Bitcoin down a bit on the day but stays above MAs
Keeps the bulls more in control
The price of bitcoin is down a bit on the day (-$48) but remains above the 100 and 200 hour MAs (see chart below). That MA comes in at $10,635.
The price of bitcoin moved above the 100 hour MA on February 26th and got close to it yesterday. Buyers came against the MA and moved higher. The 100 hour MA currently comes in at $10235.83.
The 200 hour MA was broken a day later on February 27th, and like the 100 hour MA, held the corrective move yesterday. More bullish. The 200 hour MA currently comes in at $10635.
Going into the weekend (the market never sleeps for bitcoin), those MAs will continue to define the bias for the pair. Stay above, the bulls are still in control. Move below, and the longs will be begin to question the bullish side.
Taking a broader view from the daily chart, the digital currency is sitting between the 100 day MA and the 200 day MA. Admittedly, the 100 day MA is way up at $12,288, and the 200 day MA way down at $8748, but ultimately, the market will be looking for a break of one of those extremes.
In the meantime though, the story line is focused on the hourly chart. Stay above the MAs is more bullish. Move below the MAs would turn the bias back to the downside.