Will Bitcoin Price Take a Breather Before Clocking 50K?
The price of bitcoin pumped nice off the 10 day moving average two days ago, putting in a big green energy candle that took price to the 48K area.
Since then buyers (come on Tesla buy some more!) have taken a breather as price hovered in a small range and producing a spinning top candle (or doji candle).
This represents indecision, which why I am pondering if we will see some consolidation before a run to 50K, even with how close price is too it.
Which way will it go???
Looking at the chart you can see exactly what I was talking about above.
Price is pulled quite a bit from the 10 day moving average, so this lets me know that we will get a consolidation or pullback in the near future regardless of what price does here in the next 48 hours.
Even if we get a spike to 50K, I would then expect a pullback to narrow the gap with the 10 day.
The other option is we consolidate here and trade sideways to slightly lower and then see another push higher after the MA has caught up.
Honestly, the second version is the healthier price action when it comes to it. I'd rather wait till the end of the week for a push to 50K and get the orderly move.
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There's still plenty of time !
A breather Is necessary maybe..
Hopefully by the end of February..100k to go in 2021 😄
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there has huge chance btc will break down more than you have mentioned if only now Apple buy bitcoin..
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I think bitcoin will hit $50k-$60k. The FOMO is real. A lot more institutional money will enter the market. Psychological we all expecting that break. Next week maybe.
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Next week would be perfect as it allows for some consolidation this week.
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Consolidation expected here unless Apple enters the game :)
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I also have the same thought that even if it touches 50K price mark there will be our downfall in the price and probably I expect the price to go beyond 43k and it will not be a surprise if it even touches the 40K USD price.
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Yes. As long as price stays above 40K, price action is still bullish.
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Forget breathers, you'll have time for that during the bear market 😁
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I think it will take breather for a while before surging to $50k. It happened recently, and I think it will take the same route.
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Yes, it will surely stay a while in 40-45k range before jumping to 50k.. Maybe after some other good news from Tesla boss ;p
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To me this rally is all because of HYPE from a few influencers. That's not exactly a stable base lol but it does show the power of influencer marketing! I think we retract back down as the hype wears off but it really depends on how much more they talk about it and push it.
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Yeah, that 7K candle was the tesla candle. So if we can consolidate here that would be a win. Down a little today but completely orderly thus far.
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If it continues at a pace like this, the bull run may end earlier. Hopefully, I'm wrong.
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