The price of Bitcoin is trading up around $3800 today at $95,750. The high for the day has reached $96,435. The move higher took out the 100 and 200-hour MAs at $95,632 and $95,932 respectively. However, there is some apprehension on the break. Buyers and sellers are battling above and below the MAs awaiting the next shove. Have the buyers reached their peak? Traders will need to get back above and stay above the $95,931 level.
Yesterday, the price moved lower and on the move down, did extend below a swing area target between $91,124 and $91,928 (yellow area). The sellers had their shot. They missed.
Are the wide targets both doing their job (more or less). The sellers had their shot yesterday. The buyers may have had their shot today above the 100 and 200 hour MA.
Did they miss too? That is what is at stake in the short term now.
This article was written by Greg Michalowski at www.forexlive.com.
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