Bitcoin technical analysis: Trades back above 200 hour MA

Technical Analysis

Author: Greg Michalowski | bitcoin

Trades back above $16000

The price of bitcoin tumbled last week to a low of $11,159 on the Bitstamp exchange.  That low was on Friday.  Over the weekend, the price recovered and formed a floor around the $12500 area (see green circles).  

Today, the price was able to make a run above the 100 hour MA (blue line) at $14,216.76 and the 38.2% retracement at $14,409.24.  Over the last hour or so, the price has also been able to climb back above the 50% retracement at $15412.96 AND the key 200 hour MA (green line). at $15596.84.  Last week, the 200 hour MA was broken and turned the bias more bearish.  The move back above now, is more bullish for the digital currency.   That is also a risk level for longs.  Stay above is more bullish. Fail and move back below, could turn the buyers back to sellers.