The price of bitcoin bases at the 100/200 hour MAs and pushes higher

The price of bitcoin bases at the 100/200 hour MAs and pushes higher

Price high stalls ahead of the April 2021 high (all time high at the time)

The price of bitcoin is trading up around $2500 or 4.0% at $63,380. The high for the day reach $64,300. The low was at $60,669. 

Price high stalls ahead of the April 2021 high (all time high at the time)

The sharp move to the upside was helped by a basing of the price against its 100/200 hour moving averages (blue and green lines in the chart above) in the early hours of trading today. 

Those moving averages were near converged at the start of the trading day. The price moved up and above the level, and then held support against the moving average levels near $61,400 on a modest correction.  

The holding above the MAs gave the risk focused buyers a reason to buy (with defined and limited risk). Traders pushed the price to the upside.

The move to the upside saw the Bitcoin price move above swing highs from October 22 and October 25 near $63,757. The intraday high price of $64,300 got within about $600 of the April 2021 high (it was the all-time high at the time) at $64,895.22. Sellers/profit takers may have leaned against that level. FYI.  The new all-time high price was reached on October 20 at $67,016.50. That would be a target on a resumption of the upside momentum

What next?. 

For risk….watch the $62,971 level going forward. That level corresponds with the swing high from October 29. In trading today the price broke above that level corrected down to it before moving to the day’s high. A break back below that level could see some corrective selling momentum.

Ultimately, however it would take a move back below the 100 and 200 hour moving averages (at $61,634 and $61,351 currently) to increase the bearish bias.

Invest in yourself. See our forex education hub.

About Author

Related posts