Bitcoin bullish bias is strong

The price of Bitcoin moved above $70,000 again on November 5th, and $80,000 on November 10. The price broken $90,000 on November 12. Is Bitcoin 100K in the cards?

The price has moved to a new all-time high of $91,945 – breaking above the high price from yesterday at $90,243 and finding more momentum.

The $89,643 to $90,243 is now close support. Those levels represent the swing highs from Monday and Tuesday. Staying above those levels keeps the buyers in firm control.

More conservative risk might be the 50 hour moving average which comes in at $87,504 and moving higher. The corrective low prices reached today found support buyers against that level increasing the levels importance going forward. Back on November 9 and November 10, the price stalled near that moving average level before pushing sharply to the upside. For traders, a move below that MA will be eyed by both buyers and sellers. Be aware.

Until then, It only took 2 days to go from $80K to 90K. Is 100K in the cards.

This article was written by Greg Michalowski at www.forexlive.com.