 as a logical target to get to and through to increase the bullish bias.
Conversely on the downside moving back below the 100 hour moving average with momentum would have traders looking toward $18,853 followed by $18,595. Below that and the double bottom near the $18,157 level would be targeted
