Professions at the highest level since October 28.
The price of bitcoin today peaked at $ 9,885 on the Coinbase exchange. It was the highest level since October 28 and only $ 115 of the magic $ 10,000. The last time the price swap above 10,000 was on October 26, when the price reached $ 10,544, quickly turning down. The last close above the $ 10,000 level was back on September 22.
Looking at the hourly chart above, the price is moving upward from Tuesday’s low at the level of $ 9,078.05. The high today as the price rose 8.84% from the low. It’s not Tesla but it was still a good rebound up from the depression.
During the week, the price traded below and again above its 100 and 200 hour moving averages. These moving averages tend to define the bias of digital currency. Staying above is more bullish. Moving below is more bearish.
In this week’s trading, the price fell below the 200-hour moving average on Tuesday, but Wednesday when the 2 moving averages converged to the $ 9,300 level, and the price returned above each, sellers turned to buyers and the price rose higher.
The 100-hour moving average is currently at $ 9,476.19 and the 200-hour moving average is $ 9,423.94 (with each increase). It will take a movement below each to bring the bias down. Until then, buyers have more technical control.
Now there may be sellers who rely on the $ 10,000 level. However, I would expect that in the event of a breakout, there will be more by momentum in the direction of the breakout. So don’t risk much on the trade.
For now however, things look good for bitcoin investors with an imminent key level … It may not be Tesla, but it may be better that it is not too.