Moves away from hourly MAs too
The price of bitcoin is up about $290 at $7010 currently. The high reached $7088.14. The low was down at $6711.01 (See post from yesterday "Bitcoin up on the day and above 100 hour MA. Can it stay above?").
The move higher has also taken the price above the 100 day MA at $6931. The price has been below that MA since early August 3rd. The low price for August fell short of the other swing lows from 2018 at $5777 i(June low) and $5873 (Feb low). The low in August bounced off a round $5900 on August 14th.
If the price can stay above the 100 day MA at $6931, the bulls are more in control and the digital currency can work toward the trend line and 200 day MA (green line at $7887.27 in the chart above)).
Drilling to the hourly chart below, the 100 hour MA stalled the fall on Sunday and the price has been able to stay above (more bullish) since that time.
The run higher today moved above the 38.2% at $6888.62 (move down from July 24 high). The 50% of the move comes in at $7194 and will be another upside target for the pair. Get above and the traders can focus on the run to the 200 day MA.
Be aware that the 100 hour MA is lagging the price higher now and will be a risk level for the bulls as well at $6733.91 currently (and moving higher). Stay above is more bullish.
SUMMARY: Bulls are making a run with technicals kicking in on the move above the 100 day MA at $6931. Stay above that is the most bullish scenario.
A move below muddies the water a bit for the buyer but the 100 hour MA (at $6733.91 and rising) will need to be broken to turn the bulls now, into bears.
