Buyers taking more control in the digital currency
The price of bitcoin has continued the run higher that started on April 12th . Since then, the price has moved from $6767 to a high today of $9401. That is a 38.9% jump from that low.
The move today has the price trading up $361 to $9286 currently. The move higher has taken the price above the 100 day MA for the first time since the end of January. That MA comes in at $9175.34. If the price can stay above that MA, it is another feather in the hat of the buyers.
The 200 day MA at $9843.24 today is another target on the topside that would give the buyers more confidence if broken.
Drilling to the hourly chart below, the consolidation over the prior 3 trading days, saw the price sideways its way to a trend line. It also allowed the 100 hour MA (blue line currently at 8882.21) to catch up to the price. Today, with the 100 hour MA getting closer, buyers came in and pushed the price higher.
That 100 hour MA - if this is another big shift to the buy side for the cryptocurrency - will be eyed as a barometer for the bulls by traders. Stay above is more bullish. The 200 hour MA (green line) lags well behind at 8498.26.
Bulls are back in bitcoin. Expect more chatter in the news that could pour more gas on the bullish fire. But like always, watch the technicals. They tell the story in this volatile instrument.
