Bitcoin moves to new highs. Moves away from 100/200 hour MA at $94,800

The price of bitcoin is trading to a new session high of $98,374. The current price is trading at $98,010.

The run to the upside has taken the price closer to a swing area near $99,800. Just above that is a natural resistance at $100,000. A move above that area would give the buyers more control (and give the sellers some additional fear from another run to the upside).

Of note is that the low price from Monday’s trade came down into a swing area between $90,742 and $92,442 (see yellow area and blue numbered circles number 10 and 11). The low price extended to $91,315 before bouncing back to the upside. Holding that floor area helped to give the buyers the go-ahead to push back to the upside.

On a move back lower, the near converged 100 and 200-hour moving averages at $94,800 would be eyed as technical support. It would take a move below those arrearages to give the sellers some cause for pause.

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