Bitcoin down on the day but still above $50,000

Bitcoin down on the day but still above $50,000

Price action takes a breather in the digital currency

The price of bitcoin is currently trading down around $-880.02 to $51,522. The high for the day reached $52,545.95. The low reached $50,889.43.

Price action takes a breather in the digital currency_

Yesterday the price reached above $50,000 and stayed above that level.  That is still key for the short-term traders.  

Looking at the hourly chart, a upward sloping trendline cuts across at $50,029 currently (and moving higher).  That increases the areas importance (see green numbered circles).

On the topside, the hi from yesterday at $52,631 is the next upside target to get to and through. Above that, and traders will be eyeing the topside channel trendline which currently cuts across at $53,175 (and moving higher).  Break above that level and its open road ahead  (SEE post from yesterday).

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