Daily range extended.
A few hours ago, I posted about the sleeping traders in bitcoin.
- The digital currency had a $358 trading range
- The digital currency was in the middle of flag formation
- The digital currency was trading above and below its 200 hour MA (green line in the chart below)
The traders were asleep, but like us all, we all wake up at some point.
The traders woke up.
The price moved above the topside trend line and we have seen a move higher.
The price action has extended to range to a new high at $8831 so far, increasing the day’s trading range to $515.
The move from the break took the price from $8584 or a $247 increase.
The risk is the broken trend line now at $8584.
The next target comes in at $8965.39. That is the 38.2% of the move down from the March 5th high.
The traders are awake and showing a bullish pulse to the bitcoin market. The $8965 is the next target.