Bitcoin cracks above the 200 hour MA/trend line. Buyers like it.

Technical Analysis

Author: Greg Michalowski | bitcoin

The bias back in the bulls camp

Bitcoin got a push higher on the report of Thiel's investment in Bitcoin.  So what if it was made back in April or there abouts.  

Technically, the price action took it back above the 200 hour MA and trend line (on the Coinbase exchange).  That moved turned the bias back in the the favor of the bulls, and was an invitation to buy technically (see chart below).  


Earlier today, the low from January 1 held and the price moved above the 100 hour MA (blue line). That MA also held support in the NY session, and helped to give the buyers more confidence (or at least a reason to buy).

Where to now?  

The $16490 level was the high from Dec 27th. That looks like a swing target for buyers, with the 200 hour MA the risk for the longs now.