$176 trading range
The price of Bitcoin on the Coinbase exchange has moved - well peeked (as in looked) - above the 100 and 200 hour MAs at the $6889 and $6899 respectively.
That is a "bit" bullish. A "bit" because the price action is very contained (at least so far). The low to high trading range remains contained at $176 (low $6784 and high $6960). Yesterday was also a low range trading day. In fact over the last 12 or so trading days, the price has been mostly between $7200 above and $6450 below. Again that is not that big a range.
The aforementioned 100 and 200 hour MA dissects that range (give or take).
Traders in the digital currency will want to see more upside momentum now that the price is above the MAs. A topside trend line comes in at $7031. That is the next target. Above that comes the $7400 swing highs from March 31st and April 9th and above that is the $7490-$7520 area. The $7490 is the 38.2% retracement. The $7520 was the swing high.
The bias has turned, but only a bit so far. Nevertheless, it is a start. The range is narrow. At some point the non-trend should trend. That dynamic may be starting. We don't really know, but what we do know is stay above the MAs now, and the upside can be further explored. Fail and the buyers become disenchanted once again.
