Bitcoin up on the day, but need to see more momentum to give buyers comfort

The 50 day crossed the 200 day MA creating the dreaded Death Cross.

The price of bitcoin is up about $86 on the day after dipping to a new low since early February over the weekend (Low reached $6450, lowest low since February 6th).    The price is trading at $6973. 

ooking at the hourly chart above, the price is above the 50 and 100 hour MAs at $6894 and $6946 respectively. (see white and blue lines in the chart above). Being above each is a positive.  However, the move higher is not exactly racing. The high price reached $7100. The low today reached $6752. 

 
Buyers would feel better with a move back above the high for the day, and away from those two hourly moving averages.  Even better would be a move – ultimately – above the 200 hour MA (green line currently at $7490 and moving lower).

On the other hand, what will give buyers some continued cause for pause, is that the 50 day MA has crossed below the 200 day MA. 

The 50 day MA is at $9275 and the 200 day MA is at $9431. That technical dynamic is called the “Death Cross” and is thought to be bearish overall.   

Looking at the daily chart, the February low at $5873 corresponds (roughly) with the lower trend line connecting recent lows.  A move below that level and the November low at $5545 would also open the downside more for the digital currency.