Trades back to unchanged after rising by $260 earlier in the day
The price of bitcoin broke higher yesterday - breaking away from the 200 hour MA (green line in the chart below) and in the process, moved above a topside trend line at $8584 (see: "Bitcoin breaks and has a run to new session highs").
The break higher continued the run up to a high price of $9174. That's a $590 dollar run from the broken hourly trend line, or a 6.8% gain for the digital currency. Not bad.
So what stalled the run higher.
Taking a broader look at the daily chart below, the price high at $9174 got within $47 of the key 200 day MA at $9221. That's close enough for the high flying digital currency. Traders leaned near the MA line, and the price has moved back down.
We are currently trading near unchanged on the day at $8905. The low for the day is $8800. Looking at the hourly chart below, the $8642 is a key level below on more downside momentum. That is the lower trend line from yesterday. Look for support there if the buyers want to keep in control. A break below would work back toward the underside of the broken trend line, and the 200 and 100 hour MA lines (green and blue lines).
On the topside the 38.2% (on the hourly) at $8966.25, followed by that KEY 200 day MA at $9221 are the bullish steps now. If the buyers are to take more control of the market, a move back above the 200 day MA is paramount.
