Bitcoin moves back above 100 hour MA. Tilts the bias more to the upside.


Buyers making a play.

The price of bitcoin on Coinbase has moved higher in trading today. The price is up about $66 to $5157.55. In the process, the price moved above the 100 hour MA (blue line in the chart below) at $5083.11. The 200 hour MA has seen the price action (green line), move above and below the MA line.   

Buyers making a play.

Being back above the 100 hour MA is more bullish. The level is now a risk level for longs. Stay above keeps the bulls in control, but move back below and the buyers could shift to sellers.  

Last week, the price moved up to a high of $5488 on Wednesday, but moved below the 100 hour MA on Thursday.  It remained below that MA and bottomed near $4900 on Friday. The weekend saw the price action move more up and down sideways.  

SUMMARY: Buyers are making the play but has more work to with a move away from the 200 hour MA.  Risk is defined though at the 100 hour MA at $5084.17


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