Some bullish technical reasons…
Bitcoin is looking a little better today. Here is why…
- Looking at the hourly chart above, the price low over the weekend at $7310 on Coinbase, stalled just ahead of a lower trend line. Sellers turned to buyers. The price action started to see more momentum off that trend line. That is a start to looking better. Buyers stalled the fall against a support target.
- The price then moved above the 100 hour MA (blue line on the chart above). That MA comes in at $8083.57 currently. Moreover, the correction lower over the last few hours stalled ahead of that level. Bullish.
- The price moved above a topside trendline connecting highs going back to March 5 and March 12. After the break above that line, that trend line also held support on the correction over the last few hours.
Bitcoin has put on some lipstick and is looking a little better.
Most recently, the price is trying to get and stay above the 200 hour moving average at $8547.31 and the 50% retracement of the move down from the March 12 swing high at $8600.
A move above and staying above those levels will “doll up” the digital currency technically for the bulls a little more. We should see more upside with $8904 The next target.
The 100 hour MA and broken trend line is now support and risk for the longs. Stay above more bullish. Move below, and bitcoin will be looking ugly again. More aggressive sellers might look for a failure against the 200 hour MA/50% level. Be aware.
PS. The 200 day MA comes in at $9180 (green line in the chart below). The price closed below that MA the last 7 trading days but the low on the move, is still a ways away from the February low at $5873.