Bitcoin trades to another new record high at $94,852

Bitcoin moved to a another new record high at $94,852. The move to the upside extended above the high price from yesterday at $94,057. That high extended above the high price going back to November 13 at $93,483. Those levels are now close support (yellow area on the chart above).

Looking at the hourly chart, the price based against the 100 hour moving average on Monday Tuesday and again earlier today (see blue line in the chart above). That gave the buyers the go-ahead to push higher.

If the swing area between $93,482 and $94,057 is broken to the downside, the rising 100 hour moving average currently at $91,380 would be a key target on the downside to stay above to keep the buyers in firm control. Move below and we could see further downside probing with the 200-hour moving average (green line on the chart above) and trendline at $90,346 the next target that if broken would give sellers more confidence.

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