100 and 200 hour MAs converged. Stay above keeps the bulls in control
The price of bitcoin on both the Coinbase and Bitstamp exchanges, are lower on the day. However, each fell to MA support and found buyers. Risk could be defined and limited against the MA levels and traders took advantage of that low risk trade.
Looking at the Bitstamp chart above, the 100 and 200 hour MAs (blue and green lines) are currently converged for the most part at $14105-$14149. The low stalled against the higher MA and bounced (trading around $14584 currently).
On Coinbase (see chart below), the picture is similar to Bitstamp, with the 100 and 200 hour MAs converged at $14171-$14182 currently.
Like Bitstamp, the low today stalled against the higher MA (at the time) and found low risk buyers. The digital currency on that exchange is trading at $14620 currently.
So buyers are staying in control above the MA levels. A move higher would look toward the 50% retracement targets. On Bitstamp that level comes in at $15412.96. On Coinbase, that 50% retracement level comes in at $15145.99. Yesterday, those retracement were broken, but momentum could not be sustained and the price rotated back lower.
