Bitcoin moves above $17K
For some brokers it moved to 19K
Bitcoin is at it again as it moves above $17K.
Putting things into perspective the low on Monday traded at $10,549.51.
The high today - on my screen just reached $17,027. Back of napkin math says that is about a 70% gain.
Looking at the 5-minute chart below, the 100 bar MA comes in at $16127.09. The 200 bar MA lags behind at $15703 (blue and green line). Those can be risk/bias defining levels.
The corrective low yesterday, stalled above the 200 bar MA. The price based against that MA on Tuesday/Wednesday before starting the meteoric rise to the moon.
The thing is, we don't know if the"moon " is it, or is this a mission to Mars (or beyond)?
So I still suggest, that to manage risk for longs, choose a bias tool - like the 200 bar MA (green line in the chart below). This week that MA has attracted buyers. So if the price goes below, get out. If it stays above, the bulls still remain more in control, AND the mission to Mars can continue.