Bitcoin rises to get another new record. The high price has reached $107,144. It’s currently up around $2700 or 2.57%.Michael Saylor of Microstrategy is on CNBC pushing his Bitcoin strategy and projections (which quite frankly is beyond me) but let it be. He does parellel buying bitcoin to buying the island of Manhattan for $40M way back when.
The clock is also ticking to the Pres. Elect Trump start and he of course is a bitcoin enthusiast.
Looking at the hourly chart the low corrective price today stalled at the lower channel trend line and bounced over the last few hours of trading. That keeps the bullish bias in play. The topside channel trend line – which is moving higher – comes in above $109.000 currently.
Buyers are in control. The sellers need to take back control. If the sellers cannot push the price below the trend line as an initial target, they are not winning.
This article was written by Greg Michalowski at www.forexlive.com. Source