The price a bitcoin reached a new low just above the $28,000 level at $28,005. The current price trades at $28,128.
Looking at the hourly chart, the price has moved down to test its 38.2% retracement of the move up from the March 10 low to the high price reached last week on April 14. That retracement level comes in at $27,991. Today, the price got within $14 of that target retracement level. Buyers leaned on the first test. Going forward, a move below the level would have traders looking toward the April 6 low near $27,723.
Bitcoin runs higher
Going back in time, the price of bitcoin traded within a narrowing range from March 27 to April 10 (see converging trendlines during that period). Finally on April 10, the price…
Read More
