The bitcoin up over $2200 now . Trades to a new session high

The bitcoin up over $2200 now . Trades to a new session high

Price is moving away from its moving average levels on the hourly chart

The price of bitcoin is up $2300 as I type at $35,970. The high just reached $35,980.  

Price is moving away from its moving average levels on the hourly chart_

Looking at the hourly chart, the digital currency has seen fairly volatile up and down price action since peaking on January 8 at $41,986.37. The low price was on January 22 at $28,732

The midpoint of the move comes in at $35,359.19.  Today the price moved above that level (over the last couple hours).  That tilts the bias a little more to the upside. Also helping the bullish sentiment is the price based yesterday ahead of its 200 hour moving average (green line in the chart above currently at $33,251.77). Today, the price was able to extend back above its 100 hour moving average (blue line in the chart above currently at $33,992.38).  

With the price above the moving averages and now above the 50% retracement level, the buyers are making a play.  However, the up and down price action may keep traders bullish but cautiously bullish.  A move back below the 50% retracement and below the moving averages would tilt the bias a little more to the downside.  

On the topside, the 61.8% retracement of the range since January 9 comes in at $36,923.20. THe January 29 high comes in at $38,664.33. Both of those would be targets on further momentum to the upside.

Invest in yourself. See our forex education hub.

About Author

Related posts