200 day moving average broken at $45,201.25 today
The price of bitcoin had been scraping along the 100 day MA (blue line in the chart below) over the last 10 trading days. Over that time. there were six days when the price touched the 100 day moving average level including yesterday. Today, the low reached $43,291 with the 100 day moving average at $41,495.
The inability to move toward that moving average line led to some buying and when the price moved back above its 200 day moving average for the first time since September 20, the momentum increased and the 50% midpoint of the move down from the April high to the June low was also broken and $46,747.61.
The high price reached $47,911.47. The current price is just below that level of $47,622. That's up some $3700 up on the day or 8.62%. Stay above the 50% is the best case scenario for the buyers.
Absent that and those looking for the price of bitcoin to continue to move higher will I the 200 day moving average as the key barometer. Stay above is more bullish.
On the topside, the September 18 high price at $48,834 is a Topside target followed by the 61.8% retracement at $51030. The high price from September peaked at $52,956.47.
